文献类型：期刊文献

中文题名：中国进口竞争对企业资本结构的影响研究

英文题名：Impact of Chinese Imports Competitions Firms’Capital Structure

作者：张子慧[1];车翼[2]

机构：[1]上海交通大学安泰经济与管理学院,上海200030;[2]华东理工大学商学院,上海200237

年份：2022

卷号：44

期号：5

起止页码：55

中文期刊名：上海管理科学

外文期刊名：Shanghai Management Science

收录：国家哲学社会科学学术期刊数据库

基金：国家自然科学基金项目(72073095、71703099和71703085);上海国际金融与经济研究院的资助。

语种：中文

中文关键词：进口竞争;盈利水平;资本结构

外文关键词：imports competition;profitability;capital structure

摘要：竞争会对企业财务政策产生深远影响的观点已得到学术界的广泛认可。研究进口竞争对企业资本结构的影响,进而对各资本结构模型的优劣进行实证检验。在研究中主要利用了中国在美国进口的外生激增。研究结果表明,中国进口对美国企业的盈利能力造成了一定负向影响,进而显著提高了美国企业的杠杆率。实证结果与优序融资理论表现一致,该理论认为受中国进口竞争影响的企业由于内部融资来源的收缩,选择外部融资(债务)作为其理性选择。同时进一步分析表明,进口冲击对规模和生产率较低的公司的资本结构影响更为明显。
The view that competition will have a profound impact on corporate financial policies has been widely recognized.This paper studies the impact of import competition on firms’choice of capital structure.To pin down the causation,the analysis exploits the exogenous surge in Chinese imports in the United States.The findings show that Chinese imports had a negative and significant effect on U.S.firms’profitability,which in turn significantly increased the firms’leverage ratios.These results are in line with the pecking order theory that,due to the shrinkage of sources of internal financing,firms suffering from Chinese import competition chose external finance(debt)as their rational choice.Interestingly,further analysis indicates that the impact of Chinese imports was more pronounced for U.S.firms that had lower scale and productivity.