不同调整路径下资本结构的调整速度比较分析——来自中国上市公司的经验证据

Comparative Research on Capital Structure Adjustment Speeds of Different Adjustment Approaches——An Empirical Study Based on Data from Chinese Listed Companies

基于部分调整模型提出了不同调整路径下资本结构调整速度的计算方法,并且从全样本、分行业以及分现金状况三个方面,测算和比较了我国上市公司通过商业信用、短期负债、长期负债、股票以及内部留存五条路径调整资本结构的调整速度。研究发现:我国上市公司主要依靠外源资金调整资本结构,最有效的外源调整路径是股票,效率最低的路径是长期负债,调整路径的选择顺序与融资优序理论相悖;行业的经营特点和行业中龙头企业的所有制性质影响各路径调整速度的分布,各行业路径调整速度的分布存在明显差异;现金充裕的企业主要依靠调整股票路径,而现金短缺的企业则主要依靠债务调整路径。

Based on partial adjustment model,this paper identifies the method of calculating capital structure adjustment speeds of different adjustment approaches,and compares the speeds of different adjustment approaches of Chinese listed companies,including commercial credit,short-term debt,long-term debt,stock and internal retain.The main findings are as follows.External fund is the main supply for Chinese listed companies,which seems to be the reverse of Pecking Order Theory.The most effective approach is stock and the least effective one is long-term debt.The distribution of the five adjustment speeds in different industries is different due to the different operation and ownership characteristics of the leading enterprises in different industries.The companies with financial surplus mainly depend on the stock adjustment approach while the ones with financial deficit prefer debt adjustment approach.