Business School, Huaqiao University, Quanzhou, Fujian, China.
College of Economics and Management FAFU, Fujian Agriculture and Forestry University, Fuzhou, Fujian, China.
PLoS One. 2024 Jul 31;19(7):e0307066. doi: 10.1371/journal.pone.0307066. eCollection 2024.
Using the sample of Chinese A-share listed firms from 2010 to 2020, this study examines the impact of non-controlling large shareholders (NCLSs) on corporate capital structure adjustment. The results show that NCLSs significantly increase the dynamic capital structure adjustment speed and reduce capital structure deviation. NCLSs have an asymmetric influence on capital structure adjustment speed for different deviation directions, i.e. compared to the speed of upward adjustment after a downward deviation of the capital structure, the effect of NCLSs on the speed of downward adjustment of the capital structure after an upward deviation is stronger. Whether in state-owned enterprises (SOEs) or non-state-owned enterprises (NSOEs), NCLSs significantly increase the dynamic capital structure adjustment speed. However, compared with SOEs, NCLSs in NSOEs have a more significant positive impact on the dynamic capital structure adjustment speed. The mechanism analysis suggests that reducing agency costs and mitigating financing constraints serve as the important channels through which NCLSs influence the dynamic adjustment of capital structure. This paper not only enriches and improves the theoretical basis of dynamic capital structure adjustment, but also helps to deepen the understanding of dynamic capital structure adjustment of Chinese listed firms.
本文使用 2010 年至 2020 年中国 A 股上市公司样本，考察了非控制性大股东（NCLS）对公司资本结构调整的影响。结果表明，NCLS 显著提高了企业资本结构调整速度，降低了资本结构偏离度。NCLS 对资本结构调整速度的影响在不同偏离方向上存在非对称效应，即与资本结构向下偏离后的向上调整速度相比，NCLS 对资本结构向上偏离后的向下调整速度的影响更强。无论是国有企业（SOEs）还是非国有企业（NSOEs），NCLS 都显著提高了企业资本结构的动态调整速度。然而，与国有企业相比，非国有企业中的 NCLS 对企业资本结构的动态调整速度具有更显著的正向影响。机制分析表明，降低代理成本和缓解融资约束是 NCLS 影响资本结构动态调整的重要渠道。本文不仅丰富和完善了动态资本结构调整的理论基础，也有助于深化对中国上市公司动态资本结构调整的认识。
