摘要
文章以动态权衡理论为视角,采用多重门限面板模型,研究了2000-2009年我国沪深A股上市公司资本结构的动态调整路径。研究结果表明,我国上市公司资本结构的调整存在非对称现象,即随着负债率的提高,经营绩效对调整速度的影响逐步减弱。国有控股公司的调整速度较慢,表明国有企业的预算软约束和监管缺失等是国有企业亟须解决的问题;由于制度调整成本的影响,审计师信号传递效应未能在公司资本结构调整中发挥明显作用。
From the perspective of dynamic trade-off theory, this paper employs a multiple threshold panel model to study the dynamic adjustment path of the capital structure of A-share listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange in China from 2000 to 2009. The result shows that the adjustment of capital structure is characterized by a- symmetry which means that as the debt ratio rises, the effect of operating performance on the adjustment speed gradually weakens. The adjustment speed in state-owned companies is lower, indicating that soft budget con- straints and a lack of supervision in state-owned enterprises are in urgent need of solution in the reform of state-owned enterprises in China. And ow- ing to the effect of institutional adjustment speed, auditor sign transmission effect can not exert an obvious function in the adjustment of corporate capital structure.
出处
《财经研究》
CSSCI
北大核心
2012年第11期81-91,共11页
Journal of Finance and Economics
关键词
资本结构
调整速度
门限面板
国有控股
审计师信号传递
capital structure
adjustment speed
threshold panel mod- el
state-owned holding
auditor sign transmission
