摘要
以2006—2015年沪深两市上市公司为研究样本,运用广义GMM估计,研究融资约束对资本结构动态调整的影响和产权性质对融资约束与资本结构调整的调节作用。为此,以SA指数衡量融资约束,同时构建融资约束与资本结构动态调整模型。研究表明,融资约束与资本结构动态调整速度负相关;国有产权性质的企业资本结构调整速度低于非国有企业,且产权性质对融资约束与资本结构动态调整的调节效应在高融资约束时的作用更显著。
This paper takes Chinas Shanghai and Shenzhen A shares of listing Corporation 2006 - 2015 years as research ob-jects, using GMM to estimate the influence of financing constraints on dynamic adjustment of the capital structure and the regula-tion impact of the nature of property right. Therefore, based on the SA index measure of financial constraints, this paper builds a dynamic adjustment model of capital structure and financing constraints. Research indicates that financial constraints and the dy-namic adjustment of the capital structure are negatively correlated. Secondly, the adjustment speed of capital structure in state - owned enterprises is lower than that of non - state - owned enterprises. The role of property right on the moderating effect of fi-nancial constraints and the dynamic adjustment of the capital structure is more obvious in high financing constraints group.
出处
《武汉理工大学学报（信息与管理工程版）》
CAS
2017年第2期227-231,共5页
Journal of Wuhan University of Technology：Information & Management Engineering
关键词
融资约束
产权性质
资本结构
动态调整
financing constraints
nature of property right
capital structure
dynamic adjustment
