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本文结合中国制度背景,研究预算软约束与资本结构之间的关系。以1998至2006年非金融上市公司为样本,采用面板数据,实证检验预算软约束如何改变中国上市公司资本结构影响因素的作用路径,并最终改变资本结构本身。本文研究发现,预算软约束能够改变传统资本结构影响因素与资本结构作用关系,从而实现对资本结构的影响。具体而言,预算软约束环境下,有形资产率与杠杆比率关系出现弱化,呈负相关;成长性则表现出与杠杆比率正相关甚至无关;公司规模和盈利性则更多的表现出与杠杆比率负相关。
Based on the background of China’s system, this paper studies the relationship between soft budget constraint and capital structure. Using the non-financial listed companies from 1998 to 2006 as a sample, we use panel data to empirically test how the soft budget constraint changes the path of the influencing factors of capital structure in Chinese listed companies and finally change the capital structure itself. This study finds that the soft budget constraint can change the relationship between the factors that affect the traditional capital structure and the capital structure so as to realize the impact on the capital structure. Specifically, the relationship between the asset-to-leverage ratio is weakened and negatively correlated under a soft-budget constraint; the growth is positively correlated with the leverage ratio or even unrelated; and the company size and profitability are more likely to show leverage Rate negative correlation.