卞雨晨

• 1:东华大学旭日工商管理学院

摘要(Abstract)：

在进一步放开资本管制之前，需要厘清跨境资本流动的经济后果。本文揭示了跨境资本流动对企业资本结构动态调整的影响，以及宏观审慎监管在这一过程中的作用。研究发现：跨境资本流动会降低企业资本结构调整速度，且跨境资本直接投资的影响最强；资本型宏观审慎监管能够对这一现象进行缓解，但贷款型和流动性型宏观审慎监管则会加剧这一现象。进一步研究发现：跨境资本流动分别通过降低债务规模和权益规模的方式，导致资本结构向下偏离和向上偏离企业的资本结构调整速度下降；融资约束和财务柔性是跨境资本流动影响企业资本结构调整速度的传导渠道；跨境资本激增和急停同样会造成企业资本结构调整速度下降。本研究对科学设计资本账户开放进程和跨境资本流动宏观审慎监管框架具有一定政策价值，并对优化企业资本结构具有一定实践启示。

关键词(KeyWords)： 资本结构动态调整;跨境资本流动;宏观审慎监管;杠杆率

Abstract:

Keywords:

基金项目(Foundation):

作者(Author): 卞雨晨

参考文献(References)：

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• (1)限于篇幅,各变量描述性统计结果未在正文报告,备索。
• (2)2011—2020年中国宏观审慎政策工具使用情况来自IMF提供的iMaPP数据库。2021年中国宏观审慎政策工具使用情况由作者根据Wind资讯、中国人民银行网站和原银保监会网站等平台搜集补充。
• (3)每种类型宏观审慎政策所包含的具体政策工具可见顾海峰和卞雨晨(2022)的研究。
• (4)限于篇幅,稳健性检验结果未在正文报告,备索。
• (5)极端资本流动的测度方法参照Sula(2010)。
• (6)本文还分别对两种不同资本结构偏离类型的企业进行了检验,结果与全样本一致。限于篇幅,检验结果未在正文报告,备索。