摘要
不同类型的制度导向和不同时期的宏观经济环境使得企业的资本结构选择及其调整速度呈现时空性差异。以我国1997～2006年非金融上市公司的非平衡面板数据为样本的实证结果表明:我国的破产法适用范围、各地区的法制建设、股市发展程度等制度层面的因素显著影响着企业的资本结构;企业资本结构在较好的宏观经济环境下有着较快的调整速度,相对负债不足的企业也比负债过度的企业进行着较快的资本结构调整,企业在调整其资本结构时存在一定的市场时机行为;宏观经济环境不仅直接影响资本结构选择,还使得企业特征因素对资本结构的原本影响发生扭曲。
It is known to us that institution characteristic and macroeconomic conditions can influence the choice and adjustment of capital structure. Based on the panel data of non-financial listed companies in China from 1997 to 2006, we find that the object type of bankruptcy, the legal safeguard for investor and the maturity of equity market have significant effect on capital structure choice, and change the original influence of firm characteristic to capital structure. We also find evidence that companies adjust to target leverage faster in good times than in bad times. Our results also support both the pecking order theory in that under-levered companies adjust faster than over-levered companies and the timing choice methanism in that overvalued companies adjust their capital structure by equity financing.
出处
《管理评论》
CSSCI
北大核心
2009年第3期10-18,9,共10页
Management Review
基金
重庆市教委人文社科项目(07SK072)
关键词
制度导向
宏观经济环境
动态资本结构
部分调整模型
institution characteristic
macro-economy
dynamic capital structure
partial adjustment model
