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首页> 外文会议>IEEE international conference on industrial engineering and engineering management;IEEM'2009 >The Syncretism of Capital Structure Theory: An Explanation from Adjustment Speed of Capital Structure
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The Syncretism of Capital Structure Theory: An Explanation from Adjustment Speed of Capital Structure

机译：资本结构理论的融合：从资本结构调整速度的解释

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This paper established dynamic adjustment model of capital structure and analyzed the factors affecting the adjustment speed of capital structure. Based on the unbalanced panel data of Chinese nonfinancial listed companies from 1997 to 2006,this empirical study shows that all dynamic tradeoff theory,peckingorder theory and market-timing theory can explain the adjustment speed of capital structure in some degree,though the three theories have different theoretical basis. If a company dynamically adjusts its capital structure,then its target capital structure is decided based on dynamic tradeoff theory,its adjustment approaches is decided based on pecking-order theory,and its adjustment time is decided based on market-timing theory. So it is necessary to combine the three theories to analyze the determinants and adjustment of capital structure.
机译：建立了资本结构动态调整模型，并分析了影响资本结构调整速度的因素。基于1997年至2006年中国非金融上市公司面板数据不平衡的实证研究，尽管这三种理论都具有一定的动态权衡理论，排序顺序理论和市场时机理论，都可以在一定程度上解释资本结构的调整速度。理论基础不同。如果公司动态调整其资本结构，则根据动态权衡理论确定其目标资本结构，根据啄食顺序理论确定其调整方法，并根据市场时机理论确定其调整时间。因此有必要结合这三种理论来分析资本结构的决定因素和调整方法。

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