股票市场发展与公司资本结构动态调整

发布时间：2018-03-04 15:38

本文选题：股票市场规模　切入点：股票市场收益　出处：《南京社会科学》2017年04期 　论文类型：期刊论文

【摘要】：本文采用1999年到2013年434家公司的平衡公司/年度数据,分别采用整体部分调整模型和两阶段部分调整模型,运用面板数据固定效应和广义线性模型(GLM)的Logit最大似然估计(Logit QMLE)方法实证检验股票市场发展对公司资本结构调整速度的影响。结果表明,公司资本结构调整速度和股票市场规模负相关,而和股票市场综合回报率显著正相关,进一步的检验表明,产权性质、负债水平并不影响股票市场和公司资本结构调整速度之间关系的方向,但影响两者关系的程度,非国有公司、过度负债公司对于股票市场的变化更为敏感,速度变化程度更大。
[Abstract]:In this paper, the equilibrium company / annual data of 434 companies from 1999 to 2013 are used, and the integral partial adjustment model and the two-stage partial adjustment model are adopted, respectively. Using panel data fixed effect and generalized linear model (GLM), Logit maximum likelihood estimator logit QMLE) is used to empirically test the influence of stock market development on the speed of capital structure adjustment. The speed of corporate capital structure adjustment is negatively correlated with the scale of stock market, while it is positively correlated with the comprehensive return rate of stock market. Further tests show that the nature of property right, The debt level does not affect the direction of the relationship between the stock market and the speed of capital structure adjustment, but affects the degree of the relationship between the two. Non-state-owned companies and over-indebted companies are more sensitive to the changes of the stock market, and the speed of the changes is greater.
【作者单位】：南京大学工商管理系;南京医科大学医政学院;南京大学商学院;
【基金】：国家自然科学基金项目“财务柔性、管理者战略选择与企业可持续成长”(71372031)的阶段性成果
【分类号】：F832.51

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