经济周期、融资约束与动态资本结构

Business Cycle,Financing Constraints and Dynamic Capital Structure

基于发行人驱动、资本市场驱动、市场时机驱动三大理论,选取270家上市公司1998-2015年的面板数据实证研究动态资本结构的周期性以及融资约束因素对其的影响。研究发现:公司账面资本结构逆周期而市场资本结构顺周期,账面和市场净资本结构均具顺周期性;融资约束与非融资约束公司的动态资本结构显著不同:前者的市场资本结构比后者更具顺周期性,后者的净资本结构均具顺周期性而前者没有显著的周期性;实际资本结构向目标水平调整的速度在衰退期比繁荣期更慢。

Based on the dynamic capital structure theory driven by issuer,capital market and market timing,this paper chooses the panel data of 270 listed companies from 1998 to 2015 to study the periodic characteristics of dynamic capital structure and the factors of financing constraints Impact. The results show that the changes of the book capital structure are cyclical and the market capital structure changes cyclically,and the net capital structure of the book and the market shows the cyclical changes. It is also found that the financial capital structure is significantly different from the non-financing constraint firm's dynamic capital structure. The former is more cyclical than the latter. The net capital structure of the latter is expressed as procyclical and the former is not found significant Periodic characteristics. And finally found that the capital structure to the optimal level of the target to adjust the rate of decline in the recession period slower than the boom.