宏观冲击下的资本结构动态调整——基于融资约束的差异性分析被引量：61

Dynamics Adjustment of Capital Structure under Macroeconomic Impact——A Differential Analysis Based on Financial Constraints

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摘要本文以中国1998—2009年制造业上市公司为样本,旨在探索宏观冲击对于融资约束程度不同的上市公司的资本结构动态调整方向及速度的影响。实证结果表明:上市公司资本结构的动态调整受宏观冲击和自身财务特性的联合影响。当融资约束型企业受到宏观冲击时,通常表现出较为明显的脆弱性:在经济衰退期更多地依赖自身留存资金,无法获得外源融资,资本结构调整顺周期;由于对外源融资的过于依赖导致其无法关注资金成本,因此,当面临宏观冲击时,向目标资本结构移动的速度会迅速放缓。 With a sample of manufacturing listed companies from 1998 to 2009, the paper researches the impacts of macroeconomic shocks on the direction and speed of capital structure dynamics adjustment of the companies at different financial constraints level. The results show that both macroeconomic shocks and financial characteristics influence the dynamics adjustment of capital structure. Financial constrained companies are more frangible in the macroeconomic shocks, they can＇t obtain the external financing in the recession and their leverage is counter-cyclical, they fail to concern the cost of capital as a result of the over-dependent on the external finance, so their speed of capital structure dynamics adjustment will be slow in the shocks of macroeconomic condition.

作者闵亮沈悦

机构地区西安交通大学经济与金融学院浙江财经学院会计学院

出处《中国工业经济》 CSSCI 北大核心 2011年第5期109-118,共10页 China Industrial Economics

基金国家社会科学基金项目"基于金融危机传染效应的中国金融风险预警研究"(批准号09XJL013)

关键词宏观冲击融资约束资本结构动态调整 macroeconomic shocks financial constraints capital structure dynamics adjustment

分类号 F276.6 [经济管理—企业管理]

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