国外资本结构调整研究述评及展望
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外国经济与管理 2014 年 第 36 卷第 08 期, 页码：62 - 72
摘要
参考文献
摘要
资本结构调整是公司资本结构决策的基本内容之一。随着经济环境不确定性的日益增大,资本结构调整的重要性逐渐凸显。本文从资本结构调整的理论基础、资本结构调整的必要性和资本结构调整决策三个方面对国外资本结构调整问题的前沿研究进行了系统梳理和总结,在此基础上分析了现有研究的不足,同时指出了未来的研究方向。
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[18]Ghosh C,et al.Determinants of capital structure:A long term perspective[J/OL].http://www.lehigh.edu/~jms408/Milena_2012.pdf.Diakses pada tanggal 10December 2012.
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[23]Jensen M C and Meckling W H.Theory of the firm:Managerial behavior,agency costs and ownership structure[J].Journal of Financial Economics,1976,3(4):305-360.
[24]Kayhan A and Titman S.Firms’histories and their capital structures[J].Journal of Financial Economics,2007,83(1):1-32.
[25]Lemmon M L and Zender J F.Debt capacity and tests of capital structure theories[J].Journal of Financial and Quantitative Analysis,2010,45(5):1161.
[26]Lockhart G B.Adjusting to target capital structure:The effect of credit lines[R].University of Nebraska-Lincoln working paper,2010.
[27]Lf H.Dynamic optimal capital structure and technical change[J].Structural Change and Economic Dynamics,2004,15(4):449-468.
[28]Miglo A.Trade-off,pecking order,signaling,and market timing models[J].Capital Structure and Corporate Financing Decisions:Theory,Evidence,and Practice,2011,15:171-189.
[29]Minton B A and Wruck K H.Financial conservatism:Evidence on capital structure from low leverage firms[M].Max M.Fisher College of Business,Ohio State University,2001.
[30]Myers S C.Determinants of corporate borrowing[J].Journal of Financial Economics,1977,5(2):147-175.
[31]Myers S C.The capital structure puzzle[J].Journal of Finance,1984,39(3):574-592.
[32]Ozkan A.Determinants of capital structure and adjustment to long run target:Evidence from UK company panel data[J].Journal of Business Finance&Accounting,2001,28(1-2):175-198.
[33]?ztekin ? and Flannery M J.Institutional determinants of capital structure adjustment speeds[J].Journal of Financial Economics,2012,103(1):88-112.
[34]Rocca M L.Capital structure and corporate strategy[J].Capital Structure and Corporate Financing Decisions:Theory,Evidence,and Practice,2011,15:41-58.
[35]Titman S.The effect of capital structure on a firm’s liquidation decision[J].Journal of Financial Economics,1984,13(1):137-151.
[36]Warr R S,et al.Equity mispricing and leverage adjustment costs[J].Journal of Financial and Quantitative Analysis,2012,47(3):589-616.
[37]Williamson O E.Corporate finance and corporate governance[J].Journal of Finance,1988,43(3):567-591.
1“最优资本结构”使人觉得资本结构“固定且唯一”,而“目标资本结构”是一系列变量的函数,随着这些变量的变化而变化。故本文采用“目标资本结构”的说法。
[2]Baker H K and Martin G S.Capital structure:An overview[J].Capital Structure and Corporate Financing Decisions:Theory,Evidence,and Practice,2011,15:1-14.
[3]Baker M and Wurgler J.Market timing and capital structure[J].Journal of Finance,2002,57(1):1-32.
[4]Banerjee H,et al.The dynamics of capital structure[R].Working Paper,Koc University,2000.
[5]Bessler W,et al.Factors affecting capital structure decisions[J].Capital Structure and Corporate Financing Decisions:Theory,Evidence,and Practice,2011,15:17-41.
[6]Byoun S.How and when do firms adjust their capital structures toward targets?[J].Journal of Finance,2008,63(6):3069-3096.
[7]Cook D O and Tang T.Macroeconomic conditions and capital structure adjustment speed[J].Journal of Corporate Finance,2010,16(1):73-87.
[8]Denis D J.Financial flexibility and corporate liquidity[J].Journal of Corporate Finance,2011,17(3):667-674.
[9]Denis D J and McKeon S B.Debt financing and financial flexibility evidence from proactive leverage increases[J].Review of Financial Studies,2012,25(6):1897-1929.
[10]Fama E F and French K R.Capital structure choices[R].SSRN:1120848,2011.
