金融发展、股权性质与资本结构动态调整.pdf

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1、AbstractABSTRACTMysteryofCapitalStructureattractedmanyscholarscontinuetoinnovateforbreakthroughanduncoveritstrue"veil"，whichisoneofthehotissuesinthefieldoffinance,affectingtheriskenterprisesencounterandthestableprofitsanddevelopment.Statictradeofftheoryisthatthereisindeedatargetcompany'scapi

2、talstructure.Yetinthemidstoftherealenvironment,theactualcapitalstructureisalwaysdeviatefromitstargetcapitalstructureandtomaximizethevalueofthetargetcompanyandtheexternalenvironmentbyitselfisnotalwaystobekeptattheoptimalcapitalstructureonthestatelevel,butshowingdeviation-approaching-andthenSh

3、ift-againapproachingtheprocess.Thus,theadjustmentprocessisadynamicnatureofthecapitalstructure.Inrecentyears,manyscholarsathomeandabroadtodynamicallyadjustthecapitalstructurehasbeenstudiedinthisfieldhasmadeconsiderablefruitfulresults,theyarefromdifferentaspectsandperspectivestostudythedynamic

4、sofcapitalstructureadjustmentmechanisms.Butmostofthemarefromthecompanyboilsdowntothelevelofthecharacteristicvariablestostudytheeffectsofdynamicadjustmentofcapitalstructure.Fewscholarsexamineitsimpactontherecapitalizationofthemacrolevelandinstitutionalcontextoftheangle,anddirectresearchlevelo

5、ffinancialdevelopmentaffectthedynamicadjustmentofcapitalstructureandevenfewer.ThispaperwithFoundationbasedonthetheoryofparsing.thisarticlehasused10yearsofdata(2003-2012)fromChinesestockmarketbindingleveloffinancialdevelopmentinallregionstomakeanempiricalstudyoftheimpactoftheleveloffinanciald

6、evelopmentondynamicadjustmentofcapitalstructureandequitypropertiesincludedintheanalysisframework,parsingfinancialdevelopmentonrecapitalizationrateTheestablishmentofafixedeffectsmodelandatestphaseofdynamicpaneldataeconometricmodelofthetwo-stagepartialadjustmentmodelofcapitalstructurebasedonem

7、piricalanalyzeswereperformedusingbootstrappedIIIAbstractstandarderrorsoftheOLSestimateGMMestimationmethodandsystem.Bystudyingwehavethefollowingconclusions:Targetcapitalstructureisaffectedbytheleveloffinancialdevelopment.Raisingtheleveloffinancialde