Credit Supply,Financial Flexibility And Capital Structure Adjustment Of Enterprises

Capital structure determines the cost of capital,affects corporate value and governance efficiency,and is a key indicator to measure the financial status of enterprises.Research shows that there is a target capital structure that maximizes corporate value,which is determined by both corporate characteristics and external environmental factors.However,the business environment is changing with each passing day,and the actual capital structure tends to deviate from the target capital structure.Enterprises must constantly adjust the capital structure to move closer to the target value.The capital market is incomplete,market friction and transaction costs are inevitable,and capital structure adjustment is accompanied by certain costs.The adjustment of capital structure is subject to both its own financial characteristics and the funding environment.Credit supply determines the corporate financing environment,and financial flexibility is related to the company's own financing capabilities,which affect both corporate financing activities.This paper distinguishes the relationship between credit supply,financial flexibility and corporate capital structure adjustment by analyzing the flexibility dimension and the difference between deposit and loan spread period.When analyzing the change of credit supply scale,whether enterprises can alleviate financing constraints through financial flexibility reserve,and finally promote capital structure adjustment and optimization.This paper takes the 2012-2017 A-share listed company as the research sample,and uses the fixed-effect model to empirically analyze the relationship between credit supply,financial flexibility and corporate capital structure adjustment.The results show that:(1)In general,China's listed companies have lower liabilities and more In terms of short-term liabilities,the differences between enterprises are very different;(2)In general,the listed companies' financial flexibility reserves are insufficient and they prefer debt flexibility;(3)The larger the scale of credit supply,the more favorable it is to adjust the capital structure of enterprises.The difference in the maturity of deposit and loan spreads has different effects on the adjustment of capital structure of enterprises.The expansion of short-term deposit and loan spreads is more conducive to the adjustment and optimization of capital structure;(4)The more sufficient the financial flexibility,the more favorable the adjustment of the capital structure of the enterprise,the difference in the flexibility dimension has a different impact on the adjustment of the capital structure of the enterprise,and the cash flexibility is more conducive to the adjustment and optimization of the capital structure of the enterprise;(5)Financial flexibility reserve helps to improve the financing ability of enterprises.When the scale of credit supply changes,the capital structure of enterprises with high cash flexibility or high debt flexibility is adjusted faster;(6)The heterogeneity of property rights causes the efficiency of financing among enterprises to be different.Compared with state-owned enterprises,the adjustment of capital structure of non-state-owned enterprises is more susceptible to the supply of credit,and its financial flexibility reserve has a more prominent role in alleviating financing constraints.Based on the empirical results,this paper proposes appropriate proposals for enterprises to improve their debt levels,improve their debt structure,establish a capital structure adjustment mechanism,scientific reserve financial flexibility,and manage their capital structure in combination with their own characteristics.In response to the optimization of credit policy,it is proposed to continue to accelerate interest rate marketization,reduce credit rationing,implement differentiated interest rate policy,and pay attention to the term structure of interest rates.