证券市场导报Issue(10)：24-30,7.
转型经济中宏观冲击与公司融资决策——基于资本结构动态调整框架的实证研究
摘要
Abstract
This paper examines how macroeconomic conditions affect the capital structure choice of Chinese listed companies under the dynamic background of economic reform. When choosing equity or debt financing, enterprises need to compare the relative costs of both methods, and also should be aware of the restrictions of the financing resources availability. Empirical evidence shows that as external macroeconomic shocks, changes in quota indicators cost indicators in the credit market and equity refinancing market all have significant impact on the adjustment of company＇s capital structure both in the statistical and economical levels. In particular, capital structure adjustment magnitude is positively related to credit quota, and negatively related to equity refinancing scale, loan interest rate and stock market returns. These findings have practical policy implication on c policy making and implementation.关键词
宏观冲击/最优目标资本结构/资本结构动态调整/上市公司Key words
macroeconomic shocks/optimal target leverage/dynamic adjustment of capital structure/listed companies分类
管理科学引用本文复制引用
于蔚,钱彦敏..转型经济中宏观冲击与公司融资决策——基于资本结构动态调整框架的实证研究[J].证券市场导报,2011,(10):24-30,7.基金项目
【基金项目：国家社会科学基金项目（07BJY158）、浙江省研究生创新科研项目（YK2009020）】 （）
