银行授信与资本结构动态调整——来自中国上市公司的经验证据

被引:9
作者
常亮
机构
[1] 中山大学岭南学院
关键词
资本结构; 调整速度; 调整成本; 银行授信;
D O I
暂无
中图分类号
F275 [企业财务管理]; F832.51 []; F224 [经济数学方法];
学科分类号
0701 ; 070104 ;
摘要
本文研究了调整成本对中国上市公司资本结构动态调整行为的影响。基于动态权衡理论的分析表明,若银行授信能有效降低调整成本,则获得银行授信的公司应表现出更快的调整速度。我们采用一份手工收集的银行授信数据验证了这一理论预期。同时发现,银行授信对资本结构的调整速度的影响具有非对称性,拥有银行授信的公司在低负债的情况下调整速度显著高于没有授信的公司,但在高负债的情况下两者的调整速度并无显著区别。上述结果为动态权衡理论提供了经验支持。
引用
收藏
页码:156 / 168
页数:13
相关论文
共 21 条
  • [11] Leverage change, debt overhang, and stock prices[J] . Jie Cai,Zhe Zhang.Journal of Corporate Finance . 2010 (3)
  • [12] Back to the Beginning: Persistence and the Cross‐Section of Corporate Capital Structure[J] . MICHAEL L. LEMMON,MICHAEL R. ROBERTS,JAIME F. ZENDER.The Journal of Finance . 2008 (4)
  • [13] Is cash negative debt? A hedging perspective on corporate financial policies
    Acharya, Viral V.
    Almeida, Heitor
    Campello, Murillo
    [J]. JOURNAL OF FINANCIAL INTERMEDIATION, 2007, 16 (04) : 515 - 554
  • [14] A more complete conceptual framework for SME finance
    Berger, Allen N.
    Udell, Gregory F.
    [J]. JOURNAL OF BANKING & FINANCE, 2006, 30 (11) : 2945 - 2966
  • [15] Corporate governance and bank performance: A joint analysis of the static, selection, and dynamic effects of domestic, foreign, and state ownership[J] . Allen N. Berger,George R.G. Clarke,Robert Cull,Leora Klapper,Gregory F. Udell.Journal of Banking and Finance . 2005 (8)
  • [16] Further Evidence on the Link between Finance and Growth: An International Analysis of Community Banking and Economic Performance[J] . Allen N. Berger,Iftekhar Hasan,Leora F. Klapper.Journal of Financial Services Research . 2004 (2)
  • [17] Determinants of capital structure: new evidence from Spanish panel data[J] . Alberto de Miguel,Julio Pindado.Journal of Corporate Finance . 2001 (1)
  • [18] On the profitability and cost of relationship lending[J] . Mitchell Berlin,Loretta J Mester.Journal of Banking and Finance . 1998 (6)
  • [19] Corporate leverage:How much do managers really matter? .2 Frank,M.Z,and V.K Goyal. . 2007