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自2000年以来,极端债务保守公司(杠杆率低于5%的公司)的数量和占比均呈现出明显的增长趋势。本文发现:第一,融资约束越重的公司越有可能发生进入行为,越不可能发生退出行为,且极端债务保守公司的退出行为伴随着融资约束的减轻,表明外源融资约束是公司采取极端债务保守策略的原因之一;第二,异常投资并不显著影响极端债务保守公司的进入或退出行为,且退出行为并未伴随着投资对内部资金依赖性的减弱,表明追求财务灵活性并非公司采取极端债务保守策略的动机;第三,针对2008年金融危机的检验进一步验证了融资约束假设,并否定了财务灵活性假设对极端债务保守行为的解释力。此外,本文发现退出行为是资本结构"均值回复"的表现。
Abstract：Since 2000,both the number and percentage of firms with leverage below 5% have increased dramatically.We find that:firstly,more financially constrained firms are more likely to make an entry decision,while less likely to make an exit decision,and extreme debt conservative firms' exit decisions are accompanied by weakened financing constraints.These results indicate that financing constraints play an important role in explaining extreme debt conservatism.Secondly,abnormal investments do not affect extreme debt conservative firms' entry or exit decisions,and their exit decisions are not accompanied by decreased investment to cash flow sensitivity.These results suggest that firms' extreme debt conservative policy is not motivated by pursuing financial flexibility.Thirdly,based on 2008 financial crisis,we find further evidence in support of financing constraints hypothesis rather than financial flexibility hypothesis.Moreover,we present evidence that extreme debt conservative firms' exit decision is an act of mean reversion.
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(1)零杠杆公司的有息债务为零,即杠杆率为零。由于本文将杠杆率低于5%的公司定义为EDC公司,这意味着零杠杆公司是EDC公司的一个子集。
(2)模型判别法,是指先根据资本结构模型拟合出每家企业的目标杠杆率,然后将实际杠杆率低于目标杠杆率的公司定义为低杠杆(亦称债务保守)公司,具体模型见Marchica和Mura(2010)。低杠杆公司占比在2006年明显降低,这可能是由于2006年我国宽松的货币政策导致公司更容易获得债务融资。
(1)本文选用反映一般物价水平走向的GDP平减指数来衡量通胀率。
(1)感谢匿名审稿人对“均值回复”现象的建设性意见。
基本信息:
DOI：
中图分类号:F275
引用信息:
[1]黄昆,唐齐鸣.极端债务保守行为:融资约束还是财务灵活性[J].金融学季刊,2017,11(01):73-102.
基金信息:
国家自然科学基金(71473092);; 华中科技大学自主创新基金项目的资助