资本结构动态调整研究——来自中国上市公司的经验证据  

Research on Dynamic Adjustment of Capital Structure:Empirical Evidences from Chinese Listed Companies

作　　者：陈德刚[1] 罗勇 

机构地区：[1]湖北经济学院,武汉430205 [2]长江证券投资银行部,武汉430072

出　　处：《经济问题》2011年第3期97-102,共6页On Economic Problems

摘　　要：基于对国内外资本结构动态调整的相关研究,通过理论模型的推导提出了相关的研究假设,并运用动态调整模型和静态模型分别对沪深两市上市公司资本结构的决定因素进行实证检验。结果证明,动态调整模型比静态模型的解释能力更强,同时证明了我国上市公司资本结构和企业规模与资产有形性显著正相关,与盈利能力、流动性和非债务避税显著负相关。Capital structure is the propositional relations within each capital resource in enterprise.Capital structure has an impact on the corporate governance structure,thus in turn,will influence the behavior characteristics and values of enterprises.Reasonable capital structure is conduce to enhance the corporate value and its governance level,therefore,the selection of capital structure is vital to enterprises,and the relevant research on capital structure is of great theoretical significance and application value.This paper tries to find out the factors those influence the capital structures of our listed companies by theoretical and empirical analysis,and deal with their relations to capital structure,so as to provide evidence for corporate decisions in real circumstances.

关 键 词：资本结构 静态权衡理论 动态调整模型 

分 类 号：F830.91[经济管理—金融学]