我国上市公司资本结构动态调整研究

Dynamic Adjustment of Capital Structure of Listed Companies in China

实证检验了中国上市公司最优资本结构的存在性,认为我国上市公司不可能立即回归到其最优资本结构,只能部分地缩小与之的差距以获得最佳绩效或最大价值。进一步通过部分调整模型检验了影响资本结构调整的其他因素的有效性和显著性。研究发现,中国上市公司每年以大约45%的速度向其最优资本结构靠拢,对更长时间间隔的调整模型估计证明了中国上市公司的确每年以固定速率向最优资本结构连续调整,说明了以固定效应方法估计的部分调整模型能有效描述我国上市公司资本结构的调整行为。

Optimal capital structure of Chinese listed companies is researched by empirical tests, and is proved to exist. However, Chinese companies cannot direcOy or immediately realize the optimal capital structure, and they have to partly decrease the distance to the optimal structure in order to acquire the best performance or maximum value. Then other factors affecting capital structure adjustment are tested by partial adjustment model, and it is found that Chinese listed companies are approaching their optimal capital structures at the speed of about 45% per year. A longer time interval adjustment model proves that Chinese listed companies surely are continuously adjusting towards the optimal capital structure every year at a constant speed, and that the partial adjustment model based on fixed effect can effectively characterize the adjustment behaviotrr of the capital structure of listed companies in China.