资本市场磨擦与资本结构调整——来自中国上市公司的证据

Capital Market Friction and the Adjustment of Capital Structures:Evidences from Chinese Listed Company

本文利用中国上市公司面板数据,研究资本结构调整速度以及由此所反映的资本市场摩擦程度。研究发现,我国上市公司存在目标资本结构,当实际资本结构偏离目标资本结构时,会向目标资本结构调整,但调整的方向不同时,调整速度也有所不同。资本结构向下调整的速度要小于向上调整的速度。这说明我国股票市场的摩擦程度高于银行贷款市场的摩擦程度。这一结论也可以解释我国上市公司融资行为的某些特征。

Using panel data from the Chinese listed firms, this paper examines the speed of adjustment of lever-age ratios, therefore reveals the degree of capital markets friction in China. Empirical evidences show that the Chinese listed firms have target capital structures and the firms make adjustment towards the target capital structures. Further studies find the speed of upward adjustment is higher than the speed of downward adjust-ment, no matter the capital structure is measured as book value debt ratio or market debt ratio. So a conclusion is drawn that the stock market friction is more serious than that in the debt market, which also explains some characteristic of financing behavior of Chinese listed firms.