金字塔结构、融资替代与资本结构——来自中国民营上市公司的经验证据

基于对"内部资本市场融资替代效应"的分析,本文以金字塔结构复杂性衡量内部资本市场规模,采用2005年我国270家民营上市公司为样本,实证检验金字塔结构对上市公司资本结构的影响。结果表明,金字塔结构复杂性与上市公司全部非银行借款率、短期非银行借款率显著正相关。这表明金字塔结构越复杂,上市公司越倾向利用内部资本市场提供的非银行借款。研究结论从"内部资本市场融资替代效应"角度解释了我国民营上市公司广泛隶属于金字塔结构的合理性。

Pyramidal Structure, Financing Substitution and Capital Structure: Empirical Evidence from Private Listed Companies in China

Capital structure has been the primary focus of domestic and foreign corporate financial scholars.Most of the literature has examined the factors influencing capital structure according to specific company characteristics,and has not taken the institutional environment into account.In particular,the literature hasn't paid significant attention to the institutional financing environment.We think that the appearance of the interior capital market may regard the auto-adapted result as the company for the local financing environment.The pyramid ownership structure is an important form for producing and maintaining an inter-nal capital market.Companies prefer to use the internal capital market through a pyramid ownership structure in order to alleviate exterior financing constraints and promote the development of company.We examine the financing substitution effect of the internal capital market according to the characteristics of pyramid ownership structure.Fur-thermore,we measure the scale of the internal capital market in relation to the complexity of the pyramid ownership structure,and make an em-pirical examination of the pyramid ownership structure's influence on capital structure using a sample of 270 private listed Chinese compa-nies taken in 2005.The results show that the complexity of the pyramid structure is positively related to the amount of total non-bank debt,as well as the amount of short term non-bank debt.This means that listed companies tend to use non-bank debt from the internal capital market when the pyramid structure becomes more and more complex.This conclusion offers a reasonable explanation for the behavior of private listed companies in China with a pyramid ownership structure based on the financing substitution effects of the internal capital market.