宏观经济环境影响资本结构调整速度吗？——来自中国上市公司的经验证据

本文应用广义矩法估计（GMM）,利用1998-2008年沪深两市378家上市公司相应指标组成的平衡面板数据为研究总样本,探究宏观经济环境对我国上市公司资本结构调整速度的影响效应。研究发现,宏观经济不仅影响公司的目标资本结构,还作为外生的冲击,作用于资本结构的动态调整。宏观经济繁荣时,公司资本结构的调整速度越快。当考虑融资约束时,这一结论仍然成立,但不受融资约束的公司比受到融资约束公司的资本结构调整速度更快。

Do Macroeconomic conditions affect capital structure adjustment speed？——Evidence From Chinese Listed Companies

This paper chooses 378 listed companies from Shanghai and Shenzhen stock exchanges and regards corresponding balanced panel datasets as sample. The article analysez the impact of macroeconomic conditions on capital structure adjustment speed based on dynamic panel data with first-differenced GMM estimation. Two main conclusions are ultimately obtained: Firstly, firms adjust their capital structure toward target faster in good macroeconomic states relative to bad states. Secondly, The evidence holds whether or not firms are subject to financial constraints.