关键词: 产融合作政策, 资本结构动态调整, 信息不对称, 代理成本

Abstract: Industry-finance cooperation is an effective way to promote the aggregation of financial resources to physical enterprises. Taking A-share listed companies in China from 2013 to 2023 as research samples, this paper regards the establishment of national industrial and financial cooperation pilot cities (districts) as a quasi natural experiment. From the dual perspectives of strengthening precise supply-demand matching and improving corporate governance efficiency, It examines the impact of industrial and financial cooperation pilot policies on the dynamic adjustment of corporate capital structure and it’s mechanism. The results indicate that the pilot policy of industry-finance cooperation has the effects of“resource support”and“collaborative governance”, and therefore can accelerate the capital structure adjustment of enterprises. The heterogeneity tests have found that in the companies with lower management shareholding ratios, the companies in the growth and maturity stages, and the companies in the regions with lower levels of financial development, the pilot policies for industry-finance cooperation are more effective in accelerating their capital structure adjustments. To this end, it is required to continue to deepen the financial supply side reform, promote the deepening and implementation of industrial-financial cooperation policies, and promote the high-quality development of enterprises.

Key words: policies for industry-finance cooperation, dynamic adjustment of capital structure, information asymmetry, agency cost