股权融资管制与公司资本结构:模型与模拟

股权融资管制带来的摩擦会如何影响公司的资本结构及资本结构调整？本文建立了股权融资管制摩擦模型,并使用计算机实验模拟的方法,研究股权再融资管制带来的摩擦对公司目标资本结构以及资本结构调整的影响,同时探讨资本结构调整速度模型的适用性。研究发现,外部股权融资管制程度不仅影响公司的目标资本结构,也影响公司资本结构调整的速度,研究结论为观测资本市场融资摩擦提供了一种独特视角。此外,观察分析当前使用的资本结构调整模型,本文发现该模型忽略了变量之间的强约束条件,会导致模型设定偏误。

Equity Financing Regulation and Corporate Capital Structure: A Model and the Simulation

The purpose of this paper is to find whether there is a strict relationship between corporate capital structure adjustment and corporate financing friction. This paper builds a financing model with market regulation and uses a computer simulation method to examine the effects of equity financing regulation friction on company’s target capital structure and the adjustment of capital structure. At the same time, it also tests the applicability of the capital structure adjustment model. The results show that the change of external equity financing frictions is not only an important influencing factor on the target capital structure, but also an important factor on the adjustment speed of company’s capital structure, which provides a unique view to observe the financing friction of capital market. In addition, the test on the existing model of the capital structure adjustment tells us that the model widely used by previous authors ignores a strong constraint between variables, which will lead to serious model specification bias.