中国上市公司资本结构调整速度与调整路径的实证研究
|
摘要
动态资本结构理论认为，企业内外环境的变化使得企业目标资本结构的选择成为一个动态过程，信息不对称等市场缺陷因素的存在使得企业的实际资本结构偏离其目标资本结构，因此企业需要在不断变化的环境中不断地调整其资本结构以达到最优状态。那么，中国上市公司的资本结构是不是也在进行着动态调整?其调整速度是多少?调整速度由哪些因素决定?调整路径又有哪些?为什么选择这些调整路径?采用怎样的调整路径组合才能提高企业融资效率和企业价值?这些问题都有待理论分析和实证检验，本文拟对此进行一定的探索。
利用中国非金融上市公司1997～2006年的非平衡面板数据，通过构建资本结构部分调整模型，实证检验了中国上市公司资本结构调整速度的决定因素。研究发现：(1)对市场资产负债率而言，偏离目标资本结构的程度、公司成长性、公司规模与资本结构调整速度显著正相关；对账面资产负债率而言，公司成长性与资本结构调整速度负相关但不显著；公司声誉对资本结构调整速度没有显著影响。(2)以投资机会和偿债能力把样本区分为财务约束公司与非财务约束公司，则非财务约束公司调整其资本结构要明显快于财务约束公司。(3)以GDP增长率把样本区分为较好、较差和一般的宏观经济环境，则在较好的宏观经济环境下公司有着较快的资本结构调整速度；在较好的宏观经济条件下，其账面资本结构的调整速度为0．679，公司大约需要220天的时间可弥补当前负债率与目标负债率差距的一半。
利用中国非金融上市公司2002～2005年的平衡面板数据，实证分析了企业资本结构调整路径选择的影响因素及调整效率。基于企业资产负债表把公司资本结构的调整路径分为商业信用、短期负债、长期负债、发行股票和内部留存等五种，实证结果显示：(1)资产的有形性与长期负债调整路径显著正相关；盈利性与内部留存调整路径显著正相关；政府干预与长期借款调整路径显著正相关；企业声誉与商业信用调整路径显著正相关；企业成长性与内部留存调整路径显著负相关；高成长性且无财务约束的企业偏好长期负债和短期负债的调整路径；国有控股且股权集中度较高的企业倾向于股票发行的调整路径。(2)尽管这些因素对资本结构调整路径选择有一定的偏向性，但这种偏向并不一定能提高企业融资效率。这是因为同一调整路径在不同的环境条件下所发挥的功能和作用不同，企业需要根据自身的实际情况来设计调整路径组合，从而优化资本结构和提高企业价值。
本文还从发展历程、变化趋势、行业特性、地区差异等方面系统分析了中国上市公司资本结构的特征，比较分析了中西方国家资本结构的异同，并结合资本结构调整速度和调整路径的实证研究结论，提出了具有中国特色的资本结构治理措施和优化对策。本文的研究有利于企业建立资本结构的动态优化机制，其中的一些实证结果，可为中国上市公司的财务政策制定和公司治理结构设计提供建议，也可为政府等管理部门制定相关政策规章提供参考。
本文的改进与创新主要体现在：(1)构建了一个多层次的、动态的、双向的资本结构调整模型框架。在目标资本结构决定模型中，纳入了公司治理因素和制度导向因素；在资本结构调整模型中，调整速度变量具有随着时间和公司特征变化的动态属性；引入融资约束和宏观经济环境，考虑了它们对资本结构决定及调整的直接影响和间接影响。(2)解决了部分调整模型估计的内生性和序列相关等问题。把目标资本结构的影响因素“内化”在资本结构调整模型中，直接“一步”得出研究结论：采用了一阶差分后的GMM估计方法，有效避免了模型估计的共线性、异方差和序列相关等问题。(3)分析了资本结构调整路径选择(组合)的效率。在定性描述企业融资效率的基础上，从融资成本和融资风险两方面度量了企业融资效率，并应用于资本结构调整路径(组合)的效率分析。
Dynamic capital structure theory shows that target debt ratios varies as the change of macroeconomic and microeconomic condition, and firms deviate from their target debt ratio owing to information asymmetry and transaction costs, so firms need continually adjust their actual capital structure to their target as the change of economic condition. The capital structure adjustment of Chinese listed firms perhaps is different from developed country because of the special institutional environment. How about the adjustment speed? Which factors determine the adjustment speed? How about the adjustment approach and why we choose these adjustment approaches? Which adjustment approach portfolio can enhance financing efficiency and firm value? All these problems are open for theoretical analysis and empirical test.
Based on the unbalance panel data of Chinese non-financial listed firms from 1997 to 2006, this article establishes a partial adjustment model to test the decisive factors which affect the adjustment speed of capital structure. The empirical results show that:
(1) The adjustment speed calculated on market value is significantly positive related to the distance away from target capital structure, the growth and the scale of firms. The adjustment speed calculated on book value is negative related to the growth of firm, but not significant. The adjustment speed is not related to the firm reputation.
(2) According to investment opportunity and solvency, the sample is classified into financially constrained firms and financially unconstrained firms, and the adjustment speed of financially unconstrained firms is faster than financially constrained firms.
(3) According to the growth rate of GDP, the macroeconomic condition is classified into good, bad and middle. The adjustment speed under good macroeconomic condition is the fastest, and the adjustment speed calculated on book value is 0.679, that means firms take approximately 220 days to close half the gap between actual and target debt ratio.
Based on the balance panel data of Chinese non-financial listed firms from 2002 to 2005, this article analyzes the factors affecting the adjustment approach of capital structure and the adjustment efficiency. According to the balance sheet this article divides the adjustment approach into commercial credit, short-term debt, long-term debt, issuing shares and retained earnings. The empirical results show that:
(1) The adjustment approach by long-term debt is significantly positive related to tangibility of the asset. The adjustment approach by internal financing is significantly positive related to profitability. The adjustment approach by internal financing is significantly negative related to the growth, and the adjustment approach by long-term and short-term debt is signifieantly positive related to the firms with better growth and financially unconstrained. The adjustment approach by commercial credit is signifieantly positive related to the firm reputation, and the adjustment approach by issuing shares is significantly positive related to the firms with state-controlled shares and a higher degree of ownership concentration. The adjustment approach by long-term debt is signifieantly positive related to firms with a strong government intervention in business.
(2) Though some factors preference some adjustment approaches, this approach preference not always enhance financing efficiency because of manager's personal benefit. The same adjustment approach has different function and effect under different conditions, so firms need design their own portfolio of adjustment approach to optimize capital structure and enhance firm value.
This article also analyzes the capital structure of Chinese listed firms from the development trend, industry characteristic, regional differences and the similarities and difference of capital structure between China and western countries. Based on the empirical result of adjustment speed and adjustment approach, this article put forward some measures with Chinese characteristic in managing and optimizing capital structure. This study is help for some firm to establish the dynamic optimization mechanism of capital structure and design the corporate governance structure; some empirical results provide suggestions for government and other management departments in setting up relevant policies.
This article has the following innovations and improvements:
(1) This article constructs a multi-level, dynamic and two-way capital structure adjustment model. The target capital structure decision model contains institutional and corporate governance factors. The adjustment speed is a dynamic variable with time and firm characteristics in the capital structure adjustment model. Taking into account the financial constraint and macroeconomic condition, this article analyzes their direct effect and the indirect effect through firm characteristics on the speed of adjustment.
(2) This article solves the endogeneity and serial correlation problems of capital structure adjustment model which are not availably deal with in foregoing literature. The decisive factors of target capital structure are endogenized into the partial adjustment capital structure model and the empirical results can be directly gained in one step. The GMM and the first-difference transformation applied to model estimate in this article effectively avoid some collinearity, heteroscedasticity and serial correlation.
(3) This article analyzes the financing efficiency of the adjustment approach choice. On the basis of qualitative description of the financing efficiency, this article measure financing efficiency from financing cost and financing risk, which is used in efficiency analysis on adjustment approach or adjustment approach portfolio.