[11]Faulkender M,et al.Do adjustment costs impede the realization of target capital structure[C].AFA 2008New Orleans Meetings Paper,2008.
[12]Faulkender M,et al.Cash flows and leverage adjustments[J].Journal of Financial Economics,2012,103(3):632-646.
[13]Flannery M J and Rangan K P.Partial adjustment toward target capital structures[J].Journal of Financial Economics,2006,79(3):469-506.
[14]Frank M Z and Goyal V K.Trade-off and pecking order theories of debt[A].Eckbo E.Handbook of Corporate Finance:Empirical Corporate Finance[C].North-Holland:Elsevier Science,2008,2:135-202.
[15]Frank M Z and Goyal V K.Capital structure decisions:Which factors are reliably important?[J].Financial Management,2009,38(1):1-37.
[16]Frydenberg S.Capital structure theories and empirical tests:An overview[J].Capital Structure and Corporate Financing Decisions:Theory,Evidence,and Practice,2011,15:129-150.
[17]Gamba A and Triantis A.The value of financial flexibility[J].Journal of Finance,2008,63(5):2263-2296.
[18]Ghosh C,et al.Determinants of capital structure:A long term perspective[J/OL].http://www.lehigh.edu/~jms408/Milena_2012.pdf.Diakses pada tanggal 10December 2012.
[19]Goldstein R,et al.An EBIT-based model of dynamic capital structure[J].Journal of Business,2001,74(4):483-512.
[20]Heshmati A.The dynamics of capital structure:Evidence from Swedish micro and small firms[J].Research in Banking and Finance,2001,2(1):199-241.
[21]Hovakimian A,et al.The debt-equity choice[J].Journal of Financial and Quantitative Analysis,2001,36(1):1-24.
[22]Jensen M C.Agency costs of free cash flow,corporate finance,and takeovers[J].American Economic Review,1986,76(2):323-329.
[23]Jensen M C and Meckling W H.Theory of the firm:Managerial behavior,agency costs and ownership structure[J].Journal of Financial Economics,1976,3(4):305-360.
[24]Kayhan A and Titman S.Firms’histories and their capital structures[J].Journal of Financial Economics,2007,83(1):1-32.
[25]Lemmon M L and Zender J F.Debt capacity and tests of capital structure theories[J].Journal of Financial and Quantitative Analysis,2010,45(5):1161.
[26]Lockhart G B.Adjusting to target capital structure:The effect of credit lines[R].University of Nebraska-Lincoln working paper,2010.
[27]Lf H.Dynamic optimal capital structure and technical change[J].Structural Change and Economic Dynamics,2004,15(4):449-468.
[28]Miglo A.Trade-off,pecking order,signaling,and market timing models[J].Capital Structure and Corporate Financing Decisions:Theory,Evidence,and Practice,2011,15:171-189.
[29]Minton B A and Wruck K H.Financial conservatism:Evidence on capital structure from low leverage firms[M].Max M.Fisher College of Business,Ohio State University,2001.
[30]Myers S C.Determinants of corporate borrowing[J].Journal of Financial Economics,1977,5(2):147-175.
[31]Myers S C.The capital structure puzzle[J].Journal of Finance,1984,39(3):574-592.
[32]Ozkan A.Determinants of capital structure and adjustment to long run target:Evidence from UK company panel data[J].Journal of Business Finance&Accounting,2001,28(1-2):175-198.
[33]?ztekin ? and Flannery M J.Institutional determinants of capital structure adjustment speeds[J].Journal of Financial Economics,2012,103(1):88-112.
[34]Rocca M L.Capital structure and corporate strategy[J].Capital Structure and Corporate Financing Decisions:Theory,Evidence,and Practice,2011,15:41-58.
[35]Titman S.The effect of capital structure on a firm’s liquidation decision[J].Journal of Financial Economics,1984,13(1):137-151.
[36]Warr R S,et al.Equity mispricing and leverage adjustment costs[J].Journal of Financial and Quantitative Analysis,2012,47(3):589-616.
[37]Williamson O E.Corporate finance and corporate governance[J].Journal of Finance,1988,43(3):567-591.
1“最优资本结构”使人觉得资本结构“固定且唯一”,而“目标资本结构”是一系列变量的函数,随着这些变量的变化而变化。故本文采用“目标资本结构”的说法。
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胡建雄, 茅宁. 国外资本结构调整研究述评及展望[J]. 外国经济与管理, 2014, 36(8): 62–72.
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