中国上市公司资本结构的调整速度及其影响因素——基于不平行面板数据的经验分析

文章采用742家公司1991—2004年的非平行面板数据,基于8种不同的目标资本结构替代变量,对中国上市公司的资本结构调整速度及其影响因素进行了经验分析。结果发现:1.中国上市公司年度间的资本结构调整速度很小;2.趋向和背离目标水平调整资本结构均是公司常见的行为,而且过度调整发生的频率也很高;3.调整速度的影响因素分析并没有得出一个一致显著令人满意的解释,但似乎本期调整速度与上期调整速度负显著相关。

Adjustment Speed and its Determinants of Capital Structure of Chinese listed Companies: An Empirical Analysis from Unbalanced Panel Data

This paper empirically analyses adjustment speed and its determinants of capital structure of Chinese listed companies using unbal- anced panel data from 1991 to 2004 of 742 firms and gains some conclusions.Firstly,It finds out that the adjustment speed of capital structure of Chinese listed companies is very small.Secondly,the moving towards and the moving away target level are a usual behavior of firms and frequency of over-adjustment is also high.Finally,the evidence obtained about analysis of determinants of adjustment speed doesn't provide exciting consistent and significant explains,but it seems to show that this period adjustment speed correlates significantly and inversely prior period.