利用中国非金融上市公司1997～2006年的非平衡面板数据，通过构建资本结构部分调整模型，实证检验了中国上市公司资本结构调整速度的决定因素。研究发现：(1)对市场资产负债率而言，偏离目标资本结构的程度、公司成长性、公司规模与资本结构调整速度显著正相关；对账面资产负债率而言，公司成长性与资本结构调整速度负相关但不显著；公司声誉对资本结构调整速度没有显著影响。(2)以投资机会和偿债能力把样本区分为财务约束公司与非财务约束公司，则非财务约束公司调整其资本结构要明显快于财务约束公司。(3)以GDP增长率把样本区分为较好、较差和一般的宏观经济环境，则在较好的宏观经济环境下公司有着较快的资本结构调整速度；在较好的宏观经济条件下，其账面资本结构的调整速度为0．679，公司大约需要220天的时间可弥补当前负债率与目标负债率差距的一半。
利用中国非金融上市公司2002～2005年的平衡面板数据，实证分析了企业资本结构调整路径选择的影响因素及调整效率。基于企业资产负债表把公司资本结构的调整路径分为商业信用、短期负债、长期负债、发行股票和内部留存等五种，实证结果显示：(1)资产的有形性与长期负债调整路径显著正相关；盈利性与内部留存调整路径显著正相关；政府干预与长期借款调整路径显著正相关；企业声誉与商业信用调整路径显著正相关；企业成长性与内部留存调整路径显著负相关；高成长性且无财务约束的企业偏好长期负债和短期负债的调整路径；国有控股且股权集中度较高的企业倾向于股票发行的调整路径。(2)尽管这些因素对资本结构调整路径选择有一定的偏向性，但这种偏向并不一定能提高企业融资效率。这是因为同一调整路径在不同的环境条件下所发挥的功能和作用不同，企业需要根据自身的实际情况来设计调整路径组合，从而优化资本结构和提高企业价值。
本文还从发展历程、变化趋势、行业特性、地区差异等方面系统分析了中国上市公司资本结构的特征，比较分析了中西方国家资本结构的异同，并结合资本结构调整速度和调整路径的实证研究结论，提出了具有中国特色的资本结构治理措施和优化对策。本文的研究有利于企业建立资本结构的动态优化机制，其中的一些实证结果，可为中国上市公司的财务政策制定和公司治理结构设计提供建议，也可为政府等管理部门制定相关政策规章提供参考。
本文的改进与创新主要体现在：(1)构建了一个多层次的、动态的、双向的资本结构调整模型框架。在目标资本结构决定模型中，纳入了公司治理因素和制度导向因素；在资本结构调整模型中，调整速度变量具有随着时间和公司特征变化的动态属性；引入融资约束和宏观经济环境，考虑了它们对资本结构决定及调整的直接影响和间接影响。(2)解决了部分调整模型估计的内生性和序列相关等问题。把目标资本结构的影响因素“内化”在资本结构调整模型中，直接“一步”得出研究结论：采用了一阶差分后的GMM估计方法，有效避免了模型估计的共线性、异方差和序列相关等问题。(3)分析了资本结构调整路径选择(组合)的效率。在定性描述企业融资效率的基础上，从融资成本和融资风险两方面度量了企业融资效率，并应用于资本结构调整路径(组合)的效率分析。
Dynamic capital structure theory shows that target debt ratios varies as the change of macroeconomic and microeconomic condition, and firms deviate from their target debt ratio owing to information asymmetry and transaction costs, so firms need continually adjust their actual capital structure to their target as the change of economic condition. The capital structure adjustment of Chinese listed firms perhaps is different from developed country because of the special institutional environment. How about the adjustment speed? Which factors determine the adjustment speed? How about the adjustment approach and why we choose these adjustment approaches? Which adjustment approach portfolio can enhance financing efficiency and firm value? All these problems are open for theoretical analysis and empirical test.
Based on the unbalance panel data of Chinese non-financial listed firms from 1997 to 2006, this article establishes a partial adjustment model to test the decisive factors which affect the adjustment speed of capital structure. The empirical results show that:
(1) The adjustment speed calculated on market value is significantly positive related to the distance away from target capital structure, the growth and the scale of firms. The adjustment speed calculated on book value is negative related to the growth of firm, but not significant. The adjustment speed is not related to the firm reputation.
(2) According to investment opportunity and solvency, the sample is classified into financially constrained firms and financially unconstrained firms, and the adjustment speed of financially unconstrained firms is faster than financially constrained firms.
(3) According to the growth rate of GDP, the macroeconomic condition is classified into good, bad and middle. The adjustment speed under good macroeconomic condition is the fastest, and the adjustment speed calculated on book value is 0.679, that means firms take approximately 220 days to close half the gap between actual and target debt ratio.
Based on the balance panel data of Chinese non-financial listed firms from 2002 to 2005, this article analyzes the factors affecting the adjustment approach of capital structure and the adjustment efficiency. According to the balance sheet this article divides the adjustment approach into commercial credit, short-term debt, long-term debt, issuing shares and retained earnings. The empirical results show that:
(1) The adjustment approach by long-term debt is significantly positive related to tangibility of the asset. The adjustment approach by internal financing is significantly positive related to profitability. The adjustment approach by internal financing is significantly negative related to the growth, and the adjustment approach by long-term and short-term debt is signifieantly positive related to the firms with better growth and financially unconstrained. The adjustment approach by commercial credit is signifieantly positive related to the firm reputation, and the adjustment approach by issuing shares is significantly positive related to the firms with state-controlled shares and a higher degree of ownership concentration. The adjustment approach by long-term debt is signifieantly positive related to firms with a strong government intervention in business.
(2) Though some factors preference some adjustment approaches, this approach preference not always enhance financing efficiency because of manager's personal benefit. The same adjustment approach has different function and effect under different conditions, so firms need design their own portfolio of adjustment approach to optimize capital structure and enhance firm value.
This article also analyzes the capital structure of Chinese listed firms from the development trend, industry characteristic, regional differences and the similarities and difference of capital structure between China and western countries. Based on the empirical result of adjustment speed and adjustment approach, this article put forward some measures with Chinese characteristic in managing and optimizing capital structure. This study is help for some firm to establish the dynamic optimization mechanism of capital structure and design the corporate governance structure; some empirical results provide suggestions for government and other management departments in setting up relevant policies.
This article has the following innovations and improvements:
(1) This article constructs a multi-level, dynamic and two-way capital structure adjustment model. The target capital structure decision model contains institutional and corporate governance factors. The adjustment speed is a dynamic variable with time and firm characteristics in the capital structure adjustment model. Taking into account the financial constraint and macroeconomic condition, this article analyzes their direct effect and the indirect effect through firm characteristics on the speed of adjustment.
(2) This article solves the endogeneity and serial correlation problems of capital structure adjustment model which are not availably deal with in foregoing literature. The decisive factors of target capital structure are endogenized into the partial adjustment capital structure model and the empirical results can be directly gained in one step. The GMM and the first-difference transformation applied to model estimate in this article effectively avoid some collinearity, heteroscedasticity and serial correlation.
(3) This article analyzes the financing efficiency of the adjustment approach choice. On the basis of qualitative description of the financing efficiency, this article measure financing efficiency from financing cost and financing risk, which is used in efficiency analysis on adjustment approach or adjustment approach portfolio.
引文
[1] Ahna,S.C., Schmidt,P. Efficient estimation of dynamic panel data models: alternative assumptions and simplified estimation. Journal of Econometrics, 1997, 76(1-2): 309-321.
[2] Allayannis,G., Brown,G.W., Klapper,L.F. Capital structure and financial risk: evidence from foreign debt use in East Asia. Journal of Finance, 2003, 58 (6): 2667-2710.
[3] Allen,F., Qian,J., Qian,M. Law, finance, and economic growth in China. Journal of Financial Economics, 2005, 77: 57-116.
[4] Arellano,M., Bond,S.R. Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies, 1991, 58(2): 277-297.
[5] Baker,M., Wurgler,J. Market timing and capital structure. Journal of Finance, 2002, 57(l):l-32.
[6] Banerjee,S., Heshmati,A., Wihlborg,C. The dynamics of capital structure. Research in Banking and Finance, 2004, 4: 275-297.
[7] Baum,C.F., Doyle,J.M. Dynamic adjustment of firms' capital structures in a varying-risk environment. Journal of Economic Dynamics and Control, 1988, 12(1): 127-133.
[8] Beck,T., Demirguc-kunt,A., Maksimovic,V. Financial and legal constraints to growth: does firm size matter? Journal of Finance, 2005, 60(1): 137-177.
[9] Berger,P., Ofek,E., Yermack,D. Managerial entrenchment and capital structure decisions. Journal of Finance, 1997, 52(4): 1411-1438.
[10] Bertrand,M., Schoar,A., Thesmar,D. Banking deregulation and industry structure: evidence from the French banking reforms of 1985. Journal of Finance, 2007, 62(2): 597-628.
[11] Bevan,AA., Danboldt,J. Testing for Inconsistencies in the Estimation of UK Capital Structure determinants. Applied Financial Economics, 2004, 12(1): 55-66.
[12] Bird,G., Rajan,R.S. Resolving the interest rate premium puzzle: capital inflows and bank intermediation in emerging economies. CIES Discussion Paper, 2000.
