外部环境、资产专用性与资本结构决策——基于联立方程系统的实证分析

以深、沪两市2003—2006年762家上市公司为研究样本,对外部环境、资产专用性与资本结构之间的关系进行了探讨。实证研究结果表明,外部环境显著地影响资本结构,具体表现为资本结构与产品市场竞争强度、环境动态性存在显著的正相关关系;资本结构与以营业费用比例度量的资产专用性之间存在显著反馈关系。

External Environment, Asset Specificity and Capital Structure Decision: An Empirical Analysis Based on Simultaneous Equation Model

Based on the panel data of 762 listed companies in China from 2003-2006, this paper analyzes the relationship between a firm's external environment, asset specificity and capital structure by establishing a simultaneous equation model. The empirical results show that external environment significantly affect capital structure. In addition, capital structure is positively related to the product market competition intensity and environmental dynamism. Furthermore, there are significant feedback relations betw...