人口老龄化与公司资本结构——基于地级市人口普查的实证研究
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人口老龄化是较长一段时期内我国的基本国情，对中国经济产生深远的影响。目前对于人口老龄化的影响研究大多站在宏观层面，鲜有文献关注其对微观企业的影响，而本文以2007-2019年上市公司为研究对象，首次探索了地区人口老龄化对微观企业资本结构的影响，拓宽了人口老龄化经济影响和企业资本结构影响因素的研究视野。 本文研究发现，地区人口老龄化程度的加深显著降低了企业财务杠杆率，这一结果在采用计划生育政策强度作为工具变量解决内生性问题等一系列检验之后依然稳健。针对该结果，本文从信贷市场和劳动力市场供求结构的角度进行机制分析，研究发现，地区人口老龄化程度通过资金供给效应和劳动力成本效应两个渠道对企业资本结构...
Population aging is the basic national condition of China in a long period of time, which has a profound impact on China's economy. Research on the impact of population aging is mostly at the macro level. However, this paper explores the impact of regional population aging on enterprise’s capital structure, which broadens the research on the micro economic impact of population aging. The results ...
Population aging is the basic national condition of China in a long period of time, which has a profound impact on China's economy. Research on the impact of population aging is mostly at the macro level. However, this paper explores the impact of regional population aging on enterprise’s capital structure, which broadens the research on the micro economic impact of population aging. The results ...