我国上市公司资本结构部分调整的实证研究

本文通过引入资本结构动态调整框架,采用动态面板数据模型,对我国上市公司进行了分析,发现在我国上市公司资本结构中确实存在部分调整现象,而且调整成本也比较高。本文还对影响公司资本结构调整速度的因素进行了研究,发现实际资本结构和目标资本结构间的差距,公司规模,盈利能力,成长性和大股东持股比例对加快资本结构的调整速度有正的效应,而贷款利率和收益波动性则阻碍公司对其资本结构的调整。

The Partial Adjustment of Capital Structure--An Empirical Study on Chinese Listed Firms

This paper took advantage of a dynamic adjustment model and dynamic panel methodology to investigate the capital structure of Chinese listed firms.Compared with static model,we found the evidence on existence of partial adjustment.Moreover,this paper also analyzed the effects of different firm-specific characterics as well as macroeconomic factors on the speed of adjustment to target capital structure.