基于外部融资环境的公司资本结构动态调整研究.pdf

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1、AbstractCapitalstructureisoneofthecoreissuesofcorporatefinance.Capitalstructureresearchhasbeenshiftedfromstaticanalysistodynamicanalysis:ontheonehandthetheoryresearchofcapitalstructurehasbeendevelopingfromstaticcapitalstructuretheoryintodynamiccapitalstructuretheory.Ontheother

2、hand,theempiricalresearchoncapitalstructurehasbeendevelopingfromthestudyofthestaticdeterminantsofcapitalstructureintothestudyofcapitalstructuredynamicadjustment.Meanwhile,thefactorsstudythatinfluencingcapitalstructurearealsoextendingfromthecompanyleveltothemacroenvironmentleve

3、l.Basedonthisbackground,thispaperstudiestheeffectsofexternalfinancingenvironmentoncapitalstructuredynamicadjustment.Inthispaper,externalfinancingenvironmentcontainsmacroeconomicfactorsandinstitutionalfactors.Macroeconomicfactorsaredividedintobusinesscycle,financingmarketcondit

4、ionsandmacroeconomicpolicy.Institutionalfactorsaredividedintolegalenvironment,taxenvironment,themarketizationprocessandtheenterprisepropertyrights.ThispaperanalyzestheeffectsofmacroeconomicfactorsoncapitalstructureadjustmentspeedofChineselistedcompanies.Theempiricalstudyresult

5、sindicatethatbusinesscycle,financingmarketconditionsandchangesinthemacroeconomicpolicyhavepositiveinfluencesonChineselistedcompanies’capitalstructureadjustmentspeed.ThispaperanalyzestheeffectsofinstitutionalfactorsoncapitalstructureadjustmentspeedofChineselistedcompanies.Theem

6、piricalstudyresultsindicatethatthelegalenvironment,taxenvironment,themarketizationprocesshavepositiveinfluencesontheadjustmentspeedofcorporatecapitalstructure.Meanwhile,theadjustmentspeedofnon-state-ownedlistedcompanies’capitalstructureishigherthanstate-ownedlistedcompanies’.T

7、hispaperanalyzestheeffectsofexternalfinancingenvironmentonChineselistedcompanies’capitalstructureadjustmentpath.Theempiricalstudyresultsindicatethatmacroeconomicfactorsandinstitutionalfactorscanaffectthecompanies’financingdecisionstosomeextent.Atlast,theresearchconclusionsares

8、ummedupmeanwhilerelevantpolicysuggestionsareproposed.KeyWords