[13] Black,F., Scholes,M. The pricing of options and corporate liabilities. Journal of Political Economy, 1973, 81(3): 637-654.
[14] Booth,L., Aivazian,V., Demirguc-Kunt,A., Maksimovic,V. Capital structures in developing countries. Journal of Finance, 2001, 56(1): 87-130.
[15] Bradley, M., Jarrell,G.A., Kim,H. On the existence of an optimal financial structure. Journal of Finance, 1984, 39(3): 857-878.
[16] Brander.J., Lewis.T. Oligopoly and financial structure: the limited liability effect. American Economic Review, 1986, 76(5): 956-970.
[17] Braun,M., Larrain,B. Finance and the business cycle: international, inter-industry evidence. Journal of Finance, 2005, 60(2): 1097-1128.
[18] Brounen,D., Jong,A., Koedijk,K. Capital structure policies in Europe: survey evidence. Journal of Banking and Finance, 2006, 30(5): 1409-1442.
[19] Bruno,G.S.F. Approximating the bias of the LSDV estimator for dynamic unbalanced panel data models. Economics Letters, 2005, 87(3): 361-366.
[20] Byoun, S. Capital structure adjustments in the presence of adjustment costs. The 2005 Midwest Finance Association Annual Meetings, 2005.
[21] Byoun, S. How and when do firms adjust their capital structures toward targets? Journal of Finance, Forthcoming Available at SSRN Working Paper 651345, 2007.
[22] Campello,M. Capital structure and product markets interactions: evidence from business cycles. Journal of Financial Economics, 2003, 68(3): 353-378.
[23] Carro,J.M. Estimating dynamic panel data discrete choice models with fixed effects. Journal of Econometrics, 2007, 140(2): 503-528.
[24] Casey,C. Corporate valuation, capital structure and risk management: a stochastic DCF approach. European Journal of Operational Research, 2001, 135(2): 311-325.
[25] Chen,J.J. Determinants of capital structure of Chinese-listed companies. Journal of Business Research, 2004, 57(12): 1341-1351.
[26] Chen,N. Financial investment opportunities and the macroeconomy. Journal of Finance, 1991, 46(2): 529-554.
[27] Chhaochharia,V., Grinstein,Y. Corporate governance and firm value: the impact of the 2002 Governance Rules. Journal of Finance, 2007, 62(4): 1789-1825.
[28] Cook,D.O., Tang,T. Macroeconomic conditions and capital structure adjustment speed. SSRN Working Paper 1101664, 2008.
[29] Core,J.E., Guay, W.R., Rusticus,T.O. Does weak governance cause weak stock returns? An examination of firm operating performance and investors' expectations. Journal of Finance, 2006, 61(2): 655-687.
[30] Dangl,T., Zechner,J. Credit risk and dynamic capital structure choice. Journal of Financial Intermediation, 2004, 13(2): 183-204.
[31] DeAngelo,H., Masulis,R.W. Optimal capital structure under corporate and personal taxation. Journal of Financial Economics, 1980, 8(1): 3-29.
[32] Demirguc-kunt,A., Maksimovic,V. Funding growth in bank-based and market-based financial systems: evidence from firm-level data. Journal of Financial Economics, 2002, 65(3): 337-363.
[33] Demirguc-kunt,A., Maksimovic,V. Institutions, financial markets, and firm debt maturity. Journal of Financial Economics, 1999, 54(3): 295-336.
[34] Demirguc-Kunt,A., Maksimovic,V. Stock market development and firm financing choices. The World Bank Economic Review, 1996, 10(2): 341-369.
[35] Dissanaike,G., Lambrecht,B.M. Differentiating debt target from non-target firms: an empirical study on corporate capital structure. SSRN Working Paper 293103, 2001.
[36] Dittmar,A., Thakor,A. Why do firms issue equity? Journal of Finance, 2007, 62(1): 1-54.
[37] Douglas,A.V.S. Capital structure and the control of managerial incentives. Journal of Corporate Finance, 2002, 8(4): 287-311.
[38] Drobetz,W., Pensa,P., Wanzenried,G. Firm characteristics, economic conditions and capital structure adjustments. SSRN Working Paper 924179, 2007.
[39] Drobetz,W., Wanzenried,G. What determines the speed of adjustment to the target capital structure? Applied Financial Economics, 2006, 16(13): 941-958.
[40] Duffee,G.R. The relation between treasury yields and corporate bond yield spreads. Journal of Finance, 1998, 53(6): 2225-2241.
[41] Duffie,D., Singleton.K.J. Credit risk: pricing, measurement, and management. Princeton, NJ: Princeton University Press, 2003: 45-47.
[42] Eriotis,N., Vasiliou,D., Ventoura-Neokosmidi,Z. How firm characteristics affect capital structure: an empirical study. Managerial Finance, 2007, 33(5): 321-331.
[43] Estrella,A., Hardouvelis,G. The term structure as a predictor for real economic activity. Journal of Finance, 1991,46(2): 555-576.
[44] Fama,E.F. Term premiums and default premiums in money markets. Journal of Financial Economics, 1986, 17(1): 175-196.
[45] Fama,E.F., French,K.R. Taxes, financing decisions, and firm value. Journal of Finance, 1998, 53(3): 819-843.
[46] Fama,E.F., French,K.R. Testing trade-off and pecking order predictions about dividends and debt. Review of Financial Studies, 2002,15(1): 1-33.
[47] Fama.E.F., French.K.R. Financing decisions: who issues stock? Journal of Financial Economics, 2005, 76(3): 549-582.
[48] Fan,J.P., Titman,S. An international comparison of capital structure and debt maturity choices. Hong Kong University of Science and Technology, Working Paper, 2003.
[49] Faulkender,M.W., Flannery,M.J., Hankins,K.W., Smith,J.M. Do adjustment costs impeding realization of target capital structure? AFA 2008 New Orleans Meetings Paper, Available at SSRN Working Paper 972148,2007.
[50] Fischer,E., Heinkel,R., Zechner,J. Dynamic capital structure choice: theory and tests. Journal of Finance, 1989,44(1): 19-40.
[51] Flannery,M.J., Rangan,K.P. Partial adjustment toward target capital structures. Journal of Financial Economics, 2006, 79(3): 469-506.
[52] Frank,M.Z., Goyal,V.K. Testing the pecking order theory of capital structure. Journal of Financial Economics, 2003, 67(2): 217-248.
[53] Frank,M.Z., Goyal,V.K. The effect of market conditions on capital structure adjustment. Finance Research Letters, 2004,1(1): 47-55.
[54] Franks,J.R., Nyborg,K.G., Torous,W.N. A comparison of US, UK, and German insolvency codes. Financial Management, 1996, 25(3): 86-101.
[55] Frydenberg,S. A dynamic model of corporate capital structure. EFMA 2003 Helsinki Meetings, Available at SSRN Working Paper 394989, 2003.
[56] Garvey,G., Hanka,G. Capital structure and corporate control: the effect of antitakeover statutes on firm leverage. Journal of Finance, 1999, 54(2): 519-546.
[57] Gaud,P., Hoesli,M., Bender,A. Debt Equity Choice in Europe. International Review of Financial Analysis, 2007, 16(3): 201-222.
[58] Giannetti,M. Do better institutions mitigate agency problems? evidence from corporate finance choices. Journal of Financial and Quantitative Analysis, 2003, 38(1): 185-212.
[59] Gillan,S.L. Recent developments in corporate governance: an overview. Journal of Corporate Finance, 2006, 12(3): 381-402.
[60] Givoly,D., Hayn,C, Ofer,A.R., Sarig,O. Taxes and capital structure: evidence from firms' response to the Tax Reform Act of 1986. Review of Financial Studies, 1992, 5(2): 331-355.
[61] Goldstein,R., Ju.N., Leland.H.E. An EBIT-based model of dynamic capital structure. Journal of Business, 2001, 74(4): 483-512.
[62] Graham,J.R. Debt and the marginal tax rate. Journal of Financial Economics, 1996, 41(1): 41-73.
[63] Graham,J.R. Do personal taxes affect corporate financing decisions? Journal of Public Economics, 1999, 73(2): 147-185.
[64] Graham,J.R. How big are the tax benefits of debt? Journal of Finance, 2000, 55(5): 1901-1941.
[65] Graham,J.R. Taxes and corporate finance: a review. Review of Financial Studies, 2003,16(4): 1075-1129.
[66] Graham,J.R., Harvery,C.R. The theory and practice of corporate finance: evidence from the field. Journal of Financial Economics, 2001, 60(1): 187-243.
[67] Haas.R., Peeters.M. The dynamic adjustment towards target capital structures of firms in transition economies. The Economics of Transition, 2006,14(1): 133-169.
