资本结构的动态变化及其目标调整--来自中国上市公司平行数据的相关证明

本文运用中国上市公司的平行数据对决定企业资本结构动态变化及其目标调整的决定因素进行了分析。这种分析主要包含了两个层次,一是企业特质的变化对最优资本结构动态变化及其调整的影响;二是企业在当前将前期资本结构向目标资本结构调整的程度。相关分析结果所得的结论表明,许多企业特质对资本结构的影响在动态中呈现出本期与前期的不一致性;企业具有长期目标债务比率,而且向目标债务比率的调整相对较快。

The Dynamics and Adjustment of Capital Structure: Related Evidence from Chinese Listed Company Panel Data

This has investigated the determinants of dynamics and adjustment of capital structure of Chinese listed companies by using panel data.The analysis focuses on two aspects:the effects of firm characteristics which vary over time and over firms on the dynamics and adjustment of capital structure and the extent of adjustment to the target leverage ration at present time for firms.The result shows that some firm characteristics exert contradictory effects on the leverage ratio during present time and a lag time.The related evidence suggests that firms have long-time target leverage ratio and they adjust to the target leverage ratio relatively fast.