资产专用性视角下的资本结构动态分析

本文按照公司价值最大化思路建立考虑资产专用性和资本成本因素的资本结构动态模型，以资产专用性为视角考察资本结构动态过程的路径和原因。研究表明，资产专用性程度对公司资本结构动态演变的过程和结果都有深刻的影响，权益资本成本和负债资本成本的不同动态特性诱致公司资本结构动态演变。利用中国上市公司财务数据所进行的实证检验结果显著地支持本文的理论模型和结论。

A Dynamic Analysis of Capital Structure Based on the View of Asset Specificity

The determination of the capital structure of the firm is a kind of dynamic evolution matter, and the target capital structure is the result of this evolution. Asset specificity and capital cost are the two fundamental factors that drive this process. We developed a dynamic model that incorporates both of these factors. By the help of it, we can probe into such problems as why and how capital structure changes. Analysis shows that characteristic difference of capital cost of equity and debt determines the path of this evolution and asset specificity governs the goal of it. Empirically we found unequivocal evidence among data of Chinese listed corporations.