中国上市公司资本结构的动态目标调整:制度特征导向

本文采集了1994—2004年中国上市公司的相关平行数据,运用动态目标调整模型考察了上市公司的资本结构及其调整过程。模型中不仅包含了企业微观特质因素,而且包含了信息不对称、所有权集中度等制度性因素。实证检验的结果表明从动态模型的视角看,中国上市公司资本结构决策与经典理论的预期在企业微观特质方面表现出一致性,但在制度性层面却出现了背离,这主要是源于制度性力量在中国企业资本结构决策中具有关键的导向作用。中国上市公司资本结构的动态调整中面临相对较高的交易成本,这与当前中国金融市场与金融体制的欠发达状况相关。

Dynamic Target Adjustment of Capital Structure of Chinese Listed Companies: Institution-Orientated

We collect panel data related with capital structure of Chinese listed companies with the objective of investigating their capital structure and the process of its target adjustment from 1994 through 2004.Not only firm-specific characteristics but also institutional characteristics,such as asymmetric information and ownership concentration,are included in our model.Empirical testing results show that capital structure decision of Chinese listed companies conforms to the expectations of capital structure theories on the aspects of firm-specific characteristics in dynamic capital structure model,but contrary to expectations of theories on institution aspects,which due to the facts that institution characteristics play a key role in the decision of capital structure for Chinese listed companies.In the process of target adjustment of capital structure of Chinese listed companies,trading costs are pretty higher,which is related with the underdeveloped financial market and system in China.