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本文考察了主并公司的杠杆率在并购之后长期内的变化情况,并通过并购这一事件来验证权衡理论及其他替代性资本结构理论。首先,本文通过标准部分调整模型来检验并购之后主并公司的实际杠杆率向最优值回复的速度,发现调整速度低但相对稳定,因而初步支持权衡理论。然而,这种低调整速度可能是由高调整成本引起,也可能是由权衡理论的替代理论的效应引起。为进一步区分原因,本文通过在部分调整模型中加入额外的变量来检验权衡理论的替代理论的效应。进一步的检验结果再次支持了权衡理论,从而间接表明低调整速度是由高的调整成本引起的。
This paper examines the long-term changes in the leverage ratio of the main and the post-merger M & A firms and verifies the trade-off theory and other alternative capital structure theories through the acquisition of this event. First of all, this paper examines the rate at which the actual leverage ratio of the M & A firm returns to the optimal value through the standard partial adjustment model and finds that the adjustment rate is low but relatively stable, thus initially supporting the trade-off theory. However, this low rate of adjustment may be caused by a high cost of adjustment, but also by the effect of the alternative theory of trade-off theory. To further distinguish the reasons, this paper tests the effect of the alternative theory of trade-off theory by adding additional variables to the partial adjustment model. Further test results once again support the trade-off theory, which indirectly shows that the low adjustment speed is caused by the high adjustment costs.