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首页> 外文期刊>Global Journal of Emerging Market Economies >Optimal Capital Structure and Speed of Adjustment under Hyperinflation and Dollarization
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Optimal Capital Structure and Speed of Adjustment under Hyperinflation and Dollarization

机译：优化资本结构和可利用流量和美元化的调整速度

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摘要

Economic challenges in Zimbabwe have resulted in firms being pushed out of their optimal leverage. Firms are faced with the need to move back to the optimal level of financing to improve their value. They tend to adjust quickly to the optimal level whenever failing to do so is costlier. This study employs a dynamic capital structure model to examine the determinants of optimal leverage and the speed of adjustment under a hyperinflation and dollarization period (2000-2016). The study shows that firms have an optimal leverage and there are costs of adjusting to this level of capital. Findings are consistent with theoretical predictions of the static trade-off theory (STT) and agency theory. The adjustment factors for all the models were found to be at least 0.475 and are higher under hyperinflation than under dollarization. Both firm and macroeconomic factors explain the optimal capital structure while the former also explains the speed of adjustment. Policies focusing on improving access to and reducing costs for finance will assist firms to maximize value as they adjust to the desired financing mix. The policies adopted may vary in response to the economic environment.
机译：津巴布韦的经济挑战导致公司被推出了最优杠杆。公司面临着恢复最佳融资水平的必要性，以提高其价值。每当未能这样做时，它们往往会迅速调整到最佳水平。本研究采用动态资本结构模型来检查最优杠杆的决定因素和在流货膨胀和美元化期间下的调整速度（2000-2016）。该研究表明，公司具有最佳的杠杆率，并有成本调整这一级别的资本。调查结果与静态权衡理论（STT）和机构理论的理论预测一致。发现所有模型的调整因子至少为0.475，低于美元化下的较高。公司和宏观经济因素都解释了最佳资本结构，而前者也解释了调整速度。专注于改善财务获得和降低财务成本的政策将有助于公司最大限度地提高价值，因为它们适应所需的融资组合。采用的政策可能因对经济环境而有所不同。

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