| Institutional investors are an important part of the A-share market,so studying the current status of their holdings,preferences and expectations is an effective means to judge the direction and field of capital structure adjustment.As the economic development goes into the platform period,institutional investors gradually have narrow stock options in a limited mobility market environment,which helps to generate the marginal effect.In order to focus on that periodic change and probe into this marginal utility,this paper takes interest-bearing debt ratio as the target of capital structure research,and institutional shareholding as the object of interaction.Through time,industry,region and other dimensions,the observation samples are classified to determine the relationship between institutional shareholding and capital structure.Based on the previous literature and more strict statistical classification,this paper constructs a cycle framework to study institutional ownership and capital structure.In the process of statistical classification,this paper first introduces the database according to the time dimension,takes the institutional shareholding,interest bearing debt ratio and sample observation value from 2001 to 2020 as the main statistical objects,and divides them into three periods(2001-2020,2001-2009 and 2010-2020)(one large and two small),and carries out statistical analysis and mapping observation in turn.At the same time,these "statistical impressions" are taken as the basic premise and basic standard of the following hypothesis and empirical research.In the process of empirical research,this paper uses two models to conduct two-stage progressive regression under a fixed framework.The above two models are defined as "target model" and "interaction model".The reason for building the target model is that this paper needs to determine the target capital structure in a relatively static regression framework,which is one of the important reasons for statistical classification in this paper.And the reason for constructing the interaction model is that as a relatively neutral variable,the impact of institutional ownership on capital structure can only be effectively observed after "interaction factors" are introduced.The regression shows that the overall shareholding of institutional investors increases,which promotes the positive adjustment of capital structure between 1.5%and 1.6%(target model).However,in the cyclical environment,this marginal utility gradually reaches its peak,and even reverse adjustment occurs.Moreover,this inhibition still appears to be very significant after the introduction of industry nature,enterprise nature,market concentration and geographical factors,which controls the final result from-4%to-6%(interaction model).Through a series of empirical studies,this paper,on the one hand,provides a macro concept and impression of the relationship between institutional shareholding and capital structure.On the other hand,through the statistical classification of each period and the progressive regression of the two models,a set of relatively reliable regression results are obtained,which provides a reference method for this kind of research. |
