【摘要】 立足于真实世界对完美市场假设的背离,如交易成本和非理性因素的存在,本文采用我国上市公司数据,检验了公司特征和管理者特征对资本结构调整速度的影响。结果表明,公司规模越大、成长性越高,调整速度越快;实际杠杆相对目标杠杆偏离度越大,调整速度越慢;过度自信管理者会选择更低的调整速度,但是在大规模、低成长性、低偏离度的公司,管理者过度自信拖慢调整速度的程度要低。因此,资本结构调整速度并不是恒定的,而是具有异质性,受到公司基本特征和管理者行为的显著影响。本文为公司在基本经营特征发生改变和管理者非理性的情况下,优化融资决策提供了一定的经验证据。更多还原

【Abstract】 Based on the departure from the perfect market assumptions in the real world,such as the existence of transaction costs and irrational factors,we use data from listed companies in China to study the impact of firm-specific and managerial characteristics on speed of capital structure dynamic adjustment( SOA). The results show that companies with large scale and high growth opportunity have large SOA; the greater actual capital structure deviate from target leverage,the smaller SOA is; overconfident managers will choose lower SOA,but in companies with large scale,high growth opportunity and low deviation,managerial overconfidence slows down SOA to a less extent. It suggests that the SOA isn’t constant,but with cross-sectional heterogeneity,and significantly affected by firm-specific characteristics and managers’ behavior. We give some empirical evidence to help corporate make better capital structure decision when firmspecific characteristics change or irrational managers appear.更多还原