资本结构动态调整的目标资本结构优化研究——来自中国房地产上市公司的经验证据  

An optimization research in the target capital structure of the dynamic adjustment of capital structure:empirical evidence from China’s listed real estate companies

作　　者：陈良华[1] 叶茂然 迟颖颖[1] CHEN Liang-hua;YE Mao-ran;CHI Ying-ying

机构地区：[1]东南大学经济管理学院,江苏南京210096

出　　处：《东南大学学报（哲学社会科学版）》2022年第3期31-39,146,共10页Journal of Southeast University(Philosophy and Social Science)

基　　金：国家自然科学基金项目“异质环境供应链成本管理研究”(71772036)成果之一。

摘　　要：目标资本结构在资本结构动态调整理论中处于核心地位,优化目标资本结构可以提升资本结构动态调整的运行质量。通过梳理目标资本结构的三类表达方法,在原有线性拟合路径估算目标资本结构的模型基础上,引入具有共同因子、次级因子交互效应的面板模型,构建涵盖影响企业目标资本结构的微观、中观和宏观因素的优化估算框架。再以中国沪深A股证券市场2009—2018年的房地产行业上市公司年度数据为样本,对一般模型和优化模型下的目标资本结构、资本结构动态调整速度和偏离程度进行估算并对比分析。实证结果表明,采用优化的目标资本结构模型,在降低目标资本结构估计偏差的同时,还表现出与一般模型下的资本动态调整速度和偏离程度的差异。The target capital structure is a key term in the dynamic adjustment of capital structure,so optimizing the target capital structure could improve its operation quality.By sorting out the three expression methods of the target capital structure,we first introduce the interaction effect of common factors and secondary factors,and construct an optimal estimation framework covering the micro,meso and macro factors that affect the target capital structure of enterprises.This framework is based on the original model of the target capital structure estimated by linear fitting path.Then,by taking the annual data of listed companies in the real estate industry of China’s Shanghai and Shenzhen A-share stock markets from 2009 to 2018 as samples,we estimate and compare the target capital structure,dynamic adjustment speed and deviation degree of the capital structure under the general model and the optimization model.The empirical results show that the optimized target capital structure model could reduce the estimation deviation of the target capital structure,and that its speed and deviation degree are different from those of the general model.

关 键 词：资本结构动态调整理论 目标资本结构优化 房地产企业 

分 类 号：F83[经济管理—金融学]