衡量资本结构调整的新方法及其应用

发布时间：2018-02-11 20:18

本文关键词： 资本结构目标资本结构调整初始债务调整速度　出处：《产业经济研究》2015年06期 　论文类型：期刊论文

【摘要】：资本结构调整是近年来学术研究的一个热点。与已有实证文献建立在对目标资本结构估计的基础上不同,设计了一种新的方法,通过考察实际资本结构变动是否超过一定临界值、超过临界值的方向以及超过临界值所需时间来分别定义资本结构是否调整、调整方向以及调整速度,从而不需要对目标资本结构进行估算,也避免了将资本结构在小范围内的正常波动作为资本结构调整所带来的误差。基于这种方法,利用我国上市公司2001—2010年数据,对资本结构的调整动因、调整方向及调整速度等问题进行了研究。主要发现包括:(1)资本结构调整决策受初始债务水平、资产规模、成长性、盈利能力、抵押能力、非债务税盾、产品独特性、流动性、市值账面价值比等多种因素影响;(2)所有权性质对资本结构调整决策产生重要影响,民营公司对资本结构的调整更加频繁且调整速度更快,而国有公司向上调整资本结构的概率更大。
[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.

【作者单位】：中国社会科学院金融研究所;西南财经大学金融学院;
【基金】：国家自然科学基金青年科学基金项目(71202133)
【分类号】：F812.5

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