财务保守行为:基于中国上市公司的实证研究

财务保守行为是指企业在较长的一段时间内持续地采用低财务杠杆的财务政策的一种行为。与传统的资本结构管理观点相比,保守的财务政策更加注重获得财务灵活性以防范风险和捕捉未来的投资机会,是一种崭新的资本结构管理的观点。本文运用LOGIT非线性回归模型,基于中国上市公司的经验数据,分别从产业组织、资本市场和治理结构3个方面考察了影响财务保守行为的主要因素并进行了理论分析。实证结果表明:由产品市场竞争决定的企业本身的内源融资能力是财务保守行为产生的最为重要的原因,而这种能力主要取决于企业所处的市场环境、政府管制和产业组织情况;资本市场的估价状况对于财务保守行为有重大的影响,我国股价高估的资本市场环境,以及二元割裂、一股独大的治理结构使得非流通股股东偏好从增发和配股中获取利益,客观上造成了上市公司的股权融资偏好行为,而这种偏好表现在资本结构上,就是财务保守行为,可以称之为企业融资战略对于财务保守行为的影响;最后,我们没有发现足够的证据支持财务保守行为和公司竞争战略之间有足够的联系,说明我国的上市公司在资本结构管理方面较少地考虑到资本结构和产品市场竞争之间的互动与协调,企业战略管理的水平尚待进一步地提高。

Financial Conservationism: a Study Based on the Cases of China's Listed Companies

Financial conservationism(FC) refers to the behavior that an enterprise has for a longer period kept adopting the policy of low financial gearing. Compared with the traditional view of capital structure management, the conservative financial policy, a brand new conception thereof, pays more attention to obtaining financial flexibility to be on guard against risks and embrace future investment opportunities. Employing LOGIT nonlinear regression model and based on the data from the experiences of China's listed companies, in this paper we will, in industrial organization, capital market and control structure respectively, explore the main factors impinging on FC and make a theoretical analysis. Our case study indicates the following. The most important cause for the appearance of FC is the intrinsic financing ability of an enterprise itself——the ability caused by market competition and mainly relying on the market environment that the enterprise is in, the government control, and the way in which the enterprise is organized.The estimation in the capital market has great impact upon FC, the environment of China's capital market in which share prices are highly estimated, the separation in the dual system, and the management structure (in which the only big shot——the biggest shareowner——reigns and rules) have made the owners of nonnegotiable shares prefer seeking benefit from rights issue and share allotment, causing, objectively, listed companies to have the preference behavior for financing by share ownership, which, when expressed in capital structure, is financial conservative behavior, namely, FC, and which can also be defined as the effect of enterprises' financing strategy upon FC.The fact that no sufficient evidence has been found to show that there is enough linkage between FC and companies' competition strategy implies that China's listed companies have not given enough consideration to inter-dynamic relations and coordination between capital structure and market competition, and that there is much room for improvement in strategy management in enterprises.