摘要
在最优行业资本结构模型的基础上加入金融深化机制,探讨了金融深化对资本结构收敛目标及其调整速度的影响。分析表明,金融深化往往伴随着最优负债率的上升和资本结构调整速度的加快,资本结构收敛目标随着金融深化表现出非平稳性;上市公司资本结构行业内差异的收敛性总体都很显著,但各行业大类在资本结构调整速度上存在差异。
Based on the model of optimal industrial capital structure, this paper considers the mechanism of financial deepening and how financial deepening influences the convergence target and adjustment speed of capital structure. The analysis demonstrates that both optimal debt ratio and adjustment speed are rising with the financial development. Convergence target of capital structure is non-stationary. As a whole, inter-industry differences of capital structure are obviously convergent to optimal level. Adjustment speed of capital structure is different among different industries.
出处
《科技与管理》
2010年第2期50-54,共5页
Science-Technology and Management
基金
大连理工大学交叉学科建设专项(MXDUT073008)
大连理工大学人文社会科学研究基金项目(DUTHS2007322)
关键词
上市公司
最优资本结构
收敛
调整速度
listed companies
optimal capital structure
convergence
adjustment speed
