资本结构动态偏离与调整对加权平均资本成本的影响——基于企业生命周期视角

The Impact of the Dynamic Deviation and Adjustment of Capital Structure on the Weighted Average Cost of Capital——based on the Company Life Cycle Perspective

在内外因素的作用下,企业资本结构通常围绕其目标资本结构进行上下波动而难以实现完全重合,两者之间上演着反复的动态偏离与调整。从企业生命周期视角,在现有文献中首次就资本结构偏离调整对加权平均资本成本的影响展开实证分析,并发现了一系列全新的结论。主要研究结论表明,资本结构偏离目标资本结构将直接导致加权平均资本成本上升,尤其当成熟企业的资本结构向下偏离时最为明显。

Under the influence of internal and external factors,the capital structure of company often fluctuates around its target capital structure and it is difficult to achieve complete overlap.There are significant deviations and adjustments between capital structure and target capital structure.From the perspective of enterprise life cycle,for the first time in the existing literature,an empirical analysis of the impact of capital structure deviation and adjustment on the weighted average cost of capital was carried out,and a series of brand new conclusions were discovered.The main research results indicate that the deviation of the capital structure from the target capital structure will directly lead to an increase in the weighted average cost of capital,especiallly when the capital structue of mature companies deviates downwardly.