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调整成本是影响资本结构调整速度的重要因素,而良好的公司治理能够缓解管理者与股东之间的代理问题,提高信息透明度,降低调整成本,进而提高资本结构调整速度。利用我国深沪两市A股2007—2013年期间的公司财务数据和公司治理数据,本文考察了公司治理质量与资本结构动态调整之间的关系。实证研究发现,公司治理质量越高,实际资本结构向目标资本结构调整的速度越快。因此,良好的公司治理质量有助于降低资本结构调整成本,提高资本结构的调整速度,进而增强公司价值。
Adjusting costs is an important factor that affects the speed of capital structure adjustment. Good corporate governance can alleviate the agency problem between managers and shareholders, improve information transparency, reduce adjustment costs, and then speed up capital structure adjustment. This paper examines the relationship between the quality of corporate governance and the dynamic adjustment of capital structure by using the financial data and corporate governance data of A shares in Shenzhen and Shanghai Stock Markets during 2007-2013. The empirical research shows that the higher the quality of corporate governance, the faster the actual capital structure will be adjusted to the target capital structure. Therefore, a good quality of corporate governance helps to lower the cost of capital structure adjustment, speed up the adjustment of capital structure, and further enhance the value of the company.