资产专用性与资本结构相关性——基于上市公司A股市场的动态检验

The Relationship between Asset Specificity and Capital Structure ——2A Dynamic Empirical Test Based on Data from A-Share Listed Companies

本文从代理成本和资产专用性两种角度,沿用Jon Vilasusoh和Alanson Minkler(2001)的动态模型分析方法,在成本最小化目标下推导资产专用性与资本结构的理论关系,并利用我国A股上市公司的数据对这一关系进行检验,观察是否能够有效地通过资产专用性考虑做出成本最小的最优资本结构决策。

From the two perspectives of both agency cost and asset specificity, this paper follows the research method in dynamic model by Jon Vilasusoh and Alanson Minkler （2001） to deduce the theoretical relationship between asset specificity and capital structure under the target of limiting the total capital cost to the minimum. Such relationship is tested in the paper by the data of A-share listed companies in China. This paper tries to look into the availability to use asset specificity effectively for decision-making about optimal capital structure with minimum cost.