[68] Hackbarth,D., Miao,J., Morellec,E. Capital structure, credit risk, and macroeconomic conditions. Journal of Financial Economics, 2006, 82(3): 519-550.
[69] Hans L(?)(?)f. Dynamic optimal capital structure and technical change. Structural Change and Economic Dynamics, 2004, 15(4): 449-468.
[70] Harford,J., Klasa,S., Walcott,N. Do firms have leverage targets? evidence from acquisitions. SSRN Working Paper 890849, 2007.
[71] Harris,M., Raviv.A. Corporate control contests and capital structure. Journal of Financial Economics, 1988,20(1): 55-86.
[72] Harris,M., Raviv.A. The Theory of capital structure. Journal of Finance, 1991, 46(1): 297-355.
[73] Hart,O. Financial contracting. Journal of Economic Literature, 2001, 39(4): 1079-1100.
[74] Hennessy,C.A., Whited,T.M. Debt dynamics. Journal of Finance, 2005, 60(3): 1129-1165.
[75] Heshmati,A. The dynamics of capital structure: evidence from Swedish micro and small firms. Research in Banking and Finance, 2001, 2: 199-241.
[76] Hou,K., Robinson,D.T. Industry concentration and average stock returns. Journal of Finance, 2006, 61(4): 1927-1956.
[77] Hovakimian,A. The role of target leverage in security issues and repurchases. The Journal of Business, 2004, 77(4): 1041-1071.
[78] Hovakimian,A., Hovakimian,G., Tehranian,H. Determinants of target capital structure: the case of dual debt and equity issues. Journal of Financial Economics, 2004, 1(3): 517-540.
[79] Hovakimian,A., Opler,T., Titman,S. The debt-equity choice. Journal of Financial and Quantitative Analysis, 2001, 36(1): 1-24.
[80] Huang,G., Song,F. The determinants of capital structure: evidence from China. China Economic Review, 2006, 17(1): 14-36.
[81] Huang,R., Ritter,J. Testing the market timing theory of capital structure. University of Florida, Working Paper, 2005.
[82] Huang,R., Ritter,J. Testing theories of capital structure and estimating the speed of adjustment. 20th Australasian Finance and Banking Conference 2007 Paper, Available at SSRN Working Paper 938564, 2007.
[83] Hyesung,K., Almas,H., Dany,A. Dynamics of capital structure: the case of Korean listed manufacturing companies. Asian Economic Journal, 2006, 20(3): 275-302.
[84] Israel,R. Capital structure and the market for corporate control: the defensive role of debt financing. Journal of Finance, 1991,46(4): 1391-1409.
[85] Israel,R. Capital and ownership structure and the market for corporate control. Review of Financial Studies, 1992, 5(1): 181-198.
[86] Jalilvand,A., Harris,R.S. Corporate behavior in adjusting to capital structure and dividend targets: an econometric study. Journal of Finance, 1984, 39(1): 127-145.
[87] Jensen,M.C., Meckling.W.H. Theory of the firm: managerial behavior, agency costs and the ownership structure. Journal of Financial Economics, 1976, 3(1): 305-360.
[88] Jensen.M. Agency cost of free cash flow, corporate finance and takeovers. American Economic Review, 1986, 76(1): 323-329.
[89] Johnson,J. Econometric methods (3rd edition). New York: McGraw-Hill, 1984.
[90] Jorion. Financial risk manager handbook (2nd edition). Hoboken: John Wiley & Sons Press, 2003: 246-260.
[91] Kayhan,A., Titman,S. Firms' histories and their capital structures. Journal of Financial Economics, 2007, 83(1): 1-32.
[92] Kim,M.K., Wu,Chunchi. Effects of inflation on capital structure. The Financial Review, 1988, 23(2): 183-200.
[93] Kim,H., Heshmati,A., Aoun,D. Dynamics of capital structure: the case of Korean listed manufacturing companies. Asian Economic Journal, 2006, 20: 275-302.
[94] Korajczyk,R.A., Levy,A. Capital structure choice: macroeconomic conditions and financial constraints. Journal of Financial Economics, 2003, 68(1): 75-109.
[95] Kottaridi,C., Siourounis,G. Modelling international capital structure under foreign macroeconomic volatility. Mathematical and Computer Modelling, 2007, 46(1-2): 151-162.
[96] Kovenock,D., Phillips,G.M. Capital structure and product market behavior: an examination of plant exit and investment decision. Review of Financial Studies, 1997,10(3): 767-803.
[97] Kovenoek,D., Phillips,G.M. Capital structure and product-market rivalry: how do we reconcile theory and evidence? American Economic Review, 1995, 85(2): 403-408.
[98] La Porta,R., Lopez-de-Silanes,F., Shleifer,A., Vishny,R. Investor protection and corporate governance. Journal of Financial Economics, 2000, 58(1): 3-27.
[99] Leary.M., Roberts,M. Do firms rebalance their capital structures? Journal of Finance, 2005, 60(6): 2575-2619.
[100] Leland,H.E. Corporate debt value, bond covenants, and optimal capital structure. Journal of Finance, 1994,49(4): 1213-1252.
[101] Leland,H.E., Toft,K. Optimal capital structure, endogenous bankruptcy, and the term structure of credit spreads. Journal of Finance, 1996, 51(3): 987-1019.
[102] Leland,H.E. Agency costs, risk management, and capital structure. Journal of Finance, 1998, 53(4): 1213-1243.
[103] Levy,A., Hennessy,C. Why does capital structure choice vary with macroeconomic conditions? Journal of Monetary Economics, 2007, 54(6): 1545-1564.
[104] Li,D.H., Moshirian,F., Pham,P.K., Zein,J. When financial institutions are large shareholders: the role of macro corporate governance environments. Journal of Finance, 2006, 61(6): 2975-3007.
[105] Liu,L.X. Do firms have target leverage ratios: evidence from historical market-to-book and past returns. SSRN Working Paper 871928, 2005.
[106] Liu,L.X. Historical market-to-book and past returns in a partial-adjustment model of leverage. SSRN Working Paper 1004466, 2007.
[107] MacKay,P., Phillips,G.M. How does industry affect firm financial structure? The Review of Financial Studies, 2005, 18(4): 1433-1466.
[108] MacKie-Mason,J.K. Do taxes affect corporate financing decisions? Journal of Finance, 1990,45(5): 1471-1493.
[109] Maksimovic.V. Capital structure in repeated oligopolies. Rand Journal of Economics, 1988, 19(3): 389-407.
[110] Mayer,C. Corporation tax, finance and the cost of capital. Review of Economic Studies, 1986, 53(1): 93-112.
[Ill] Miao,J. Optimal capital structure and industry dynamics. Journal of Finance, 2005, 60(6): 2621-2659.
[112] Miguel,A., Pindado,J. Determinants of capital structure: new evidence from Spanish panel data. Journal of Corporate Finance, 2001, 7(1): 77-99.
[113] Mihov,V.T. The effect of financial deficit and target leverage on capital structure and debt characteristics: evidence from first-time debt issuers. SSRN Working Paper 753705, 2005.
[114] Modigliani,F., Miller,M.H. The cost of capital, corporation finance, and the theory of investment. American Economic Review, 1958, 48(3): 261-297.
[115] Myers,S. The capital structure puzzle. Journal of Finance, 1984, 39(3): 575-591.
[116] Myers,S., Majluf,N. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 1984, 13(1): 187-221.
[117] Myers,S. Determinants of corporate borrowing. Journal of Financial Economics, 1977, 5(1): 147-175.
[118] Nejadmalayeri,A. On the effect of the term structure of interest rates on corporate capital structure: theory and evidence. University of Arizona Doctoral Paper, 2001.
[119] Nivorozhkin,E. The dynamics of capital structure in transition economies. Economics of Planning, 2004, 37(1): 25-45.
[120] Novaes,W. Capital structure choice when managers are in control-entrenchment versus efficiency. Journal of Business, 2003, 76(1): 49-81.
[121] Opler,T., Titman,S. Financial distress an corporate performance. Journal of Finance, 1994,49(3): 1015-1040.
[122] Ozkan,A. Determinants of capital structure and adjustment to long run target: evidence from UK company panel. Journal of Business Finance and Accounting, 2001, 3(1-2): 175-198.
[123] Phillips,G. Increased debt and industry product markets: an empirical analysis. Journal of Financial Economics, 1995, 37(1): 189-238.
[124] Philosophov,L.V., Philosophov,V.L. Optimization of corporate capital structure: a probabilistic Bayesian approach. International Review of Financial Analysis, 1999, 8(3): 199-214.
[125] Pittman,J., Klassen,K. The influence of firm maturation on firms' rate of adjustment to their optimal capital structures. Journal of the American Taxation Association, 2001,23(2): 70-94.
