【摘要】 使用沪、深A股制造业的样本数据,运用向量自回归模型(VAR)研究市场条件、竞争状况与资本结构的关联特征。实证结果表明,市场条件、竞争状况显著影响资产和负债的变动,但资本结构的调整没有表现出明显的融资优序。此外,市场条件、竞争状况对短期负债的影响较长期负债显著,表明企业长期负债的主要动机源于其长远战略规划,与市场条件和竞争状况关联较低。资本结构(包括债务期限)的变动对市场条件、竞争状况没有显著影响。更多还原

【Abstract】 The relationships among market condition,competition and capital structure are investigated by analyzing data of manufacturing industry in Shanghai and Shenzhen A stock markets based on model of vector autoregression(VAR).The empirical results suggest that both of market condition and competition have significant influence on changes of capital structure.The adjustment of the later,however,shows few impacts on financing order.In addition,market condition and competition obviously have more influence on short term debts than on long term.This shows that long debts are mainly motivated by firms’ future stratagem, and have little relation with movements of market condition and competition.Whereas,the changes of capital structure involving debt term have insignificant influence on market condition and competition.更多还原