国外资本结构动态权衡理论实证研究脉络梳理与未来展望
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外国经济与管理 2011 年 第 33 卷第 05 期, 页码：57 - 65
摘要
参考文献
摘要
考虑调整成本的资本结构动态权衡理论能够较好地解释现实中资本结构的横截面差异和时间序列变化,已成为资本结构研究的主流理论。有关资本结构动态权衡理论的实证研究基本上从目标资本结构和调整成本两个基本要素展开。本文从目标资本结构的重要性、调整成本的阻碍效应以及资本结构调整的不对称性三个方面系统梳理和述评相关实证研究成果,并探讨未来研究方向,以期探析该领域的发展脉络和趋势,从而为后续研究提供借鉴和启示。
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[2]Fama,E F,and French,K R.Testing tradeoff and pecking order predictions about dividends and debt[J].Review of FinancialStudies,2002,15(1):1-33.
[3]Flannery,Mark J,and Rangan,Kasturi P.Partial adjust ment toward target capital structures[J].Journal of Financial Economics,2006,79(3):469-506.
[4]Lemmon,ML,Roberts,M R,and Zender,J F.Back to the beginning:Persistence and the cross-section of corporate capital struc-ture[J].Journal of Finance,2008,63(4):1 575-1 608.
[5]Huang,Rongbing,and Ritter,Jay R.Testingtheories of capital structure and esti matingthe speed of adjust ment[J].Journal of Fi-nancial and Quantitative Analysis,2009,44(2):237-271.
[6]Shyam-Sunder,L,and Myers,S C.Testing static tradeoff against pecking order models of capital structure[J].Journal of FinancialEconomics,1999,51(2):219-244.
[7]Chen,Long,and Zhao,Xinlei.Mechanical mean reversion of leverage ratios[J].Economic Letters,2007,95(2):223-229.
[8]Chang,Xin,and Dasguta,Sudipto.Target behavior and financing:Howconclusive is the evidence?[J].Journal of Finance,2009,64(4):1 767-1 796.
[9]Barclay,Michael J,and Smith,Clifford W.The capital structure puzzle:The evidence revisited[J].Journal of Applied CorporateFinance,2005,17(1):8-17.
[10]Hovaki mian,A,Opler,T,and Tit man,S.The debt-equity choice[J].Journal of Financial and Quantitative Analysis,2001,36(1):1-24.
[11]Hovaki mian,A,Hovaki mian,G,and Tehranian,H.Determinants of target capital structure:The case of dual debt and equityis-suers[J].Journal of Financial Economics,2004,71(3):517-540.
[12]Leary,M T,and Roberts,M R.Do firms rebalance their capital structures?[J].Journal of Finance,2005,60(6):2 575-2 619.
[13]Liu,L.Do firms have target leverage ratios?Evidence from historical market to book and past returns[EB/OL].Available atSSRN:http://ssrn.com/abstract=871928,2005.
[14]Kayhan,A,and Tit man,S.Firms’histories and their capital structures[J].Journal of Financial Economics,2007,83(1):1-32.
[15]Harford,Jarrad,Klasa,Sandy,and Walcott,Nathan.Do firms have leverage targets?Evidence fromacquisitions[J].Journal ofFinancial Economics,2009,93(1):1-14.
[16]Faulkender,Michael W,et al.Do adjust ment costsi mpede the realization of target capital structure?[R].Working Paper,2008.
[17]Heshmati,A.The dynamics of capital structure:Evidence fromSwedish micro and small firms[J].Research in Banking and Fi-nance,2002,2:199-241.
[18]Cook,Douglas O,and Tang,Tian.Macroeconomic conditions and capital structure adjust ment speed[J].Journal of Corporate Fi-nance,2010,16(1):73-87.
[19]Byoun,Soku.Howand when do firms adjust their capital structures toward targets?[J].Journal of Finance,2008,63(6):3 069-3 096.
[20]Lockhart,G Brandon.Adjusting to target capital structure:The effect of credit lines[R].Working Paper,University of Florida,2009.
引用本文
洪艺珣, 王志强. 国外资本结构动态权衡理论实证研究脉络梳理与未来展望[J]. 外国经济与管理, 2011, 33(5): 57–65.
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