摘要
本文以中国上市公司2002-2011年季度数据为样本,以包含傅里叶级数的非线性面板SPSM单位根检验为基本方法,考察了我国上市公司资本结构的稳定性,旨在找出资本结构静态权衡理论和优序融资理论的经验证据。研究发现,不同公司资本结构的变化特征存在较大差异,并且这种差异在不同行业间表现得更加明显,单一的静态权衡理论或优序融资理论不能解释我国上市公司资本结构的变化规律。本文所采用的方法不仅提高了单位根检验的功效,还在考虑面板数据横截面相关性的基础上分离出了资本结构稳定和非稳定的公司,并且分离出的两组公司资本结构的变化规律分别支持了静态权衡理论和优序融资理论。
This study applies the Sequential Panel Selection Method （SPSM） procedure,and uses the Panel KSS unit root test with a Fourier Function to analyze the basie capital structure theory for a sample of Chinese listed companies over 2002 -2011. We find that capital structure characteristics are different across firms, especially in different industries. Thus we can＇ t use either static trade - off theory or pecking order theory to explain the capital structure characteristics. Our method can not only enhance the estimation efficiency of conventional unit root test,but also can separate firms with stationary and non - stationary capital structure in considering cross - sectional dependence of the data. The capital structures of these two subsamples support the static trade - off theory and peeking order theory respectively.
出处
《经济评论》
CSSCI
北大核心
2013年第6期124-132,共9页
Economic Review
基金
教育部哲学社会科学研究重大课题公关项目"欧美国家债务危机对我国的影响及对策研究"(项目编号:12JZD029)资助
关键词
资本结构
静态权衡理论
优序融资理论
SPSM单位根检验
Capital Structure
Static Trade - off Theory
Peeking Order Theory
Unit Root Test
Sequential Panel Selection Method
