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选取2004-2014年在A股主板上市的非金融类企业作为研究样本,实证分析了宗教对资本结构决策的影响。研究结果表明:企业受宗教的影响越大,其资本结构水平高于目标水平的可能性就越低;当资本结构水平高于目标水平时,其向下调整的速度更快,反之,其向上调整的速度更慢;金融发展能够显著促进宗教的“低资本结构效应”。进一步的研究显示,受宗教影响较大的企业更倾向于通过减少负债来降低资本结构水平,而不是采用正净权益融资。
This paper selects the non-financial companies listed on the A-share main stock market from 2004 to 2014 as the research sample and empirically analyzes the influence of religion on the capital structure decision-making. The results show that: the greater the religious influence, the lower the capital structure level of the enterprise is higher than the target level; the downward adjustment is faster when the capital structure level is higher than the target level; on the contrary, The pace of adjustment is slower; financial development can significantly contribute to religious “low capital structure effects.” Further research shows that firms that are more religiously affected tend to reduce their capital structure by reducing their liabilities rather than adopting positive net equity financing.