论文部分内容阅读
公司的资本结构选择不仅受到资金需求面的影响,而且受到资本市场资金供应面的约束。从资金供应面的角度出发,探究在时变融资约束条件下公司资本结构的动态调整。选用了347家1998年之前上市的公司1998至2013年的数据为样本,发现公司资本结构的调整以及调整速度均呈现顺周期调整现象。还关注到相对于非融资约束公司,融资约束公司资本结构是顺周期调整的,并且在经济繁荣时,融资约束公司融资时更关注融资成本因素,而在经济衰退时,则只关注融资规模的影响。另外,还发现融资约束将减慢公司资本结构调整的速度。
The choice of company’s capital structure is not only affected by the demand side of capital, but also constrained by the capital supply side of the capital market. From the perspective of capital supply, the dynamic adjustment of the company’s capital structure under time-varying financing constraints is explored. A sample of 347 companies that were listed before 1998 was selected as a sample from 1998 to 2013 and found that the adjustment of the capital structure of the company and the adjustment rate all showed a pro-cyclical adjustment. Also concerned about the relative non-financial constraints of the company, the financial constraints of the capital structure of the company is pro-cyclical adjustment, and in the economic boom, financing constraints corporate finance more concerned about the financing cost factor, while in the economic downturn, only the financing scale influences. In addition, we also find that financing constraints will slow down the company’s capital structure adjustment.