The Influence Of Industrial Policy On The Dynamic Adjustment Speed Of Capital Structure Of Listed Manufacturing Companies

In recent years,with the improvement of the theoretical foundation and the advancement of measurement methods,research on the dynamics of capital structure has become a hot topic.At present,more scholars pay attention to the research on the influencing factors of dynamic adjustment of capital structure,mainly focusing on the internal characteristics of enterprises and the external macro environment.The exploration of the dynamic influence mechanism of the capital structure will help business managers to establish a dynamic consciousness,better respond to internal and external environmental changes,and adjust the capital structure of the enterprise up and down around the target value to increase corporate value.In China,industrial policy,as a special institutional background,has made a systematic plan for the adjustment of China's industrial structure,the development of key industries,and the scientific allocation of resources from a macro strategic level,which has a significant impact on the development of Chinese enterprises.Therefore,it is of great practical significance to explore the issue of China's corporate capital structure from the perspective of industrial policy.Although existing literature has explored industrial policy and enterprise financing,industrial policy is rarely related to the speed of capital structure adjustment,which provides research space for this paper.Therefore,this paper introduces the variable of industrial policy,explores the impact of this variable on the speed of corporate capital structure adjustment and the specific mechanism,broadens the research scope of influencing factors of dynamic adjustment of capital structure,and proves the economic effct of industrial policy from another aspect.In order to ensure that the sample companies have similar production functions,this paper selects the core industry,which is a relatively high proportion of listed companies in China,manufacturing industry,and uses the relevant data of China's manufacturing listed companies from 2006 to 2018.This paper extracts industrial policy indicators from the "Eleventh Five-Year Plan" to the "Thirteenth Five-Year Plan" and obtains 15539 data after screening,which is used as a research sample.And this paper makes appropriate adjustments based on the standard part adjustment model to verify the speed of industrial policy on the adjustment of capital structure Impact and specific mechanisms.And on this basis,according to current research focus,based on the enterprise features(the nature of property rights,the degree of competition in product markets and financing constraints strength)to study the effect of different effects on industrial policy,in order to propose more targeted measures proposed,abundant research results.This paper mainly draws the following conclusions through empirical research.The first,industrial policies can significantly increase the speed of capital structure adjustment of listed companies in China's manufacturing industry,an average increase of about 9.3%.The effect was even better for companies that received key support from industrial policies,with an increase of about 17.8%.The second,due to the different financing methods chosen when the capital structure is below and above the target value,this will result in an asymmetry in the impact of industrial policies on the speed of capital structure adjustment.Industrial policy is mainly to increase the speed of upward adjustment of enterprises through debt channels,but has no significant impact on the speed of downward adjustment.The third,under different property rights,the strength of financing constraints and the degree of product market competition,industrial policies will have different effects on the speed of corporate capital structure adjustment.Based on the above research conclusions,this paper proposes the following.From the perspective of the enterprise,the management of the enterprise should establish a sense of dynamic adjustment of the capital structure,pay attention to changes in the internal and external environment,carefully interpret the national industrial policy,and properly support the industrial policy.Enterprise management should appropriately carry out business layout in the direction supported by industrial policies,so as to better use policy dividends to improve the financing environment for enterprises.From the government level,the government should timely understand the needs of enterprises and provide them with a good debt financing environment.It should also improve the construction of the capital market and provide enterprises with more low-cost equity financing measures.The government should also gradually eliminate the differences between state-owned enterprises and non-state-owned enterprises in the implementation of some preferential policies.In formulating industrial policies,the government should also make reasonable adjustments to industrial policies according to the degree of product market competition between industries and the intensity of financing constraints to enhance the landing effect of industrial policies.