基于多重门限模型的我国上市公司资本结构动态调整研究
财经研究 2012 年 第 38 卷第 11 期, 页码:82 - 92
摘要
参考文献
摘要
文章以动态权衡理论为视角,采用多重门限面板模型,研究了2000-2009年我国沪深A股上市公司资本结构的动态调整路径。研究结果表明,我国上市公司资本结构的调整存在非对称现象,即随着负债率的提高,经营绩效对调整速度的影响逐步减弱。国有控股公司的调整速度较慢,表明国有企业的预算软约束和监管缺失等是国有企业亟须解决的问题;由于制度调整成本的影响,审计师信号传递效应未能在公司资本结构调整中发挥明显作用。
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[19]Shyam-Sunder L,Myers S C.Testing static trade-off against pecking order models of capital structure[J].Journal of Financial Economics,1999,51(2):219-244.
[20]Loughran T L,Ritter J R.The new issues puzzle[J].The Journal of Finance,1995,(1):23-51.
[2]姜付秀,黄继承.市场化进程与资本结构动态调整[J].管理世界,2011,(3):124-134.
[3]连玉君,钟经樊.中国上市公司资本结构动态调整机制研究[J].南方经济,2007,(1):23-38.
[4]麦勇,胡文博,于东升.上市公司资本结构调整速度的区域差异及其影响因素分析——基于2000-2009年沪深A股上市公司样本的研究[J].金融研究,2011,(7):196-206.
[5]王正位,赵冬青,朱武祥.资本市场磨擦与资本结构调整——来自中国上市公司的证据[J].金融研究,2007,(6):109-119.
[6]肖作平.资本结构影响因素和双向效应动态模型——来自中国上市公司面板数据的新证据[J].经济评论,2004,(2):98-103.
[7]张娟,李虎,王兵.审计师选择、信号传递和资本结构优化调整——基于中国上市公司的实证分析[J].审计与经济研究,2010,(5):33-39.
[8]Bradley M,Jarrell G A,Kim E.On the existence of an optimal capital structure:Theory and evidence[J].Journal of Finance,1984,39(3):857-878.
[9]Fama E F,French K R.Testing trade-off and pecking order predictions about dividends and debt[J].Review of Financial Studies,2002,15(1):1-33.
[10]Flannery M J,Rangan K P.Partial adjustment toward target capital structures[J].Journal of Financial Economics,2006,79(3):469-506.
[11]Graham J R,Harvey C R.The theory and practice of corporate finance:Evidence from the field[J].Journal of Financial Economics,2001,60(2-3):187-243.
[12]Huang R,Ritter J R.Testing the market timing theory of capital structure[J].Journal of Financial and Quantitative Analysis,2005,(1):221-246.
[13]Huang R,Ritter J R.Testing theories of capital structure and estimating the speed of adjustment[J].Journal of Financial and Quantitative Analysis,2009,(2):237-271.
[14]Ikenberry D,Lakonishok J,Vermaelen T.Market underreaction to open market share repurchases[J].Journal of Financial Economics,1995,39:181-208.
[15]Lemmon M L,Roberts M R,Zender J F.Back to the beginning:Persistence and the cross-section of corporate capital structure[J].Journal of Finance,2008,63(4):1575-1608.
[16]Long M S,Malitz I B.Investment patterns and financial leverage[M].Chicago:Uni-versity of Chicago Press,1985.
[17]Loughran T,Vijh A M.Do long-term shareholders benefit from corporate acquisi-tions?[J].The Journal of Finance,1997,52(5):1765-1790.
[18]Rajan R G,Zingales L.What do we know about capital structure?Some evidence from international data[J].Journal of Finance,1995,50(5):1421-1460.
[19]Shyam-Sunder L,Myers S C.Testing static trade-off against pecking order models of capital structure[J].Journal of Financial Economics,1999,51(2):219-244.
[20]Loughran T L,Ritter J R.The new issues puzzle[J].The Journal of Finance,1995,(1):23-51.
引用本文
段军山, 宋贺. 基于多重门限模型的我国上市公司资本结构动态调整研究[J]. 财经研究, 2012, 38(11): 82–92.
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