| 不同负债水平公司的资本结构调整速度相同吗?——基于中国上市公司的经验证据 |
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| 引用本文： | 党建兵,卢斌,曹启龙.不同负债水平公司的资本结构调整速度相同吗?——基于中国上市公司的经验证据[J].产业经济研究,2013(3):64-73. |
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| 作者姓名： | 党建兵 卢斌 曹启龙 |
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| 作者单位： | 1. 南京大学商学院,江苏南京,210093
2. 南京财经大学金融学院,江苏南京,210046 |
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| 基金项目： | 国家自然科学基金重点项目，教育部人文社科研究青年基金项目，江苏省教育厅高校"青蓝工程"优秀青年骨干教师培养项目、江苏高校优势学科建设工程资助项目，江苏省普通高校研究生科研创新计划项目 |
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| 摘 要： | 本文利用中国上市公司2003～2010年的数据,采用差分广义矩估计以及连接函数为logit的广义线性模型拟最大似然估计两种方法对资本结构的调整速度与不同资产负债率水平之间的关系进行了探讨。本文的研究结果表明:较高负债率水平的公司有着相对较快的调整速度,并且其公司规模也较大;与此相反,低水平负债率的公司不仅调整速度较慢,而且公司规模较小。同时,本文的研究还发现高负债率的公司对于资本结构的调整主要是通过债务行为来达到的。
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| 关 键 词： | 上市公司 资产负债率 动态调整 目标资本结构 最优资本结构 面板数据 |
Do Different Debt Levels Affect the Capital Structure Adjustment Speed——Evidence from China |
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| Dang Jianbing
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Lu Bin
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Cao Qilong.Do Different Debt Levels Affect the Capital Structure Adjustment Speed——Evidence from China[J].Industrial Economics Research,2013(3):64-73. |
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| Authors: | Dang Jianbing Lu Bin Cao Qilong |
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| Institution: | 1.School of Business,Nanjing University,Nanjing 210093,China; 2.School of Finance,Nanjing University of Finance and Economics,Nanjing 210046,China) |
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| Abstract: | This paper empirically analyses the relationship between debt levels and the capital structure adjust speed of Chinese listed companies during 2003～2010,using the difference GMM and the logit QMLE in GLM.The result reveal that: A high level of asset-liability ratio has a relatively fast speed of adjustment,that means more lower trade cost,while relative to the common debt level,the corporate with higher asset-liability ratio have more large scale.Due to the low proportion of possession of tangible assets in the company with high debt ratio,and the national credit rationing policy has a significant level on the company with high debt ratio,this suggest that the company with high level of indebtedness can adjust its capital structure through debt behavior. |
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| Keywords: | listed companies asset-liability ratio dynamic adjustment target capital structure optimal capital structure panel data |
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