Yuchen Bian;

• 1:Glorious Sun School of Business and Management
• 2: Donghua University

Abstract：

The economic consequences of cross-border capital flows must be clarified before further capital account liberalization. This paper analyzes the impact of cross-border capital flows on the dynamic adjustment of the firm's capital structure and the moderating effect of macro-prudential supervision. It finds that cross-border capital flows can reduce the firm's capital structure adjustment speed, and crossborder capital direct investment has the strongest impact. Besides, capital-based macro-prudential supervision can reduce the impact of cross-border capital flows, but loan-based and liquidity-based macroprudential supervision will exacerbate that. Further research indicates that cross-border capital flows reduce the speed of capital structure adjustment of firms with downward and upward capital structure deviation by lowering the debt size and equity size, respectively. In addition, financing constraints and financial flexibility are the channels through which cross-border capital flows affect the firm's capital structure adjustment speed. Furthermore, cross-border capital surges and stops can reduce the firm's capital structure adjustment speed. This study has policy value for the scientific design of the process of capital account liberalization and the macro-prudential supervision framework of cross-border capital flows, thus optimizing the firm capital structure.

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Authors: Yuchen Bian;

References：

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• (1)限于篇幅,各变量描述性统计结果未在正文报告,备索。
• (2)2011—2020年中国宏观审慎政策工具使用情况来自IMF提供的iMaPP数据库。2021年中国宏观审慎政策工具使用情况由作者根据Wind资讯、中国人民银行网站和原银保监会网站等平台搜集补充。
• (3)每种类型宏观审慎政策所包含的具体政策工具可见顾海峰和卞雨晨(2022)的研究。
• (4)限于篇幅,稳健性检验结果未在正文报告,备索。
• (5)极端资本流动的测度方法参照Sula(2010)。
• (6)本文还分别对两种不同资本结构偏离类型的企业进行了检验,结果与全样本一致。限于篇幅,检验结果未在正文报告,备索。