公司治理质量与资本结构动态调整

Corporate Governance Quality and Dynamic Adjustment of Capital Structure

调整成本是影响资本结构调整速度的重要因素，而良好的公司治理能够缓解管理者与股东之间的代理问题，提高信息透明度，降低调整成本，进而提高资本结构调整速度。利用我国深沪两市A股2007-2013年期间的公司财务数据和公司治理数据，本文考察了公司治理质量与资本结构动态调整之间的关系。实证研究发现，公司治理质量越高，实际资本结构向目标资本结构调整的速度越快。因此，良好的公司治理质量有助于降低资本结构调整成本，提高资本结构的调整速度，进而增强公司价值。

Dynamic trade-off theory argues that adjustment cost is one of the most important factors that affect the adjustment speed of leverage. Good corporate governance can mitigate the agency problems between management and shareholders and improve the information transparency, and reduce the adjustment cost, and then increase the adjustment speed of leverage. This paper investigates the relationship between the quality of corporate governance and dynamic adjustment of capital structure. The empirical results show that the high quality of corporate governance is positively correlated to the adjustment speed of leverage and negatively correlated to the deviation between the observed leverage and targeted leverage. In summary, good corporate governance play a positive role in reducing adjustment cost and increasing the adjustment speed of leverage, and therefore enhances the firm＇s value.