政府干预与资本结构动态调整——基于民营上市公司的证据

Government Intervention and Capital Structure Adjustments——Evidence from Private Listed Companies

对政府干预与民营上市公司资本结构动态调整的关系进行实证研究,选取2005—2012年相关数据,通过构建政府干预与偏离程度模型、政府干预与调整速度模型来检验政府干预对民营上市公司资本结构偏离程度与调整速度的影响。研究结果表明:政府干预对民营上市公司资本结构的动态调整存在促进作用,政府干预程度越强,民营上市公司的资本结构偏离程度越小,调整速度越快。

The paper mainly discusses the relationship between government intervention and the dynamic adjustment of capital structure of private listed companies. The paper selects the data from 2005 to 2012. The study explores the relationship between government intervention and capital structure deviation degree, adjustment speed by building government intervention and capital structure deviation model, government intervention and capital structure adjustment speed model. The result shows that： The stronger the government intervenes, the smaller the deviation degree of the capital structure is. The stronger the government intervenes, the faster the adiustment is.