我国上市公司资本结构调整速度及其影响因素研究

通过对我国上市公司的资本结构调整速度和影响因素进行深入分析，结果发现我国上市公司的资本结构调整速度存在着显著的行业差异性，垄断行业上市公司的资本结构最优化程度最低，资本结构调整低于平均水平，而竞争激烈行业由于竞争的压力，资本结构寻求优化的程度较高，向最优结构调整的速度也较快。另外，我国上市公司资本结构向最优化的调整过程受到企业自身微观因素和宏观经济因素的重要影响，企业自身的微观因素主要包括公司的财务状况、公司治理结构、当前的资本结构，而宏观因素主要是利率和通货膨胀率，GDP对调整过程影响并不显著。

Research on the Adjustment Speed and Its Determinants of Capital Structure of China's Listed Companies

Based on the analysis of adjustment speed and its determinants of capital structure of China's listed companies,the results indicate: the adjustment speeds are significantly different among the industries;the level of capital structure optimization of monopoly listed companies is the lowest and their adjustment speed is lower than the average;comparatively,the level of capital structure optimization of listed companies with fierce competition is higher and their adjustment speed is faster.In addition,the ad...