资本结构部分调整自回归模型与其内生性变量的实证分析

通过部分调整自回归模型和联立方程的回归分析,对企业资本结构影响因素进行了实证分析,在经验分析过程中发现成长性因素影响有局限性以及企业的盈利能力和企业规模具有内生性,同时也证明了除生长性因素外的其他因素即盈利能力、企业规模、资产流动性、资产构成、非债务税盾以及资本结构调整成本对资本结构选择的影响及其方向符合我们的假设.

Empirical Analysis on Partial Adjustment to Autoregressive Model of Capital Structure and its Endogenous Variants

Through partial adjustment to autoregressive model and regressive analysis on simultaneous equations, this article made empirical analyses on the contributing factors for the capital structure of enterprises. The empirical studies showed that the effect of growth factor was limit, and the profitability and scale of enterprises were endogenous ; meanwhile, the studies proved that, be- sides the growth factor, other factors, i. e. the profitability, scale of enterprises, assets liquidity, assets components, non - debt tax shields, and cost adjustment of capital structure would affect the choice of capital structure, the results were in accordance with our assumptions.