摘要
中国宏观经济2006—2008年的波动为资本结构自然实验法研究提供了条件。选择该期间行业内资产规模最大和最小的中国A股上市公司作为研究样本,实证研究了宏观经济波动对不同规模上市公司资本结构选择的影响。研究发现:宏观经济波动对大规模上市公司和小规模上市公司的资本结构影响存在显著差异,不同规模的公司均显著改变了其融资行为;宏观经济状况和公司规模是上市公司资本结构选择的重要因素。
Chinese fluctuation from 2006 to 2008 is a good natural experiment for empirical capital structure research. Based on the size of asset we select the large and small listed firms in the industries of the Chinese stocks over the period as samples. The relation between the macreeconomic fluctuations vdth the capital structure choice of different sizes of firms is empirical researched. The evidences show that the macroeconomic fluctuation has significantly different impact on the capital structure of large firms and small firms. But the different sizes of finns all change the financing behavior. The researeh implies that the macreeconomic condition and size are important determinants of capital structure choice.
出处
《哈尔滨商业大学学报（社会科学版）》
2011年第3期68-74,共7页
Journal of Harbin University of Commerce:Social Science Edition
