上海管理科学2017，Vol.39Issue(5)：8-12,5.
宏观经济周期、产权性质与公司资本结构
Macroeconomic Cycle, Nature of Ownership and Corporate Capital Structure
黄占鹏1
作者信息
- 1. 上海交通大学安泰经济与管理学院,上海200030
- 折叠
摘要
Abstract
Based on the data of China's listed companies and macro-economy from 2000 to 2015,the paper examines the relationship between the macroeconomic cycle and the corporate capital structure,then further investigates the impacts of macroeconomic cycle on capital structure of corporates with different ownership nature.The results show that macro-economy has pro-cycle effect on corporate capital structure.The capital structure of corporates with different ownership nature shows significant differences while the macroeconomic environment changes:the capital structure of state-owned listed companies is less sensitive to the change of the macroeconomic cycle than the non-state-owned listed companies,that is,the debt ratio of the state-owned listed companies will increase less than the non-state-owned listed companies significantly when macro-economy goes up,and decline less than the non-state-owned listed companies significantly when macro-economy goes down.The empirical results of this paper are consistent with the tradeoff theory and inconsistent with the pecking order theory.关键词
资本结构/宏观经济/产权性质/权衡理论/优序融资理论Key words
capital structure/macro-economy/ownership nature of corporates/trade-off theory/pecking order theory分类
管理科学引用本文复制引用
黄占鹏..宏观经济周期、产权性质与公司资本结构[J].上海管理科学,2017,39(5):8-12,5.
