机构投资者与资本结构的动态调整——基于我国上市公司的实证研究

企业资本结构的动态调整是近些年公司金融领域的一个研究热点。采用中国上市公司2007-2011年的数据,分析了机构投资者对资本结构动态调整的影响。研究发现,机构投资者持股比率越高,资本结构越快速向目标资本结构进行调整;相比非独立机构投资者,独立机构投资者持股更加显著地促进了资本结构的快速调整。研究表明:机构投资者,尤其是独立机构投资者在我国上市公司资本结构动态调整中发挥着重要作用,为上市公司和监管部门提供了改善资本结构决策的线索。

Institutional investors and dynamic adjustment of capital structure——An empirical analysis on Chinese listed firms

Dynamic adjustment of capital structure is a hot topic in corporate finance. Using 2007-2011 Shanghai and Shenzhen Ashare listed companies as samples,this study analyzes the influence of institutional investors on dynamic adjustment of capital structure. The results indicate that the higher holding of institutional investors,the more quickly capital structure adjusts to the target debt ratio. Compared to dependent institutional investors,independent institutional investors significantly promote the adjustment of the capital structure more quickly. This study shows that institutional investors,especially independent institutional investors,play an important role in dynamic adjustment of capital structure of China＇s listed companies,which provides important implications for listed companies and regulatory authorities in the improvement of capital structure decision.