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文章通过设定主动负债筛选标准,研究2006—2008年主动负债上市公司在主动负债年度后三年内的资本结构动态调整情况。结果表明:我国上市公司存在主动负债现象,约占5%,且涉及各个行业;行业平均杠杆、资产有形性和公司规模与资本结构正相关,市账率和盈利能力与资本结构负相关,但市账率影响较小,主动负债公司存在朝着目标杠杆调整的行为,且调整速度高达61%。政策启示:发达国家主动负债主要是由企业的投资机会决定的,解决我国上市公司“去杠杆”政策问题的一个核心要点,是要让更多有能力的公司通过创新获得“加杠杆”的投资机会。
By setting active screening criteria, this paper studies the dynamic adjustment of the capital structure of active listed companies in the three years after the active debt year from 2006 to 2008. The results show that: the listed companies in our country have active liabilities, accounting for about 5%, and involve various industries; the industry average leverage, the tangible assets and company size are positively correlated with the capital structure; the PBR and profitability are negatively correlated with the capital structure; P / B has a smaller impact. Active debt companies have a tendency to adjust toward the target and adjust at a rate of 61%. Policy Implications: The active liabilities of developed countries are mainly determined by the investment opportunities of enterprises. A key point to solve the policy of “deleveraging” of Chinese listed companies is to enable more capable companies to obtain leverage through innovation "Investment opportunities.