公司存在目标资本结构吗?——来自并购的经验证据

Do Firm have Target Capital Structure?——Evidence from Mergers & Acquisions

本文通过构建修正的局部调整模型与"负债-权益选择模型",将资本结构的动态权衡理论、优序融资理论与市场择时理论纳入统一的模型中同时进行检验,研究发现,相对于优序融资理论与市场择时理论,动态权衡理论对于公司资本结构的变化具有较强的解释力,从而间接验证了公司存在目标资本结构。具体而言:首先,资本结构均值回归模型检验结果支持并购公司可能存在目标资本结构;其次,为控制资本结构机械回归,局部调整模型所估计的并购公司目标资本结构调整速度,从理论上证实了公司存在目标资本结构;最后,所构建的"负债-权益选择模型"检验结果从并购融资政策上验证了并购公司存在资本结构的目标调整行为。

This paper test the dynamic trade-off, pecking order and market timing theory of capital structure at the same time by building the modified partial adjustment model and the debt-equity choice model.The finding is that relative to the pecking order and market timing theory, the dynamic trade-off theory is the major reason for the change of the capital structure,that is the corporates have target capital structure.To be specific：Firstly, the test results of mean regression model of capital structure support that the acquires possible have target capital structure; Secondly, to control the mechanical regression of capital structure, the estimated adjust speed of target capital structure by the partial-adjustment model proves the existence of target capital structure in theory; Lastly, the test results of the debt-equity choice model, prove the existence of target adjust behavior of capital structure in the M＆A financial policy.