生命周期视角下资本结构的动态调整研究——以制造业上市公司为例

The Research of Dynamic Capital Structure Adjustment from the Perspective of Firm Life-cycles——Take the Listed Manufacturing Companies as Examples

以2009 2012年制造业上市公司的数据为样本,采用探索性因子分析的方法将样本界定为处于成长期、成熟期、衰退期三个阶段,通过建立资本结构动态调整模型,考察了处于生命周期不同阶段的资本结构及其动态调整速度的差异。研究发现,随着生命周期演进,企业呈现出不断向目标资本结构动态调整的趋势,同时由于生命周期不同阶段的需求及特征差异,处于成熟期资本结构调整速度最快,成长期其次,衰退期最慢;并有证据表明国有上市公司的调整速度较慢。

Based on the data of the manufacturing listed companies from 2009 to 2012, we defined the sample for three stages as the growth period, the maturity period, and the decline period by factor analysis method. The difference between capital structure and its dynamic adjustment speed is investigated, which is in different life cycle stage, through making the dynamic adjustment of capital structure model. The study found that, along with the evolution of life cycle, the enterprise presents the dynamic adjustment trend to target capital structure at the same time because of the different characteristics. The adjust speed is the fastest in maturity period, and then is the growth period, and then the decline period. There is also evidence that the adjust speed of the state-owned listed companies is more slowly.