我国上市公司资本结构调整行为研究

以620家中国上市公司1998-2005年间财务数据为样本,对其资本结构动态调整行为进行实证研究。通过采用固定效应方法对部分调整模型进行估计,验证了该理论对中国股票市场的解释能力。结果表明我国上市公司的确以每年大约40%的速度缩小真实值与目标值之间的差距,调整的方式主要是通过负债的变动。公司其他的特征变量如资产收益率、资产折旧率、公司规模和股权结构等都对动态调整过程有显著的影响。

Research on the Capital Structure Adjustment Behavior of Chinese Listed Companies

According to the Trade-off Theory,firms consider the benefit of tax-shelter and agency cost,so they have target capital structure and use the dynamic adjustment to reduce the gap between real capital structure and the target one continuously.Setting 620 Chinese listed companies during the period from 1998 to 2005 as the samples,this paper examines their dynamic adjustment behaviors of capital structure,estimates the partial adjustment models of their capital structure dynamic adjustment by fixed effects method to test the explanation ability of the theory for the Chinese market.The result shows that listed companies do reduce the gap by about 40% per year,and the main adjustment method is the change of debt.Some other characteristics of firms such as return per asset,depreciation per asset,firm size and equity structure also have significant effect on the dynamic adjustment.