摘要
从国际数据来看,不仅各国间的公司负债水平存在差异,而且一国内的公司资本结构也存在行业差异与时间差异。这说明资本结构选择的确存在动态调整现象。本文根据资本结构局部调整模型,运用GMM方法估算出我国A股市场上市公司的资本结构调整速度,并考察公司高管背景特征对调整速度的影响。研究发现,与其他国家相比,我国上市公司资本结构的调整速度相对较慢;高管性别、年龄、任期、教育程度、政治身份、两职兼任情况会对公司资本结构调整产生显著影响。
According to the international data, the company leverage varied between countries. At the same time, domestic company capital structure also had industry diHerences and time difference, which was the capital structure dynamic choice. In this study, this paper empirically analyzed the relationship be- tween background characteristics of senior managers and the capital structure adjustment by estimating a dynamic partial adjustment model and using the GMM method. Empirical results showed that the speed of adjustment in China was lower than other countries. Furthermore, background characteristics of senior managers, such as gender, age, tenure, education, political identity, and concurrent post, had an ef{ect on the speed of adjustment.
出处
《经济理论与经济管理》
CSSCI
北大核心
2012年第11期11-22,共12页
Economic Theory and Business Management
基金
北京地区普通高等学校学科群项目
关键词
高管背景特征
资本结构
动态调整
background characteristics
capital structure
dynamic adjustment
