摘要
利用2002-2012年981家中国上市公司为研究样本,应用长期差分法对动态权衡理论进行有效性研究。研究结果表明,以"带息债务与投入资本比"作为动态资本结构的研究基准较为科学,"公司总股本"的变化的确会影响中国上市公司的资本结构;进一步研究发现,在股权融资偏好的制度背景下,中国上市公司的税收效应没有成为理论模型的主要影响因素,资本结构无法进行所谓的"权衡",即动态权衡理论在中国失效了,动态权衡理论还有待于进一步发展。
This paper applies the long-term difference method to test the validity of dynamic trade-off theory in China by using 981 listed companies from 2002 to 2012. The results show that the research in dynamic capital structure should be conducted based on the ratio of debt with interest to investment capital,and the total capitals do influence the capital structure of Chinese listed companies. Based on the equity financing preference in China,Non Debt Shields( NDTS) is not a positively significant factor in the model,which means that the dynamic trade-off theory cannot explain the capital structure of listed companies in China,and that the dynamic trade-off theory should be improved.
出处
《会计与经济研究》
北大核心
2015年第2期96-108,共13页
Accounting and Economics Research
关键词
资本结构
动态权衡
有效性
股权融资偏好
capital structure
dynamic trade-off
validity
equity financing preference
