摘要
由于交易成本的存在,公司资本结构的调整应是一个动态过程。以我国上市公司数据为样本,采用动态面板数据的系统GMM估计,实证分析我国上市公司资本结构动态调整的成本和影响因素。实证结果表明,我国公司资本结构调整的成本较低,主要归因于中国企业债券市场极其不发达,企业债务绝大部分是由商业信用和银行贷款等私债组成,因此,大力发展资本市场,完善资本市场法律制度建设对我国上市公司资本结构调整有重大意义。
This paper regards capital structure as a dynamic adjustment process, and takes a dynamic adjustment model to analyze the process of Chinese listing companies. Through this model we hope to illuminate the determinants of the capital structure. We employ the system GMM of dynamic panel data to estimate the model and use Matlab software at the empirical study. The result suggests that the capital structure of listing firms in China adjust according to the operating situation of the firm. Compared to developed countries, the cost in the adjusting process of capital structure is lower. However, this is mainly because of the lower exchange cost of private debts than public ones. As we know, corporate bond market is less developed in China, most part of corporate debts consist of private debts such as business credit and bank loans, the proportion of public debts therefore is extremely low. Hence, it is preoccupied for the optimum capital structure of Chinese listing company to consummate the related legal system of securities market and intensify the harmonious development of capital market.
出处
《经济研究导刊》
2009年第14期86-89,共4页
Economic Research Guide
