摘要
在经济发展不平衡,区域间存在显著差异的大国经济中,公司资本结构调整是否存在区域差异?宏观经济环境的影响如何?本文选用2000～2009年中国沪深A股的783家上市公司为样本,通过分区域面板数据回归以及广义线性模型(GLM)的logit最大似然估计(logit QMLE)两种实证方法的估计结果均表明:中国各区域上市公司资本结构不仅受公司自身变量的影响,还受GDP实际增速的影响,资本结构的调整速度在地区之间存在显著差异,东部地区公司资本结构调整速度最快。
In a large economy with regional economic development imbalance and obvious regional disparity, whether there is regional disparity of capital structure adjustment of listed company or not. How does the macroeconomic environment affect the company＇s capital structure？ This paper examines the capital structure adjustment speed and the main factors through the qualitative and quantitative analysis of 783 listed companies during 2000 -2009. Through sub-regional panel data and Logit QMLE tow method estimated result reveal that： capital structure of listed companies is affected not only by their own variables, but also by the actual growth of GDP. There is significant regional disparity among capital structure adjustment, and the company in China＇s east areas has the fastest capital structure adjustment.
出处
《金融研究》
CSSCI
北大核心
2011年第7期196-206,共11页
Journal of Financial Research
基金
国家自然科学基金(70663008)的资助
关键词
资本结构
调整速度
区域差异
capital structure, dynamic adjustment, regional disparity
