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根据融资约束程度的不同,分组实证分析了宏观经济条件对公司资本结构调整速度的影响。研究发现,我国上市公司平均资本结构调整速度在0.3左右,且非融资约束类公司的资本结构调整速度高于融资约束类公司;除经济周期外,信贷规模对资本结构调整速度的影响最为显著,表明我国金融市场的摩擦主要是信贷配给不足;宏观经济冲击对资本结构调整速度的影响程度取决于公司自身的融资约束程度。
According to the different degree of financing constraints, the group empirical analysis of the impact of macroeconomic conditions on the company’s capital structure adjustment speed. The research shows that the average rate of capital structure adjustment of listed companies in our country is about 0.3, and the capital structure adjustment rate of non-financing constrained companies is higher than that of financing constrained companies. Except for economic cycles, the impact of credit scale on capital structure adjustment speed is the most significant, It indicates that the friction in China’s financial market is mainly caused by the lack of credit rationing. The extent to which the macroeconomic shocks affect the pace of capital structure adjustment depends on the extent of the company’s own financial constraints.