Research On The Influence Of Regional Inclusive Finance Development On The Adjustment Of Enterprise Capital Structure

The adjustment of enterprise capital structure has always been a key issue of the practitioners and scholars in the field of finance.A reasonable capital structure can reduce a company’s financing costs and control its financial risks.However,a company’s capital structure is always in a process of short-term deviation but long-term trend towards optimal levels,and is easily affected by various macro and micro factors.In the past,it was often difficult for small and micro enterprises to obtain loan support from traditional financial institutions,resulting in suboptimal capital structures.In recent years,the development of inclusive finance has provided new financing channels for small and micro enterprises,which has had a positive impact on their capital structure adjustments.Therefore,studying the impact of inclusive finance on corporate capital structure adjustment is of great significance.Based on this,this study combines existing literature and capital structure theory to qualitatively analyze the impact of inclusive finance on corporate capital structure and its influencing mechanism.Subsequently,this paper constructs a measurement system of inclusive finance development level and calculates the inclusive finance development index of all provinces in the country.Then,taking the enterprises listed on the New Third Board as the research object,this paper uses the two-way fixed effect model to test the impact of inclusive finance on corporate capital structure adjustment.In addition,a variety of heterogeneity analysis,endogeneity test and robustness test were used to verify the robustness of the empirical results.Besides,on the basis that the core conclusions are sufficiently robust,the interaction term is added to explore the mechanism of the influence of inclusive finance on the adjustment of corporate capital structure.Finally,this paper also uses the partial adjustment model to further analyze the impact of inclusive finance on the speed of corporate capital structure adjustment.The main conclusions from the empirical analysis are as follows:(1)In recent years,inclusive finance has continued to develop in various provinces in China,but the development is uneven;(2)The development of inclusive finance can significantly reduce the asset-liability ratio of enterprises,but this impact is heterogeneous,and will vary depending on the region,industry,sector and size of the enterprise;(3)Inclusive finance reduces corporate asset-liability ratio by reducing corporate financing costs;(4)The scale of fixed asset investment and the ability of R&D and innovation of enterprises will enhance the impact of inclusive finance on the capital structure adjustment of enterprises,and those mechanism exhibits significant heterogeneity in terms of scale and industry;(5)The development of inclusive finance will affect the speed of adjustment of the enterprise’s capital structure,but this effect is significantly heterogeneous.The main innovation points of this paper are as follows:(1)Innovative research perspective.Currently,most relevant literature focuses on the impact of inclusive finance on enterprise financing costs,with few studies further exploring its impact on enterprise capital structure.This study is a supplement to the existing literature in this field.(2)Innovation in data selection.Based on the concept of inclusive finance,this paper constructs the inclusive finance development index of all provinces in China for empirical analysis,which is more matching than the Peking University Index.(3)Research perspective innovation.This paper not only analyzes the influence of inclusive finance on the capital structure adjustment of enterprises and its mechanism from a static perspective,but also analyzes whether inclusive finance accelerates the adjustment of the capital structure of enterprises from a dynamic perspective.