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利用我国沪深两市A股上市公司的会计和股票收益数据,本研究实证考察了股票价格波动对上市公司资本结构动态变化的影响。实证研究结果表明:(1)我国上市公司净融资的发行活动比较活跃,且存在较强的股权融资偏好;(2)上市公司频繁的融资活动并没有抵消股票价格波动所引致的资本结构变化,在1—3年内,股票收益仍然能够解释大约60%的资本结构变化;(3)当加入成长性、公司规模、获利能力以及资产抵押性等经典的资本结构影响因素时,这些传统资本结构影响因素的解释能力远远低于股票收益的解释能力,表明股票收益是上市公司资本结构变化的主要决定因素。
Using the accounting and stock returns data of A-share listed companies in Shanghai and Shenzhen stock exchanges, this study empirically examines the impact of stock price volatility on the dynamic changes of listed companies’ capital structure. The empirical results show that: (1) The issuance of net financing of listed companies in our country is relatively active, and there is a strong preference for equity financing; (2) The frequent financing activities of listed companies do not offset the changes of capital structure caused by the volatility of stock prices, In the 1-3 years, the stock returns still explain about 60% of the changes in capital structure; (3) When adding the classical capital structure factors such as growth, company size, profitability and asset collateral, these traditional capital structures The explanatory power of influencing factors is much lower than the explanatory power of stock returns, indicating that stock returns are the main determinants of changes in the capital structure of listed companies.