：保持良好的资本结构是实现企业价值最大化财务管理目标的 内在要求。如何更好地平衡资本结构调整成本和收益，更积极的进行 资本结构调整决策是新常态经济形势下企业需持续考虑的议题。银行 贷款作为我国企业重要的外源资金源头，对企业资本结构有着举足轻 重的影响。聘请具有银行背景的董监高成员，为企业构建起企业、董 监高、银行三者相关联的银企关系网络，也为企业带来银企公共社会 资本，从而对资本结构动态调整决策有着重要意义。 本文将董监高银行背景纳入资本结构动态调整研究框架，基于资 本结构动态调整理论、社会资本理论和高阶理论，提出了相应的研究 假设。选取2012-2017年675家中国A股非金融类上市公司为研究样 本，通过一阶差分广义矩估计法，探究董监高银行背景对企业资本结 构动态调整的影响。结果表明：相比于董监高无银行背景的上市公司， 董监高有银行背景的上市公司的资本结构动态调整更快，且随着银行 背景程度的加深，资本结构动态调整的速度更快。进一步的研究结果 显示：不同产权性质、不同资本结构偏离度下的企业，董监高银行背 景对资本结构动态调整的影响各有差异。董监高银行背景对资本结构 动态调整速度的促进作用在资本结构过度偏离企业和非国有企业中 更能发挥出来，且随着银行背景深度的加深促进作用更大。本文的研 究丰富了资本结构动态调整影响因素方面的研究，也为企业合理利用 ii 公共社会资本进行资本结构动态调整决策提供理论依据。 关键词：董监高银行背景；资本结构动态调整；资本结构偏离；产 权性质 iii RESEARCHONTHEINFLUENCEOFBANK BACKGROUNDOFDIRECTORS,SUPERVISORSAND SENIORMANAGERSONDYNAMICADJUSTMENTOF ENTERPRISECAPITALSTRUCTURE LiuYingran （ BusinessAdministration-Accounting ） DirectedbyLiDongsheng Abstract ：Maintainingagoodcapitalstructureisaninherent requirementforfinancialmanagementgoalstomaximizecorporatevalue. Howtobalancethecostsandbenefitsofcapitalstructureadjustmentina betterwayandtomakethedecisionsofcapitalstructureadjustmentmore activearetopicsthatneedtobetakenintoconsiderationcontinuallyby enterprisesunderthenewnormalofChina’seconomy.Asanimportant sourceofexternalfundsforChineseenterprises,bankloanshavea significantimpactonthecapitalstructureofenterprises.Hiringdirectors, supervisorsandseniormanagerswithbankingbackgroundcanhelp enterprisetobuildtherelationshipnetworkbetweenbankandenterprise andgainthepublicsocialcapitalliesinit,whichisofgreatsignificance tothedecisionofthedynamicadjustmentofcapitalstructure. Basedonthedynamicadjustmenttheoryofcapitalstructure,the socialcapitaltheoryandupperechelonstheory,theresearchhypothesis ofthispaperwasproposed.Atotalof675non-financialChineseA-share listedcompaniesfrom2012to2017wereselectedastheresearch samples.Thispaperexplorestheinfluenceofbankbackgroundof directors,supervisorsandseniormanagersonthedynamicadjustmentof enterprisecapitalstructurebythewayoffirstdifferenceGMM.The researchfindsthatcomparedwiththelistedcompanieswhosedirectors, iv supervisorsorseniormanagersdonothaveordidnothavebank background,thelistedcompanieswithbankbackgroundofdirectors, supervisorsandseniormanagersgofasterindynamicadjustmentof capitalstructure.Andthespeedofthecapitalstructureadjustmentwillgo fasterwhentheproportionofdirectors,supervisorsandseniormanagers withbankbackgroundincreases.Thefurtherresearchresultsshowthat forenterpriseswithdifferentpropertyrightsanddifferentdeviation degreeofcapitalstructure,theinfluenceofboththebankbackgroundof directors,supervisorsandseniormanagersanditsdepthdegreeon dynamicadjustmentofcapitalstructurevaries.Theacceleratingeffectof bankbackgroundofdirectors,supervisorsandseniormanagersonthe dynamicadjustmentofthecapitalstructureismoreeffectivein non-state-ownedenterprisesortheenterpriseswhosedivergedegreeof capitalstructuresisexcessive.Andthepromotingeffectwillincrease whenbankbackgroundofdirectors,supervisorsandseniormanagers deepens.Theresultofthispaperenrichestheresearchontheinfluencing factorsofthedynamicadjustmentofcapitalstructureandprovidesthe theoreticalbasisforenterprisestomakerationaluseofpublicsocial capitalwhenmakingcapitalstructuredecisions. Keywords: bankbackgroundofdirectors,supervisorsandsenior managersdynamicadjustmentofcapitalstructurecapitalstructure deviationpropertyrights 1 目录 摘要..............................................................................................................I ABSTRACT...............................................................................................III 第1章绪论.............................................................................................1 1.1研究背景及意义...........................................................................1 1.1.1研究背景及问题提出.............................................................1 1.1.2研究意义.................................................................................2 1.2研究内容及方法...........................................................................3 1.2.1研究内容.................................................................................3 1.2.2研究方法.................................................................................4 1.3可能的创新点...............................................................................5 第2章概念界定及文献综述.................................................................7 2.1概念界定.......................................................................................7 2.1.1资本结构、目标资本结构与资本结构偏离度....................7 2.1.2资本结构动态调整.................................................................7 2.1.3董监高银行背景.....................................................................8 2.2文献综述.......................................................................................8 2.2.1目标资本结构影响因素研究.................................................8 2.2.2资本结构动态调整及其影响因素研究..............................10 2.2.3董监高银行背景与资本结构动态调整..............................13 2 2.2.4文献评述...............................................................................14 2.3本章小结.....................................................................................14 第3章理论分析和假设提出...............................................................15 3.1理论分析.....................................................................................15 3.1.1资本结构动态权衡理论.......................................................15 3.1.2社会资本理论.......................................................................15 3.1.3高阶理论...............................................................................16 3.2假设提出.....................................................................................17 3.2.1董监高银行背景与资本结构动态调整..............................17 3.2.2资本结构偏离度、董监高银行背景与资本结构动态调整 ....................................................................................................................18 3.2.3产权性质、董监高银行背景与资本结构动态调整..........20 3.3本章小结.....................................................................................21 第4章研究设计...................................................................................23 4.1样本选择和数据来源.................................................................23 4.2变量定义与模型设定.................................................................23 4.2.1变量定义...............................................................................23 4.2.2模型构建...............................................................................29 4.3本章小结.....................................................................................31 第5章实证结果与分析.......................................................................33 5.1描述性统计.................................................................................33 3 5.2相关性分析.................................................................................35 5.3基于一阶差分GMM法的董监高银行背景与资本结构动态调整 关系研究...................................................................................................37 5.3.1目标资本结构的拟合...........................................................37 5.3.2董监高银行背景与资本结构动