文献类型：期刊文献

中文题名：上市公司资本结构调整速度的区域差异及其影响因素分析——基于2000～2009年沪深A股上市公司样本的研究

英文题名：On the Regional Disparity of Capital Structure Adjustment of Listed Firms and Its Influencing Factors:Based on the Sample of A-Share Listed Firms in Shanghai and Shenzhen Stock Market During 2000～2009

作者：麦勇[1,2];胡文博[1,2];于东升[1,2]

机构：[1]华东理工大学商学院,上海200237;[2]汇添富基金管理有限公司,上海200120

年份：2011

期号：7

起止页码：196

中文期刊名：金融研究

外文期刊名：Journal of Financial Research

收录：CSTPCD;;国家哲学社会科学学术期刊数据库;北大核心:【北大核心2008】；社科基金资助期刊;CSSCI:【CSSCI2010_2011】；

基金：国家自然科学基金(70663008)的资助

语种：中文

中文关键词：资本结构;调整速度;区域差异

外文关键词：capital structure, dynamic adjustment, regional disparity

摘要：在经济发展不平衡,区域间存在显著差异的大国经济中,公司资本结构调整是否存在区域差异?宏观经济环境的影响如何?本文选用2000～2009年中国沪深A股的783家上市公司为样本,通过分区域面板数据回归以及广义线性模型(GLM)的logit最大似然估计(logit QMLE)两种实证方法的估计结果均表明:中国各区域上市公司资本结构不仅受公司自身变量的影响,还受GDP实际增速的影响,资本结构的调整速度在地区之间存在显著差异,东部地区公司资本结构调整速度最快。
In a large economy with regional economic development imbalance and obvious regional disparity, whether there is regional disparity of capital structure adjustment of listed company or not. How does the macroeconomic environment affect the company＇s capital structure？ This paper examines the capital structure adjustment speed and the main factors through the qualitative and quantitative analysis of 783 listed companies during 2000 -2009. Through sub-regional panel data and Logit QMLE tow method estimated result reveal that： capital structure of listed companies is affected not only by their own variables, but also by the actual growth of GDP. There is significant regional disparity among capital structure adjustment, and the company in China＇s east areas has the fastest capital structure adjustment.