資本結構的動態(tài)決定：來自中國上市公司的實證檢驗.pdf

1、浙江大學碩士學位論文資本結構的動態(tài)決定：來自中國上市公司的實證檢驗姓名：黃駟群申請學位級別：碩士專業(yè)：金融學指導教師：劉春杰20041101AbstractExistingempiricalresearchonthedeterminationofcapitalstructurehasbeenlargelyconfinedtotheUnitedStatesandafewotherdevelopedcountriesInrecentyear

2、s，domesticstudiesoncapitalstructurehavebeenincreasingHoweverthefocusis，empiricallyonstudyingtheassociationbetweenobservedleverageandasetofexplanatoryvariableswithinthecontextofastatic‘snapshot’frameworkduetothepoorCROSSs

3、ectionalvariationindataConsequentlytheanalysisinthispaperseekstodeterminethedynamicnatureofcapitalstnlctureanditsdeterminantsforChineselistedcompanieswithpaneldatamethodologywhichcombinescrosssectionandtimeseriesinformat

4、ionThesampleconsistsof655firmsovertheperiodof1995to2002andisdrawnfromanewlydevelopeddatabaseCSMAR，Thetimevarying—parametermodelandthepartiallyadjustmentmodelbasedonthefixedeffectregressionallowtoanalyzethechangesofcapita

5、lstructuredecisionsandtheadjustmentprocessestakingplaceovertimeThemainfindingsofthisstudyalethatthelevelofprofitabilitytangibilitygrowthopportunitiesandthecompanysizeaffectsthechoiceofcapitalstructuresignificantlyandthat

6、therelationshipbetweenthevariousdebtratiosandthelevelofindependentvariableshaschangedOVertimeAlso，theresultsconfirmtheexistenceofrestructuringCOSTSinattaininganoptimalcapitalsnllamreWhat’Smoretheadjustmentmodelsuggestsad

7、ifferentialcostofrestructuringforlongtermandshort—termdebtandafasteradjustmentcomparedtothecompaniesofdevelopedcountriesWealsofindthattheaajustmentspeedhaschangedovertime，andthatthelevelofprofitabilitygrowthopportunities