动态资本结构决策关于美国上市公司实证分析.docVIP

动态资本结构决策关于美国上市公司实证分析 　　摘 要：这篇论文旨在通过动态资本结构模型分析美国上市公司的资本结构和融资决策。自M-M理论（1958）问世以来，融资决策和资本结构始终是学者和企业管理者所热衷的话题。企业的资本结构反映的是企业债权与股权的比例关系。它很大程度上影响着企业未来的偿债和再融资能力；并说明了其当前甚至未来长期的盈利性，是企业财务管理和融资决策的重要指标之一。合理的融资结构将尽可能的降低融资成本和发挥财务杠杆的调节作用，从而使企业获得更高的自有资金收益率。然而，在日常经营中，企业决策层更倾向于通过同业经验值的比对做出资本结构调整。因此，一些影响企业资本结构的要素在近十余年中被接连发现，并引起广泛的讨论。本文将对于影响资本结构的若干要素进行动态实证检验。根据动态资本结构模型，我们从205家纽交所上市的本土公司报表中发现：2004至2007财年中，企业成长性、有形性、企业规模、盈利性等因素对企业的融资决策和资本结构有重大影响。本文将系统测试以上要素与资本结构的相关性；并着重检验在动态特征下，这些相关性是否能应用到更广泛的样本公司中。 　　关键词：动态资本结构模型、融资决策、财务杠杆、成长性、有形性、企业规模，和盈利性等 　　 　　Dynamic Capital Structure Decisions: Evidences from U.S. Firms 　　Abstract: This paper estimates capital structure and financing decisions of publicly traded firms by the dynamic capital structure model in U.S. capital market. From the panel data of 205 firms during the period 2006-2007, we observe that among growth opportunities, tangibility, size, profitability exist significant impact on financing decisions of firms. Importantly, the findings in the paper suggested that the dynamic nature and characteristic of the capital structure decisions in firms is better to simulate the real procedure of financing decision. 　　I.Introduction 　　Since the extremely valuable contribution of Modigliani and Miller (1958) theorem on capital structure has been investigated, the financing decisions of firms were not only discussed concerning its capital structure, but also the firms value. When managers of one firm decide on using debt finance, they just participate into the procedure which reallocates the expected cash flows far away from equity claimants in return for offering cash up front. The elements which influence and drive these kinds of procedures or decisions are regarded as elusive issues in the area, despite decades of theoretical literature and empirical researches in quantity. Theoretically, the factors which affect capital structure decisions are considered including size, growth opportunities, profitability, expected bankruptcy vs. agency