摘要
本文以2000—2009年的中国沪深A股上市公司为样本,基于市场化程度差异视角,探讨债务资本成本对资本结构动态调整速度的影响,以及在地区市场化程度差异下,资本结构调整速度对债务资本成本反应敏感度的影响。研究结果表明,债务资本成本对公司资本结构的调整速度有显著的正向影响,市场化程度越高,债务资本成本对资本结构调整速度的影响越大。资本结构调整速度对债务资本成本的反应在市场化程度低的地区更为敏感,而在市场化程度高的地区这一影响并不是很明显。
Based on the balanced panel data of Chinese listed firms from 2000 to 2009,the paper studies the relationship between cost of debt and dynamic capital structure adjustment,as well as the recapitalization speed reaction sensitivity of the cost of debt from the perspective of market development differences. The results show that there is a significant positive impact on the cost of debt to adjust the speed of the company's capital structure,the higher degree of market development,the greater the cost of debt for capital structure adjustment speed. Capital structure adjustment speed is less sensitive to reaction on the cost of debt in areas with a higher degree of market development,but in lower degree of market development areas,the impact is not obvious.
出处
《审计与经济研究》
CSSCI
北大核心
2013年第6期44-53,共10页
Journal of Audit & Economics
基金
教育部人文社会科学重点研究基地重大项目(11JJD790006)
关键词
市场化程度
债务成本
资本结构
动态调整
企业价值
债务融资
经营战略
市场环境
marketization degree
cost of debt
capital structure
dynamic adjustment
enterprise value
debt financing
operation strategy
market environment
