宏观经济环境影响资本结构调整速度吗?——来自中国上市公司的经验证据被引量：37

Do Macroeconomic Conditions Affect Capital Structure Adjustment Speed?——Evidence From Chinese Listed Companies

下载PDF

导出

摘要本文应用广义矩法估计(GMM),利用1998-2008年沪深两市378家上市公司相应指标组成的平衡面板数据为研究总样本,探究宏观经济环境对我国上市公司资本结构调整速度的影响效应。研究发现,宏观经济不仅影响公司的目标资本结构,还作为外生的冲击,作用于资本结构的动态调整。宏观经济繁荣时,公司资本结构的调整速度越快。当考虑融资约束时,这一结论仍然成立,但不受融资约束的公司比受到融资约束公司的资本结构调整速度更快。 This paper chooses 378 listed companies from Shanghai and Shenzhen stock exchanges and regards corresponding balanced panel datasets as sample.The article analyzes the impact of macroeconomic conditions on capital structure adjustment speed based on dynamic panel data with first-differenced GMM estimation.Two main conclusions are ultimately obtained：Firstly,firms adjust their capital structure toward target faster in good macroeconomic states relative to bad states.Secondly,The evidence holds whether or not firms are subject to financial constraints.

作者何靖

机构地区浙江工商大学金融学院

出处《南方经济》 CSSCI 北大核心 2010年第12期3-16,共14页 South China Journal of Economics

基金浙江省哲学社会科学规划项目(项目编号:10CGJJ03YBQ) 浙江省教育厅人文社科项目(项目编号:Y200907236) 浙江省高校人文社会科学浙江工商大学金融学重点研究基地资助

关键词动态资本结构调整速度宏观经济环境 Dynamic Capital Structure Speed of Adjustment Macroeconomic Conditions

分类号 F276.6 [经济管理—企业管理]

引文网络
相关文献

参考文献34

1Arellano,M.and S.Bond,1991,Some tests of specification for panel data:Monte Carlo evidence and an application to employment equations,The Review of Economic Studies,58(2),277-297.
2Banjeree,S.,A.Heshmati and C.Wihlborg,2004,The dynamics of capital structure,Research in Banking and Finance,4,275-297.
3Booth,L.,V.Aivazian,A.Demirguc-Kunt and V.Maksimovic,2001,Capital structures in developing countries,The Journal of Finance,56(1),87-130.
4Cook,D.O.and T.Tang,2010,Macroeconomic conditions and capital structure adjustment speed,Journal of Corporate Finance,16 (1),73-87.
5Drobetz,W.and G.Wanzenried,2006,What determines the speed of adjustment to the target capital structure?,Applied Financial Economics,16(13),941-958.
6Fama,E.and K.French,2002,Testing tradeoff and pecking order predictions about dividends and debt,The Review of Financial Studies,15,1-33.
7Faulkender,M.,M.Flannery,K.Hankins and J.Smith,2008,Do adjustment costs impede the realization of target capital structure?,Working Paper.
8Flannery,M.and K.Rangan,2006,Partial Adjustment Toward Capital Market Structures,Journal of Financial Economics,79,419-460.
9Gertler,M.and S.Gilchrist,1993,The role of credit market imperfections in the monetary transmission mechanism:arguments and evidence,Scandinavian Journal of Economics,95,43-63.
10Graham,J.R.,1996,Proxies for the corporate marginal tax rate,Journal of Financial Economics,42(2),187-221.