行业目标资本结构差异性与收敛性研究——基于2007～2017年沪深上市公司数据

A Study on the Differences and Convergence of Industry Target Capital Structures: Based on the Data from 2007 to 2017 of Companies Listed in Shanghai and Shenzhen

本文利用2007~2017年沪深上市公司数据,实证研究了我国上市公司资本结构的行业调整特征,并重点探讨了以往的研究忽略的行业目标资本结构,旨在揭示不同行业目标资本结构之间的显著差异性和内部收敛趋势。通过对局部动态调整模型得到的行业目标资本结构数据的检验发现,行业目标资本结构差异性显著且稳定。在全部样本、离群组和非离群组中均显示,行业内部个体公司的资本结构水平倾向于向行业目标资本结构收敛;行业门类、行业大类目标资本结构调整半周期约为6.19年、6.24年。

Based on the data from 2007 to 2017 of companies listed in Shanghai and Shenzhen, this paper empirically studies the industry adjustment characteristics of the capital structure of listed companies in China.The paper focuses on the industry target capital structure, which has been neglected in previous studies, to reveal the significant differences and internal convergence trends among target capital structures in different industries.According to the partial dynamic adjustment model, the paper obtains the industry target capital structure.The data test of the structure shows that the industry target capital structure differences are significant and stable.In the whole sample, concentration group and discrete group, the capital structure levels of individual companies in an industry tend to converge to the (mean value of) industry target capital structure, and the convergence half-cycles in industrial categories and industrial divisions last for 6.19 years and 6.24 years respectively.