[126] Rajan,R., Zingales,L. What do we know about capital structure: some evidence from international data. Journal of Finance, 1995, 50(5): 1421-1460.
[127] Roberts,M.R. The dynamics of capital structure: an empirical analysis of a partially observable system. SSRN Working Paper 305885, 2002.
[128] Ross,S. The determination of financial structure: the incentive signaling approach. Bell Journal of Economics, 1977, 8(1): 1-32.
[129] Shleifer,A., Vishny,R.W. A survey of corporate governance. Journal of Finance, 1997, 52 (2): 737-783.
[130] Shleifer,A., Vishny,R.W. Liquidation values and debt capacity: a maket equilibrium approach. Journal of Finance, 1992,47 (4): 1343-1365.
[131] Shleifer,A., Wolfenzon,D. Investor protection and equity markets. Journal of Financial Economics, 2002,66(1): 3-27.
[132] Showaher,D. Oligopoly and financial structure: comment. American Economic Review, 1995, 85(3): 647-654.
[133] Shyam-Sunder,L., Myers,S. Testing static tradeoff against pecking order models of capital structure. Journal of Financial Economics, 1999, 51(2): 219-244.
[134] Stein.J.Rational capital budgeting in an irrational world. Journal of Business, 1996, 69(4):429-455.
[135] Strebulaev,I.A. Do tests of capital structure theory mean what they say? Journal of Finance, 2007, 62(4): 1747-1787.
[136] Stulz.,R. Managerial control of voting rights financing policies and the market for corporate control. Journal of Financial Economics, 1988, 20(1): 25-54.
[137] Titman,S., Wessels,R. The determinants of capital structure choice. Journal of Finance, 1988,43(1): 1-19.
[138] Titman,S., Tsyplakov.S. A dynamic model of optimal capital structure. Review of Finance, 2007, 11(3): 401-451.
[139] Titman.S. The Modigliani and Miller theorem and the integration of financial markets. Financial Management, 2002, 31(1): 101-115.
[140] Uysal,V.B. Deviation from the target capital structure and acquisition choices. AFA 2007 Chicago Meetings Paper, Available at SSRN 891582, 2006.
[141] Vilasuso,J., Minkler,A. Agency costs, asset specificity, and the capital structure of the firm. Journal of Economic Behavior and Organization, 2001, 44(1): 55-69.
[142] Wald,J.K. How firm characteristics affect capital structure: an international comparison. The Journal of Financial Research, 1999, 22(1): 161-187.
[143] Wanzenried,G. Capital structure dynamics in the UK and continental Europe. The European Journal of Finance, 2006, 12(8): 693-716.
[144] Welch,I. Capital structure and stock returns. Journal of Political Economy, 2004, 112(1): 106-131.
[145] Wooldridge,J.M. Econometric analysis of cross section and panel data. Cambridge MA: MIT Press, 2002.
[146] Zingales.L. In search of new foundations. Journal of Finance, 2000, 55(4): 1623-1653.
[147] Zwiebel,J. Dynamic capital structure under managerial entrenchment. American Economic Review, 1996, 86(5): 1197-1215.
[148] 程蕾．温州非公有制工业企业融资效率模糊评价[J]．中国工业经济，2002，(11)：84-90．
[149] 陈文浩，任娟华．企业债务期限结构的行业特征--基于中国上市公司的实证研究[J]．上海财经大学学报，2007，(4)：96-102．
[150] 丁培嵘，郭鹏飞．基于行业均值的公司资本结构动态调整[J]．系统工程理论方法应用，2005，14(5)：454-457．
[151] 樊纲，王小鲁，朱恒鹏．中国市场化指数--各地区市场化相对进程2006年报告[M]．北京：经济科学出版社，2007：89-358．
[152] 樊纲，王小鲁等．中国各地区市场化相对进程报告[J]．经济研究，2003，(3)：9-18．
[153] 方芳，曾辉．中小企业融资方式与融资效率比较[J]．经济理论与经济管理，2005，(4)：38-42．
[154] 冯根福，吴林江，刘世彦．我国上市公司资本结构形成的影响因素分析[J]．经济学家，2000，(5)：59-66．
[155] 傅元略．企业资本结构优化理论研究[M]．大连：东北财经大学出版社，1999：79-81．
[156] 顾乃康，宁宇．公司的多样化战略与资本结构关系的实证研究[J]，南开管理评论，2004，7(6)：89-93．
[157] 郭鹏飞，孙培源．资本结构的行业特征：基于中国上市公司的实证研究[J]．经济研究，2003，(5)：66-73．
[158] 黄少安，张岗．中国上市公司股权融资偏好分析[J]．经济研究，2001，(11)：12-20．
[159] 姜付秀，刘志彪，李焰．不同行业内公司之间资本结构差异研究--以中国上市公司为例[J]．金融研究，2008，(5)：172-185．
[160] 姜付秀，刘志彪．行业特征、资本结构与产品市场竞争[J]．管理世界，2005，(10)：74-81．
[161] 姜付秀，屈耀辉，陆正飞，李焰．产品市场竞争与资本结构动态调整[J]．经济研究，2008，(4)：99-110．
[162] 蒋殿春．中国上市公司资本结构和融资倾向[J]．世界经济，2003，(7)：43-54．
[163] 孔爱国，薛光煜．中国上市公司资本结构调整能力的实证研究[J]．复旦学报(社科版)，2005，(4)：39-46．
[164] 匡海波，李延喜，曹雨．最佳资本结构、债务期限结构与公司收益的相关性研究[J]． 管理评论，2007，19，(12)：55-60．
[165] 李登武．中国上市公司融资效率问题研究[D]．西安：西安交通大学，2004：2-5．
[166] 黎凯，叶建芳．财政分权下政府干预对债务融资的影响--基于转轨经济制度背景的实证分析[J]．管理世界．2007，(8)：23-34．
[167] 李国重．中国上市公司资本结构的动态目标调整：制度特征导向[J]．会计研究，2006，(12)：68-75．
[168] 李国重．资本结构定素：多层次动态研究[M]．北京：中国人民大学出版社，2007：114．
[169] 连玉君，钟经樊．中国上市公司资本结构动态调整机制研究[J]．南方经济，2007，(1)：23-38．
[170] 刘力昌，冯根福，张道宏，毛红霞．基于DEA的上市公司股权融资效率评价[J]．系统工程，2004，22(1)：55-59．
[171] 卢福财．企业融资效率分析[M]．北京：经济管理出版社，2001：2-10．
[172] 陆正飞，高强．中国上市公司融资行为研究--基于问卷调查的分析[J]．会计研究，2003，(10)：16-25．
[173] 陆正飞，辛宇．上市公司资本结构主要因素之实证研究[J]．会计研究，1998，(8)：34-37．
[174] 陆正飞，叶康涛．中国资本市场的公司财务研究：回顾与评论(上)[J]．财会通讯，2004，(4)：11-16．
[175] 陆正飞．我国企业资本结构与融资行为：回顾、评述与展望[J]．财会通讯，2008，(10)：6-10．
[176] 邱斯菀．基于动态调整模型的企业资本结构的实证研究[D]．大连：大连理工大学，2006：39-40．
[177] 屈耀辉，姜付秀，陈朝晖．资本结构决策具有战略效应吗[J]．管理世界，2007，(2)：69-75．
[178] 屈耀辉．中国上市公司资本结构的调整速度及其影响因素--基于不平行面板数据的经验分析[J]．会计研究，2006，(6)：56-62．
[179] 宋文兵．对当前融资形势的理性思考[J]．改革与战略，1997，(6)：1-6．
[180] 孙健．终极控制权与资本结构的选择--来自沪市的经验证据[J]．管理科学，2008，21(2)：18-25．
[181] 孙铮，刘凤委，李增泉．市场化程度、政府干预与企业债务期限结构--来自我国上市公司的经验证据[J]．经济研究，2005，(5)：52-63．
[182] 谭克．中国上市公司资本结构行业差异的实证研究[J]．产业经济研究，2005a，(3)： 23-29．
[183] 谭克．中国上市公司资本结构影响因素研究[M]．北京：经济科学出版社，2005b：200-222．
[184] 唐国正，刘力．公司资本结构理论--回顾与展望[J]．管理世界，2006，5：158-169．
[185] 童盼，陆正飞．负债融资、负债来源与企业投资行为--来自中国上市公司的经验证据[J]．经济研究，2005，(5)：75-85．
[186] 童勇．我国上市公司资本结构部分调整的实证研究[J]．产业经济研究，2006，(2)：43-49．
[187] 童勇．资本结构的动态调整和影响因素[J]．财经研究，2004，30(10)：96-104．
[188] 王春峰，周敏，房振明．我国上市公司资本结构调整行为研究[J]．中国地质大学学报(社科版)，2007，7(6)：33-38．
[189] 王皓，赵俊．资本结构动态调整模型--沪深股市的实证分析[J]．经济科学，2004，(3)：54-62．
[190] 王正位，朱武祥，赵冬青．发行管制条件下的股权再融资市场时机行为及其对资本结构的影响[J]．南开管理评论，2007，10(6)：40-46．
[191] 魏开文．中小企业融资效率模糊分析[J]．金融研究，2001，(6)：67-74．
[192] 伍利娜，陆正飞．企业投资行为与融资结构的关系--基于一项实验研究的发现[J]．管理世界，2005，(4)：99-405．
[193] 肖泽忠，邹宏．中国上市公司资本结构的影响因素和股权融资偏好[J]．经济研究，2008，(6)：119-134．
[194] 肖作平，吴世农．我国上市公司资本结构影响因素实证研究[J]．证券市场导报，2002，(8)：39-44．
[195] 肖作平．公司治理结构对资本结构类型的影响[J]．管理世界，2005，(9)：137-148．
[196] 肖作平．资本结构影响因素和双向效应动态模型--来自中国上市公司面板数据的证据[J]．会计研究，2004，(2)：36-41．
[197] 严浩军．基于动态调整模型的中国上市公司资本结构研究[D]．上海：同济大学，2006：105-106．
