Why Companies Prefer Conservative Capital Structure?——An Empirical Evidence for the Theony of Financial Flexibility

为什么企业偏好保守资本结构？文章从财务柔性理论视角出发,以刚结束的金融危机为冲击事件,研究了危机前企业的保守资本结构对危机时期融资、投资行为的影响。实证结果发现:在金融危机之前,资本结构保守的企业相对投资较少,储备了较高的负债融资柔性。因而在金融危机时期具有更强的负债融资能力,不仅能够提高投资支出,而且投资支出主要取决于危机中所面临的投资机会,对内源资金可获得性并不敏感。相反,对照企业在危机中面临明显的融资约束,投资规模缩减,投资支出更多地受制于内部现金流量。文章的研究发现支持了保守资本结构能够增强企业财务柔性,从而能够更好地应对不利冲击的观点,为企业资本结构决策提供了重要的可资借鉴的经验证据。Why companies prefer conservative capital structure? Based on the theory of financial flexibility,and choosing the recently financial crisis as study event,this paper,empirically investigates the impacts of conservative capital structure preserved during the pre-crisis period on corporate investment behaviors in crisis.The results show that: during the pre-crisis period,companies maintaining conservative capital structure invest relatively less,and control companies invest relatively more.While in the crisis period,companies with conservative capital structure have greater capacity to raise debt funds,and greatly increase their investment expenditures,which mainly depend on their growth opportunities.In contrast,control companies rely much on the internal cash flow to support their investment expenditures,which reduced substantially as a result.In general,the empirical evidence provided in the paper supports the view that,companies can establish financial flexibility by maintaining conservative capital structure,so as to handle adverse shocks more effectively.And this also offers some useful empirical evidences for corporate capital structure decision.教育部人文社会科学研究青年项目(10YJC630015); 浙江省自然科学基金面上项目(LY12G02018); 中国博士后科学基金一等资助项目(2012M520043); 浙江省社会科学重点研究基地规划立项重点课题(12JDZS02Z

坡耕地黑土有机碳和全氮的迁移与累积平衡

本文利用137CS示踪技术计算东北黑土坡耕地土壤再分布速率,结合表层土壤有机碳(SOC)和全氮(TN)含量动态,探索典型漫岗坡地SOC和TN流失量的空间分布特征,据此计算研究区近50年来SOC和TN迁移、累积平衡。研究结果表明:研究区土壤再分布速率介于-24.61~33.56 T/HM2/A,绝大部分地区处于中度和轻度侵蚀状态,约占研究区总面积的83.66%,沉积面积占总面积的15.62%。SOC和TN的流失量与土壤再分布速率相一致,坡肩部位SOC和TN流失量最大,侵蚀损失率分别为407.57 KG/HM2/A和39.94 KG/HM2/A;其次为坡背和坡顶,平均流失量分别为244.2 KG/HM2/A和17.93 KG/HM2/A;坡脚和坡趾表现为累积,平均累积量分别为-207.2 KG/HM2/A和-20.56 KG/HM2/A。整个研究区SOC和TN的相对流失量>50%的面积分别占10.45%和11.21%。整个研究区48年来土壤净迁移泥沙量为45.54 T/A,其中,SOC流失量为612.62 KG/A,TN流失量为47.20 KG/A。考虑迁移泥沙对土壤有机质的富集作用,迁移损失的SOC和TN量比原计算值高52%