国外资本结构动态性研究前沿探析
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外国经济与管理 2008 年 第 30 卷第 09 期, 页码：1 - 7
摘要
参考文献
摘要
资本结构研究已经由静态性转向动态性。本文综述了近年来国外动态权衡理论和基于错误定价的动态资本结构理论(融资优序理论和市场时机理论)在理论和实证研究方面的最新进展,重点剖析了不同的理论和实证研究成果之间的冲突与争议,内容涉及企业融资行为是符合融资优序理论还是动态权衡理论的预期、企业融资是否具有择时行为以及企业融资择时行为是符合市场时机理论还是动态权衡理论的预期等问题。
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[19]Alti,A.How persistent is the impact of market timing on capital structure[J].Journal of Finance,2006,61(4):1 681-1 710.
[20]Leary,M,and M R Roberts.Do firms rebalance their capital structures?[J].Journal of Finance,2005a,60(6):2 575-2 619.
[2]Fischer,E O,R Heinkel,and J Zechner.Dynamic capital structure choice:Theory and tests[J].Journal of Finance,1989,44(1):19-40.
[3]Goldstein,R,N Ju,and H Leland.A debt-based model of dynamic capital structure[J].Journal of Business,2001,74(4):483-512.
[4]Strebulaev,I A.Do tests of capital structure theory mean what they say?[J].Journal of Finance,2007,62(4):1 747-1 787.
[5]Hennessy,C,and T Whited.Debt dynamics[J].Journal of Finance,2005,60(3):1 129-1 165.
[6]Morellec,E.Can managerial discretion explain observed leverage ratios?[J].Review of Financial Studies,2004,17(1):257-294.
[7]Baker,M,and J Wurgler.Market timing and capital structure[J].Journal of Finance,2002,57(1):1-32.
[8]Welch,I.Capital structure and stock returns[J].Journal of Political Economy,2004,112(1):106-131.
[9]Chen,L,and X Zhao.Firm financing decisions[R].Michigan State University Working Paper,2006.
[10]Hovakimian,A,T Opler,and S Titman.The debt-equity choice[J].Journal of Financial and Quantitative Analysis,2001,36(1):1-24.
[11]Fama,E F,and K R French.Testing trade-off and pecking order predictions about dividends and debt[J].Review of Financial Stud- ies,2002,15(1):1-33.
[12]Kayhan,A,and S Titman.Firms' histories and their capital structures[J].Journal of Financial Economics,2007,83:1-32.
[13]Flannery,M J,and K P Rangan.Partial adjustment toward target capital structures[J].Journal of Financial Economics,2006,79:469-501.
[14]Shyam-Sunder,L,and S C Myers.Testing static trade-off against pecking order models of capital structure[J].Journal of Financial E- conomics,1999,51:219-244.
[15]Frank,M Z,and V K Goyal.Testing the pecking order theory of capital structure[J].Journal of Financial Economics,2003,67:217-248.
[16]Lemmon,M I,and J F Zender.Debt capacity and tests of capital structure theories[R].University of Utah Working Paper,2005.
[17]Graham,J,and C Harvey.The theory and practice of corporate finance:Evidence from the field[J].Journal of Financial Economics, 2001,60:187-243.
[18]Fama,E F,and K R French.Financing decisions:Who issues stock?[J].Journal of Financial Economics,2005,76:549-582.
[19]Alti,A.How persistent is the impact of market timing on capital structure[J].Journal of Finance,2006,61(4):1 681-1 710.
[20]Leary,M,and M R Roberts.Do firms rebalance their capital structures?[J].Journal of Finance,2005a,60(6):2 575-2 619.
引用本文
顾乃康, 张超, 宁宇. 国外资本结构动态性研究前沿探析[J]. 外国经济与管理, 2008, 30(9): 1–7.
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