[198] 杨国梁，黄思明．应用内点算法求解允许买空／卖空情况下的投资组合问题[J]．中国管理科学，2004，12(1)：24-27．
[199] 杨华，汪兴隆．法律环境、金融结构与企业最优破产机制的经济学分析[J]．经济管理(新管理)，2006，(22)：67-73．
[200] 叶望春．金融工程与金融效率相关问题研究综述[J]．经济评论，1999，(5)：76-84．
[201] 于东智．资本结构、债权治理与公司绩效：一项经验分析[J]．中国工业经济，2003，(1)：87-94．
[202] 余明桂，夏新平，邹振松．管理者过度自信与企业激进负债行为[J]．管理世界，2006，(8)：104-112．
[203] 原毅军，孙晓华．宏观经济要素与企业资本结构的动态优化．经济与管理研究，2006，(5)：39-42．
[204] 曾康霖．怎样看待直接融资与间接融资[J]．西南金融，1993，(10)：7-11．
[205] 张利兵，吴冲锋．资本结构、股权融资和企业投资行为[J]．中国管理科学，2008，16(3)：157-163．
[206] 张卫东．线性模型中的GMM距离检验及其与LR、LM和Wald检验的关系[J]．数量经济技术经济研究，2007，(9)：157-161．
[207] 张兆国，张庆，何威风．企业财权安排的几个基本理论问题：基于利益相关者理论研究[J]．会计研究，2007，(11)：39-43．
[208] 张兆国．中国上市公司资本结构治理效应研究[M]．北京：中国财政经济出版社，2004：92-109．
[209] 赵冬青，朱武祥．上市公司资本结构影响因素经验研究[J]．南开管理评论，2006，9(2)：11-18．
[2] Allayannis,G., Brown,G.W., Klapper,L.F. Capital structure and financial risk: evidence from foreign debt use in East Asia. Journal of Finance, 2003, 58 (6): 2667-2710.
[3] Allen,F., Qian,J., Qian,M. Law, finance, and economic growth in China. Journal of Financial Economics, 2005, 77: 57-116.
[4] Arellano,M., Bond,S.R. Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies, 1991, 58(2): 277-297.
[5] Baker,M., Wurgler,J. Market timing and capital structure. Journal of Finance, 2002, 57(l):l-32.
[6] Banerjee,S., Heshmati,A., Wihlborg,C. The dynamics of capital structure. Research in Banking and Finance, 2004, 4: 275-297.
[7] Baum,C.F., Doyle,J.M. Dynamic adjustment of firms' capital structures in a varying-risk environment. Journal of Economic Dynamics and Control, 1988, 12(1): 127-133.
[8] Beck,T., Demirguc-kunt,A., Maksimovic,V. Financial and legal constraints to growth: does firm size matter? Journal of Finance, 2005, 60(1): 137-177.
[9] Berger,P., Ofek,E., Yermack,D. Managerial entrenchment and capital structure decisions. Journal of Finance, 1997, 52(4): 1411-1438.
[10] Bertrand,M., Schoar,A., Thesmar,D. Banking deregulation and industry structure: evidence from the French banking reforms of 1985. Journal of Finance, 2007, 62(2): 597-628.
[11] Bevan,AA., Danboldt,J. Testing for Inconsistencies in the Estimation of UK Capital Structure determinants. Applied Financial Economics, 2004, 12(1): 55-66.
[12] Bird,G., Rajan,R.S. Resolving the interest rate premium puzzle: capital inflows and bank intermediation in emerging economies. CIES Discussion Paper, 2000.
[13] Black,F., Scholes,M. The pricing of options and corporate liabilities. Journal of Political Economy, 1973, 81(3): 637-654.
[14] Booth,L., Aivazian,V., Demirguc-Kunt,A., Maksimovic,V. Capital structures in developing countries. Journal of Finance, 2001, 56(1): 87-130.
[15] Bradley, M., Jarrell,G.A., Kim,H. On the existence of an optimal financial structure. Journal of Finance, 1984, 39(3): 857-878.
[16] Brander.J., Lewis.T. Oligopoly and financial structure: the limited liability effect. American Economic Review, 1986, 76(5): 956-970.
[17] Braun,M., Larrain,B. Finance and the business cycle: international, inter-industry evidence. Journal of Finance, 2005, 60(2): 1097-1128.
[18] Brounen,D., Jong,A., Koedijk,K. Capital structure policies in Europe: survey evidence. Journal of Banking and Finance, 2006, 30(5): 1409-1442.
[19] Bruno,G.S.F. Approximating the bias of the LSDV estimator for dynamic unbalanced panel data models. Economics Letters, 2005, 87(3): 361-366.
[20] Byoun, S. Capital structure adjustments in the presence of adjustment costs. The 2005 Midwest Finance Association Annual Meetings, 2005.
[21] Byoun, S. How and when do firms adjust their capital structures toward targets? Journal of Finance, Forthcoming Available at SSRN Working Paper 651345, 2007.
[22] Campello,M. Capital structure and product markets interactions: evidence from business cycles. Journal of Financial Economics, 2003, 68(3): 353-378.
[23] Carro,J.M. Estimating dynamic panel data discrete choice models with fixed effects. Journal of Econometrics, 2007, 140(2): 503-528.
[24] Casey,C. Corporate valuation, capital structure and risk management: a stochastic DCF approach. European Journal of Operational Research, 2001, 135(2): 311-325.
[25] Chen,J.J. Determinants of capital structure of Chinese-listed companies. Journal of Business Research, 2004, 57(12): 1341-1351.
[26] Chen,N. Financial investment opportunities and the macroeconomy. Journal of Finance, 1991, 46(2): 529-554.
[27] Chhaochharia,V., Grinstein,Y. Corporate governance and firm value: the impact of the 2002 Governance Rules. Journal of Finance, 2007, 62(4): 1789-1825.
[28] Cook,D.O., Tang,T. Macroeconomic conditions and capital structure adjustment speed. SSRN Working Paper 1101664, 2008.
[29] Core,J.E., Guay, W.R., Rusticus,T.O. Does weak governance cause weak stock returns? An examination of firm operating performance and investors' expectations. Journal of Finance, 2006, 61(2): 655-687.
[30] Dangl,T., Zechner,J. Credit risk and dynamic capital structure choice. Journal of Financial Intermediation, 2004, 13(2): 183-204.
[31] DeAngelo,H., Masulis,R.W. Optimal capital structure under corporate and personal taxation. Journal of Financial Economics, 1980, 8(1): 3-29.
[32] Demirguc-kunt,A., Maksimovic,V. Funding growth in bank-based and market-based financial systems: evidence from firm-level data. Journal of Financial Economics, 2002, 65(3): 337-363.
[33] Demirguc-kunt,A., Maksimovic,V. Institutions, financial markets, and firm debt maturity. Journal of Financial Economics, 1999, 54(3): 295-336.
[34] Demirguc-Kunt,A., Maksimovic,V. Stock market development and firm financing choices. The World Bank Economic Review, 1996, 10(2): 341-369.
[35] Dissanaike,G., Lambrecht,B.M. Differentiating debt target from non-target firms: an empirical study on corporate capital structure. SSRN Working Paper 293103, 2001.
[36] Dittmar,A., Thakor,A. Why do firms issue equity? Journal of Finance, 2007, 62(1): 1-54.
