| 企业资本结构动态优化模型与实证——基于宏观经济要素的研究 |
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| 引用本文： | 孙晓华,宋菁颖.企业资本结构动态优化模型与实证——基于宏观经济要素的研究[J].南京航空航天大学学报(社会科学版),2007,9(4):26-29. |
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| 作者姓名： | 孙晓华 宋菁颖 |
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| 作者单位： | 大连理工大学,经济系,辽宁,大连,116024 |
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| 摘 要： | 作为融资决策的外部条件，税率、利率和通货膨胀率等宏观经济要素影响着企业资本结构优化。以不完全信息博弈下的企业价值模型为基础，通过资本结构最优跨期决策的推导，得出宏观经济要素与资本结构优化的动态关系：资本结构优化方向应与税率变动方向相同，与利率、通货膨胀率变动方向相反。并且，利用1995-2004年间中国宏观经济数据和上市公司财务数据对理论模型进行了实证检验。
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| 关 键 词： | 宏观经济要素 资本结构 动态优化 |
| 文章编号： | 1671-2129(2007)04-0026-04 |
| 修稿时间： | 2007年1月24日 |
The Model and Empirical Results of Dynamic Optimization of Capital Structure: Based on Macroeconomic Factors |
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| SUN Xiao-hua,SONG Jing-ying.The Model and Empirical Results of Dynamic Optimization of Capital Structure: Based on Macroeconomic Factors[J].Journal of Nanjing University of Aeronautics & Astronautics(Social Sciences),2007,9(4):26-29. |
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| Authors: | SUN Xiao-hua SONG Jing-ying |
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| Institution: | SUN Xiao-hua, SONG Jing-ying (Department of Economics, Dalian University of Technology, Dalian , Liaoning 116024, China) |
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| Abstract: | As the external condition of financing decision,macroeconomic factors such as tax rate,interest rate and inflation rate affect the optimization of corporate capital structure.Based on the firm value model under incomplete information gambling,the cross time decision of optimal capital structure infers the dynamic relations between the macroeconomic factors and the optimization of capital structure: optimizing direction of capital structure should be consistent with the change of tax rate direction and be opposite with interest rate and inflation rate.Furthermore,the theoretical results are supported by empirical research from Chinese-listed financial data. |
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| Keywords: | macroeconomic factors capital structure dynamic optimization |
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