融资约束与资本结构波动关系的探讨

融资约束与资本结构的研究一直是理论界研究的重点，文章从资本结构波动的角度来考察企业资本结构动态调整情况，构建资本结构波动模型，利用2003-2012年沪深两市 A 股上市公司主板数据为依据，试图揭示企业规模、融资约束对资本结构波动的影响。研究表明：融资约束与资本结构波动负相关；不同产权性质条件下，企业规模、融资约束对资本结构波动影响存在明显差异；国有企业的规模和融资约束因素对资本结构波动的影响都小于民营企业。

Financing Constraints and Capital Structure Fluctuation

Financing constraints and capital structure research has always been the focus of theoretical research.The article researches dynamic capital structure from the respect of Capital Structure Fluctuation.It constructs a Capital Structure Fluctuation model,based on the examples of firms listed on from Shanghai and Shenzhen Securities Ex-change (2003-2012)in an attempt to disclose the affect of firm scale and financing constraints on capital structure fluctuation.It is found that financing constraints have a negative relation with capital structure fluctuation.Different equity nature can lead to different extent of firm scale and financing constraints affecting capital structure fluctuation, while the effect of firm scale and financing constraints affecting capital structure fluctuation in a state owned firm is less than that of a private firm.