[37] Douglas,A.V.S. Capital structure and the control of managerial incentives. Journal of Corporate Finance, 2002, 8(4): 287-311.
[38] Drobetz,W., Pensa,P., Wanzenried,G. Firm characteristics, economic conditions and capital structure adjustments. SSRN Working Paper 924179, 2007.
[39] Drobetz,W., Wanzenried,G. What determines the speed of adjustment to the target capital structure? Applied Financial Economics, 2006, 16(13): 941-958.
[40] Duffee,G.R. The relation between treasury yields and corporate bond yield spreads. Journal of Finance, 1998, 53(6): 2225-2241.
[41] Duffie,D., Singleton.K.J. Credit risk: pricing, measurement, and management. Princeton, NJ: Princeton University Press, 2003: 45-47.
[42] Eriotis,N., Vasiliou,D., Ventoura-Neokosmidi,Z. How firm characteristics affect capital structure: an empirical study. Managerial Finance, 2007, 33(5): 321-331.
[43] Estrella,A., Hardouvelis,G. The term structure as a predictor for real economic activity. Journal of Finance, 1991,46(2): 555-576.
[44] Fama,E.F. Term premiums and default premiums in money markets. Journal of Financial Economics, 1986, 17(1): 175-196.
[45] Fama,E.F., French,K.R. Taxes, financing decisions, and firm value. Journal of Finance, 1998, 53(3): 819-843.
[46] Fama,E.F., French,K.R. Testing trade-off and pecking order predictions about dividends and debt. Review of Financial Studies, 2002,15(1): 1-33.
[47] Fama.E.F., French.K.R. Financing decisions: who issues stock? Journal of Financial Economics, 2005, 76(3): 549-582.
[48] Fan,J.P., Titman,S. An international comparison of capital structure and debt maturity choices. Hong Kong University of Science and Technology, Working Paper, 2003.
[49] Faulkender,M.W., Flannery,M.J., Hankins,K.W., Smith,J.M. Do adjustment costs impeding realization of target capital structure? AFA 2008 New Orleans Meetings Paper, Available at SSRN Working Paper 972148,2007.
[50] Fischer,E., Heinkel,R., Zechner,J. Dynamic capital structure choice: theory and tests. Journal of Finance, 1989,44(1): 19-40.
[51] Flannery,M.J., Rangan,K.P. Partial adjustment toward target capital structures. Journal of Financial Economics, 2006, 79(3): 469-506.
[52] Frank,M.Z., Goyal,V.K. Testing the pecking order theory of capital structure. Journal of Financial Economics, 2003, 67(2): 217-248.
[53] Frank,M.Z., Goyal,V.K. The effect of market conditions on capital structure adjustment. Finance Research Letters, 2004,1(1): 47-55.
[54] Franks,J.R., Nyborg,K.G., Torous,W.N. A comparison of US, UK, and German insolvency codes. Financial Management, 1996, 25(3): 86-101.
[55] Frydenberg,S. A dynamic model of corporate capital structure. EFMA 2003 Helsinki Meetings, Available at SSRN Working Paper 394989, 2003.
[56] Garvey,G., Hanka,G. Capital structure and corporate control: the effect of antitakeover statutes on firm leverage. Journal of Finance, 1999, 54(2): 519-546.
[57] Gaud,P., Hoesli,M., Bender,A. Debt Equity Choice in Europe. International Review of Financial Analysis, 2007, 16(3): 201-222.
[58] Giannetti,M. Do better institutions mitigate agency problems? evidence from corporate finance choices. Journal of Financial and Quantitative Analysis, 2003, 38(1): 185-212.
[59] Gillan,S.L. Recent developments in corporate governance: an overview. Journal of Corporate Finance, 2006, 12(3): 381-402.
[60] Givoly,D., Hayn,C, Ofer,A.R., Sarig,O. Taxes and capital structure: evidence from firms' response to the Tax Reform Act of 1986. Review of Financial Studies, 1992, 5(2): 331-355.
[61] Goldstein,R., Ju.N., Leland.H.E. An EBIT-based model of dynamic capital structure. Journal of Business, 2001, 74(4): 483-512.
[62] Graham,J.R. Debt and the marginal tax rate. Journal of Financial Economics, 1996, 41(1): 41-73.
[63] Graham,J.R. Do personal taxes affect corporate financing decisions? Journal of Public Economics, 1999, 73(2): 147-185.
[64] Graham,J.R. How big are the tax benefits of debt? Journal of Finance, 2000, 55(5): 1901-1941.
[65] Graham,J.R. Taxes and corporate finance: a review. Review of Financial Studies, 2003,16(4): 1075-1129.
[66] Graham,J.R., Harvery,C.R. The theory and practice of corporate finance: evidence from the field. Journal of Financial Economics, 2001, 60(1): 187-243.
[67] Haas.R., Peeters.M. The dynamic adjustment towards target capital structures of firms in transition economies. The Economics of Transition, 2006,14(1): 133-169.
[68] Hackbarth,D., Miao,J., Morellec,E. Capital structure, credit risk, and macroeconomic conditions. Journal of Financial Economics, 2006, 82(3): 519-550.
[69] Hans L(?)(?)f. Dynamic optimal capital structure and technical change. Structural Change and Economic Dynamics, 2004, 15(4): 449-468.
[70] Harford,J., Klasa,S., Walcott,N. Do firms have leverage targets? evidence from acquisitions. SSRN Working Paper 890849, 2007.
[71] Harris,M., Raviv.A. Corporate control contests and capital structure. Journal of Financial Economics, 1988,20(1): 55-86.
[72] Harris,M., Raviv.A. The Theory of capital structure. Journal of Finance, 1991, 46(1): 297-355.
[73] Hart,O. Financial contracting. Journal of Economic Literature, 2001, 39(4): 1079-1100.
[74] Hennessy,C.A., Whited,T.M. Debt dynamics. Journal of Finance, 2005, 60(3): 1129-1165.
[75] Heshmati,A. The dynamics of capital structure: evidence from Swedish micro and small firms. Research in Banking and Finance, 2001, 2: 199-241.
[76] Hou,K., Robinson,D.T. Industry concentration and average stock returns. Journal of Finance, 2006, 61(4): 1927-1956.
[77] Hovakimian,A. The role of target leverage in security issues and repurchases. The Journal of Business, 2004, 77(4): 1041-1071.
[78] Hovakimian,A., Hovakimian,G., Tehranian,H. Determinants of target capital structure: the case of dual debt and equity issues. Journal of Financial Economics, 2004, 1(3): 517-540.
[79] Hovakimian,A., Opler,T., Titman,S. The debt-equity choice. Journal of Financial and Quantitative Analysis, 2001, 36(1): 1-24.
[80] Huang,G., Song,F. The determinants of capital structure: evidence from China. China Economic Review, 2006, 17(1): 14-36.
[81] Huang,R., Ritter,J. Testing the market timing theory of capital structure. University of Florida, Working Paper, 2005.
[82] Huang,R., Ritter,J. Testing theories of capital structure and estimating the speed of adjustment. 20th Australasian Finance and Banking Conference 2007 Paper, Available at SSRN Working Paper 938564, 2007.
[83] Hyesung,K., Almas,H., Dany,A. Dynamics of capital structure: the case of Korean listed manufacturing companies. Asian Economic Journal, 2006, 20(3): 275-302.
[84] Israel,R. Capital structure and the market for corporate control: the defensive role of debt financing. Journal of Finance, 1991,46(4): 1391-1409.
[85] Israel,R. Capital and ownership structure and the market for corporate control. Review of Financial Studies, 1992, 5(1): 181-198.
[86] Jalilvand,A., Harris,R.S. Corporate behavior in adjusting to capital structure and dividend targets: an econometric study. Journal of Finance, 1984, 39(1): 127-145.
[87] Jensen,M.C., Meckling.W.H. Theory of the firm: managerial behavior, agency costs and the ownership structure. Journal of Financial Economics, 1976, 3(1): 305-360.
[88] Jensen.M. Agency cost of free cash flow, corporate finance and takeovers. American Economic Review, 1986, 76(1): 323-329.
[89] Johnson,J. Econometric methods (3rd edition). New York: McGraw-Hill, 1984.
[90] Jorion. Financial risk manager handbook (2nd edition). Hoboken: John Wiley & Sons Press, 2003: 246-260.
[91] Kayhan,A., Titman,S. Firms' histories and their capital structures. Journal of Financial Economics, 2007, 83(1): 1-32.
[92] Kim,M.K., Wu,Chunchi. Effects of inflation on capital structure. The Financial Review, 1988, 23(2): 183-200.
