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本文构建了一个包含宏观因素的最优资本结构模型,在此基础上以我国制造业上市公司为样本进行实证研究,探讨宏观经济变动如何影响我国企业的资本结构的调整及其向最优资本结构收敛问题。研究发现,宏观经济因素对企业资本结构水平存在显著影响,无论是否存在融资约束,企业的资本结构与宏观经济状况都表现出较强一致性;由于我国企业经营环境、公司治理和投融资方式与外国企业存在显著差异,我国企业账面价值表示的资本结构的动态调整,慢于市场价值表示的资本结构的调整速度,但无论是账面资本结构还是市值计量的资本结构,其调整速度都快于欧美企业的调整速度。
This paper constructs an optimal capital structure model with macroeconomic factors. On the basis of this, we take an empirical study of China's manufacturing listed companies as a sample to explore how macroeconomic changes affect the adjustment of China's capital structure and its contribution to the optimal capital structure Convergence issues. The study found that macroeconomic factors have a significant impact on the level of corporate capital structure, with or without financing constraints, the corporate capital structure and macroeconomic conditions showed a strong consistency; as China's business environment, corporate governance and investment and financing methods and There are significant differences in foreign enterprises. The dynamic adjustment of the capital structure indicated by the book value of Chinese enterprises is slower than the adjustment of the capital structure indicated by market value. However, the adjustment speed is faster than that of the capital structure measured by the book capital structure or market capitalization The speed of business adjustment.