本文關(guān)鍵詞： 資本結(jié)構(gòu) 目標資本結(jié)構(gòu) 調(diào)整 初始債務(wù) 調(diào)整速度　出處：《產(chǎn)業(yè)經(jīng)濟研究》2015年06期 　論文類型：期刊論文

【摘要】：資本結(jié)構(gòu)調(diào)整是近年來學(xué)術(shù)研究的一個熱點。與已有實證文獻建立在對目標資本結(jié)構(gòu)估計的基礎(chǔ)上不同,設(shè)計了一種新的方法,通過考察實際資本結(jié)構(gòu)變動是否超過一定臨界值、超過臨界值的方向以及超過臨界值所需時間來分別定義資本結(jié)構(gòu)是否調(diào)整、調(diào)整方向以及調(diào)整速度,從而不需要對目標資本結(jié)構(gòu)進行估算,也避免了將資本結(jié)構(gòu)在小范圍內(nèi)的正常波動作為資本結(jié)構(gòu)調(diào)整所帶來的誤差�；谶@種方法,利用我國上市公司2001—2010年數(shù)據(jù),對資本結(jié)構(gòu)的調(diào)整動因、調(diào)整方向及調(diào)整速度等問題進行了研究。主要發(fā)現(xiàn)包括:(1)資本結(jié)構(gòu)調(diào)整決策受初始債務(wù)水平、資產(chǎn)規(guī)模、成長性、盈利能力、抵押能力、非債務(wù)稅盾、產(chǎn)品獨特性、流動性、市值賬面價值比等多種因素影響;(2)所有權(quán)性質(zhì)對資本結(jié)構(gòu)調(diào)整決策產(chǎn)生重要影響,民營公司對資本結(jié)構(gòu)的調(diào)整更加頻繁且調(diào)整速度更快,而國有公司向上調(diào)整資本結(jié)構(gòu)的概率更大。
[Abstract]:The adjustment of capital structure is a hot topic in academic research in recent years. With the existing empirical literature on different on the basis of estimation of target capital structure, design a new method, through the investigation of the actual change of capital structure is larger than a critical value exceeds the critical value direction and exceeds the critical value required time respectively. Whether the definition of capital structure adjustment, adjust the direction and speed of adjustment, which does not need to estimate the target capital structure, but also to avoid the normal fluctuation of capital structure in a small range as the error caused by the adjustment of capital structure. Based on this method, data from 2001 to 2010 of the listed companies, to adjust the motivation of capital structure the problem, the adjustment direction and speed of adjustment are studied. The main findings include: (1) the adjustment of capital structure decision by the initial level of debt, asset size, growth, profitability Ability, ability of mortgage, non debt tax shield, uniqueness, liquidity, influence of market value to book value ratio and other factors; (2) the nature of ownership has an important effect on the adjustment of capital structure decision, private companies on the capital structure adjustment more frequently and adjust faster, and state-owned companies to adjust capital structure probability the more.

【作者單位】： 中國社會科學(xué)院金融研究所;西南財經(jīng)大學(xué)金融學(xué)院;
【基金】：國家自然科學(xué)基金青年科學(xué)基金項目(71202133)
【分類號】：F812.5

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本文編號：1503916