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实证研究结果表明,我国上市公司存在一个目标资本结构,当实际资本结构偏离目标资本结构时,实际资本结构向目标资本结构调整的速度为年均13.8%。同时,资本结构向下调整的速度要显著大于向上调整的速度。相对于美国等发达资本市场,我国上市公司的资本结构调整速度相对较慢。因此,政府应进一步完善我国资本市场和信贷市场,降低企业融资的交易成本和资本结构调整成本,发展和完善债券市场,拓展上市公司融资渠道,提高上市公司融资能力,进而提高上市公司资本结构的调整速度。
The empirical results show that there is a target capital structure for listed companies in our country. When the actual capital structure deviates from the target capital structure, the actual capital structure is adjusted to the target capital structure at an average annual rate of 13.8%. At the same time, the downward adjustment of the capital structure should be significantly faster than the upward adjustment. Relative to the United States and other developed capital markets, China’s listed companies adjust the capital structure is relatively slow. Therefore, the government should further perfect the capital market and the credit market in our country, reduce the transaction cost of enterprise financing and capital structure adjustment cost, develop and improve the bond market, expand the financing channels of listed companies, raise the financing ability of listed companies, and then improve the capital structure of listed companies Adjust the speed.