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公司存在目标资本结构吗?为回答这一问题,学者们往往基于动态权衡理论,通过构建局部调整模型与债务—股票选择模型,来考察公司资本结构的动态调整行为。资本结构动态调整的相关研究基本围绕目标资本结构和调整成本两个角度展开。本文从资本结构动态调整的理论、模型和经验证据三个方面系统梳理和述评了相关经验研究成果,并得出了研究结论与展望,以期探析该领域的研究脉络和发展趋势,从而为后续研究提供借鉴和启示。
Does the company have a target capital structure? To answer this question, scholars tend to examine the dynamic adjustment behavior of the company’s capital structure by constructing a partial adjustment model and a debt-stock selection model based on the dynamic trade-off theory. The related researches on the dynamic adjustment of capital structure focus on the target capital structure and adjustment cost. This dissertation systematically reviews and summarizes the relevant empirical research results from the theory, model and empirical evidence of the dynamic adjustment of capital structure, and draws conclusions and prospects of the study in order to explore the research context and development trend in this field, so as to follow-up study Provide reference and inspiration.