资本结构动态调整研究综述

The Dynamic Adjustment of Capital Structure:A Review

公司存在目标资本结构吗?为回答这一问题,学者们往往基于动态权衡理论,通过构建局部调整模型与债务—股票选择模型,来考察公司资本结构的动态调整行为。资本结构动态调整的相关研究基本围绕目标资本结构和调整成本两个角度展开。本文从资本结构动态调整的理论、模型和经验证据三个方面系统梳理和述评了相关经验研究成果,并得出了研究结论与展望,以期探析该领域的研究脉络和发展趋势,从而为后续研究提供借鉴和启示。

Do firms have target capital structure? To answer this question, scholars often investigate the dynamic adjustment behavior of corporate capital structure by constructing partial adjustment model and debt-equity choice model based on dynamic trade-off theory. The research about the dynamic adjustment of capital structure revolves around two angles which are target capital structure and adjustment cost. This paper systematically combs and reviews the relevant empirical studies from theory, model and empirical evidence of capital structure dynamic adjustment, and explores the research direction in the future, to analyze the research context and development trends of this field, so as to provide reference and enlightenment for the follow-up study.