北京工业大学学报（社会科学版）2016，Vol.16Issue(5)：27-36,10.
如何解释资本结构的调整方式和速度--基于福耀玻璃的案例分析与讨论
How to Explain the Ways and Speeds of Capital Structure Adjustments:Case Analysis and Discussion Based on FUYAOBOLI
摘要
Abstract
This paper tries to find a theoretical framework to explain typical adjustment ways of corporate capital structure based on extant capital structure theories. First, based on the case study, this paper analyzes the explanation of the main capital structure theories to the capital structure adjustment of the case company. Then, combined with three corporate financial policies, the paper discusses the deep reason of the differences and similarities of these theories in explanation of corporate capital structure, and theoretical integration framework of these theories. This paper argues that trade-off theory and pecking order theory and market timing theory, the three main theories can be understood from the perspective of supply and demand for funds, which unified the three theories to explain all kinds of typical capital structure adjustment. At the same time, this paper points out it is somewhat misleading that using capital structure adjustment speeds estimated by the econometric models infers the time of adjusting capital structure to the target level.关键词
资本结构调整/权衡理论/优序融资理论/市场择时理论Key words
capital structure adjustment/trade-off theory/pecking order theory/market timing theory分类
管理科学引用本文复制引用
吕峻..如何解释资本结构的调整方式和速度--基于福耀玻璃的案例分析与讨论[J].北京工业大学学报（社会科学版）,2016,16(5):27-36,10.基金项目
国家自然科学基金项目资助(71471177) （71471177）
