文章利用深沪两市893家上市企业1998—2009年的非平衡面板数据,基于资本结构静态模型,研究宏观经济对不同财务状况企业资本结构的影响。研究结果表明,财务状况不同的企业其资本结构对于宏观经济的反应完全不同,财务状况良好的企业其资本结构呈现逆周期效应,而宏观经济对受到财务约束企业的资本结构的影响不显著。 Based on the unbalanced panel data of 893 listed companies in Shenzhen and Shanghai from 1998 to 2009, this paper studies the impact of macroeconomy on the capital structure of enterprises with different financial conditions based on the static model of capital structure. The results show that the capital structure of enterprises with different financial status has completely different responses to the macroeconomy. The capital structure of the financially sound enterprises presents a countercyclical effect, while the macroeconomy has no significant effect on the capital structure of the financially constrained enterprises.