论文部分内容阅读
基于发行人驱动、资本市场驱动、市场时机驱动三大理论,选取270家上市公司1998-2015年的面板数据实证研究动态资本结构的周期性以及融资约束因素对其的影响。研究发现:公司账面资本结构逆周期而市场资本结构顺周期,账面和市场净资本结构均具顺周期性;融资约束与非融资约束公司的动态资本结构显著不同:前者的市场资本结构比后者更具顺周期性,后者的净资本结构均具顺周期性而前者没有显著的周期性;实际资本结构向目标水平调整的速度在衰退期比繁荣期更慢。
Based on the three theories of issuer-driven, capital-driven and market-timing-driven, panel data of 270 listed companies from 1998 to 2015 are used to empirically study the cyclicality of dynamic capital structure and the impact of financing constraints on it. The study found that: the company’s book capital structure is counter-cyclical and the market capital structure pro-cyclicality, book and market net capital structure are pro-cyclical; the financial capital constraints and non-financial constraints are significantly different dynamic capital structure: the former market capital structure than the latter More pro-cyclical. The latter’s net capital structure is pro-cyclical and the former has no significant cyclicality; the actual capital structure is adjusted to the target level more slowly during the recession than during the boom.