| 基于行业均值的公司资本结构动态调整 |
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| 引用本文： | 丁培嵘,郭鹏飞. 基于行业均值的公司资本结构动态调整[J]. 系统管理学报, 2005, 14(5): 454-457 |
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| 作者姓名： | 丁培嵘 郭鹏飞 |
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| 作者单位： | 1. 上海交通大学,安泰管理学院,上海,200052
2. 华宝兴业基金管理有限公司,上海,200121 |
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| 摘 要： | 使用对数部分调整模型,对中国上市公司资本结构基于行业均值的动态调整现象进行了实证研究。研究结果表明,中国上市公司存在比较显著的资本结构向行业均值调整现象,调整系数约为0.5;行业、公司规模、行业均值稳定性3种因素显著影响调整的速度;中国上市公司资本结构的动态调整比较符合静态权衡理论的预测,而与优序融资理论不一致。
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| 关 键 词： | 资本结构 动态调整 行业均值 静态权衡理论 优序融资理论 |
| 文章编号： | 1005-2542(2005)05-0454-04 |
| 修稿时间： | 2004-09-27 |
The Dynamic Adjustment of Corporate Capital Structure Based on the Industry Mean |
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| DING Pei-rong,GUO Peng-fei. The Dynamic Adjustment of Corporate Capital Structure Based on the Industry Mean[J]. Systems Engineering Theory·Methodology·Applications, 2005, 14(5): 454-457 |
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| Authors: | DING Pei-rong GUO Peng-fei |
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| Affiliation: | DING Pei-rong~1,GUO Peng-fei~2 |
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| Abstract: | Using the logarithmic partial adjustment model,this paper conducted an empirical study on the dynamic adjustment of corporate capital structure based on the industry mean.Results show that there is obvious adjustment to the industry mean of capital structure for Chinese listed companies,the speed of adjustment is influenced by industry,corporate size,and the stability of industry mean,and that the static trade off theory are more reasonable than the pecking order theory in explaining the dynamic adjustment of listed companies' capital structure in China. |
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| Keywords: | capital structure dynamic adjustment industry mean static trade off theory pecking order theory |
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