[93] Kim,H., Heshmati,A., Aoun,D. Dynamics of capital structure: the case of Korean listed manufacturing companies. Asian Economic Journal, 2006, 20: 275-302.
[94] Korajczyk,R.A., Levy,A. Capital structure choice: macroeconomic conditions and financial constraints. Journal of Financial Economics, 2003, 68(1): 75-109.
[95] Kottaridi,C., Siourounis,G. Modelling international capital structure under foreign macroeconomic volatility. Mathematical and Computer Modelling, 2007, 46(1-2): 151-162.
[96] Kovenock,D., Phillips,G.M. Capital structure and product market behavior: an examination of plant exit and investment decision. Review of Financial Studies, 1997,10(3): 767-803.
[97] Kovenoek,D., Phillips,G.M. Capital structure and product-market rivalry: how do we reconcile theory and evidence? American Economic Review, 1995, 85(2): 403-408.
[98] La Porta,R., Lopez-de-Silanes,F., Shleifer,A., Vishny,R. Investor protection and corporate governance. Journal of Financial Economics, 2000, 58(1): 3-27.
[99] Leary.M., Roberts,M. Do firms rebalance their capital structures? Journal of Finance, 2005, 60(6): 2575-2619.
[100] Leland,H.E. Corporate debt value, bond covenants, and optimal capital structure. Journal of Finance, 1994,49(4): 1213-1252.
[101] Leland,H.E., Toft,K. Optimal capital structure, endogenous bankruptcy, and the term structure of credit spreads. Journal of Finance, 1996, 51(3): 987-1019.
[102] Leland,H.E. Agency costs, risk management, and capital structure. Journal of Finance, 1998, 53(4): 1213-1243.
[103] Levy,A., Hennessy,C. Why does capital structure choice vary with macroeconomic conditions? Journal of Monetary Economics, 2007, 54(6): 1545-1564.
[104] Li,D.H., Moshirian,F., Pham,P.K., Zein,J. When financial institutions are large shareholders: the role of macro corporate governance environments. Journal of Finance, 2006, 61(6): 2975-3007.
[105] Liu,L.X. Do firms have target leverage ratios: evidence from historical market-to-book and past returns. SSRN Working Paper 871928, 2005.
[106] Liu,L.X. Historical market-to-book and past returns in a partial-adjustment model of leverage. SSRN Working Paper 1004466, 2007.
[107] MacKay,P., Phillips,G.M. How does industry affect firm financial structure? The Review of Financial Studies, 2005, 18(4): 1433-1466.
[108] MacKie-Mason,J.K. Do taxes affect corporate financing decisions? Journal of Finance, 1990,45(5): 1471-1493.
[109] Maksimovic.V. Capital structure in repeated oligopolies. Rand Journal of Economics, 1988, 19(3): 389-407.
[110] Mayer,C. Corporation tax, finance and the cost of capital. Review of Economic Studies, 1986, 53(1): 93-112.
[Ill] Miao,J. Optimal capital structure and industry dynamics. Journal of Finance, 2005, 60(6): 2621-2659.
[112] Miguel,A., Pindado,J. Determinants of capital structure: new evidence from Spanish panel data. Journal of Corporate Finance, 2001, 7(1): 77-99.
[113] Mihov,V.T. The effect of financial deficit and target leverage on capital structure and debt characteristics: evidence from first-time debt issuers. SSRN Working Paper 753705, 2005.
[114] Modigliani,F., Miller,M.H. The cost of capital, corporation finance, and the theory of investment. American Economic Review, 1958, 48(3): 261-297.
[115] Myers,S. The capital structure puzzle. Journal of Finance, 1984, 39(3): 575-591.
[116] Myers,S., Majluf,N. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 1984, 13(1): 187-221.
[117] Myers,S. Determinants of corporate borrowing. Journal of Financial Economics, 1977, 5(1): 147-175.
[118] Nejadmalayeri,A. On the effect of the term structure of interest rates on corporate capital structure: theory and evidence. University of Arizona Doctoral Paper, 2001.
[119] Nivorozhkin,E. The dynamics of capital structure in transition economies. Economics of Planning, 2004, 37(1): 25-45.
[120] Novaes,W. Capital structure choice when managers are in control-entrenchment versus efficiency. Journal of Business, 2003, 76(1): 49-81.
[121] Opler,T., Titman,S. Financial distress an corporate performance. Journal of Finance, 1994,49(3): 1015-1040.
[122] Ozkan,A. Determinants of capital structure and adjustment to long run target: evidence from UK company panel. Journal of Business Finance and Accounting, 2001, 3(1-2): 175-198.
[123] Phillips,G. Increased debt and industry product markets: an empirical analysis. Journal of Financial Economics, 1995, 37(1): 189-238.
[124] Philosophov,L.V., Philosophov,V.L. Optimization of corporate capital structure: a probabilistic Bayesian approach. International Review of Financial Analysis, 1999, 8(3): 199-214.
[125] Pittman,J., Klassen,K. The influence of firm maturation on firms' rate of adjustment to their optimal capital structures. Journal of the American Taxation Association, 2001,23(2): 70-94.
[126] Rajan,R., Zingales,L. What do we know about capital structure: some evidence from international data. Journal of Finance, 1995, 50(5): 1421-1460.
[127] Roberts,M.R. The dynamics of capital structure: an empirical analysis of a partially observable system. SSRN Working Paper 305885, 2002.
[128] Ross,S. The determination of financial structure: the incentive signaling approach. Bell Journal of Economics, 1977, 8(1): 1-32.
[129] Shleifer,A., Vishny,R.W. A survey of corporate governance. Journal of Finance, 1997, 52 (2): 737-783.
[130] Shleifer,A., Vishny,R.W. Liquidation values and debt capacity: a maket equilibrium approach. Journal of Finance, 1992,47 (4): 1343-1365.
[131] Shleifer,A., Wolfenzon,D. Investor protection and equity markets. Journal of Financial Economics, 2002,66(1): 3-27.
[132] Showaher,D. Oligopoly and financial structure: comment. American Economic Review, 1995, 85(3): 647-654.
[133] Shyam-Sunder,L., Myers,S. Testing static tradeoff against pecking order models of capital structure. Journal of Financial Economics, 1999, 51(2): 219-244.
[134] Stein.J.Rational capital budgeting in an irrational world. Journal of Business, 1996, 69(4):429-455.
[135] Strebulaev,I.A. Do tests of capital structure theory mean what they say? Journal of Finance, 2007, 62(4): 1747-1787.
[136] Stulz.,R. Managerial control of voting rights financing policies and the market for corporate control. Journal of Financial Economics, 1988, 20(1): 25-54.
[137] Titman,S., Wessels,R. The determinants of capital structure choice. Journal of Finance, 1988,43(1): 1-19.
[138] Titman,S., Tsyplakov.S. A dynamic model of optimal capital structure. Review of Finance, 2007, 11(3): 401-451.
[139] Titman.S. The Modigliani and Miller theorem and the integration of financial markets. Financial Management, 2002, 31(1): 101-115.
[140] Uysal,V.B. Deviation from the target capital structure and acquisition choices. AFA 2007 Chicago Meetings Paper, Available at SSRN 891582, 2006.
[141] Vilasuso,J., Minkler,A. Agency costs, asset specificity, and the capital structure of the firm. Journal of Economic Behavior and Organization, 2001, 44(1): 55-69.
[142] Wald,J.K. How firm characteristics affect capital structure: an international comparison. The Journal of Financial Research, 1999, 22(1): 161-187.
[143] Wanzenried,G. Capital structure dynamics in the UK and continental Europe. The European Journal of Finance, 2006, 12(8): 693-716.
[144] Welch,I. Capital structure and stock returns. Journal of Political Economy, 2004, 112(1): 106-131.
[145] Wooldridge,J.M. Econometric analysis of cross section and panel data. Cambridge MA: MIT Press, 2002.
[146] Zingales.L. In search of new foundations. Journal of Finance, 2000, 55(4): 1623-1653.
[147] Zwiebel,J. Dynamic capital structure under managerial entrenchment. American Economic Review, 1996, 86(5): 1197-1215.
[148] 程蕾．温州非公有制工业企业融资效率模糊评价[J]．中国工业经济，2002，(11)：84-90．
[149] 陈文浩，任娟华．企业债务期限结构的行业特征--基于中国上市公司的实证研究[J]．上海财经大学学报，2007，(4)：96-102．
[150] 丁培嵘，郭鹏飞．基于行业均值的公司资本结构动态调整[J]．系统工程理论方法应用，2005，14(5)：454-457．
[151] 樊纲，王小鲁，朱恒鹏．中国市场化指数--各地区市场化相对进程2006年报告[M]．北京：经济科学出版社，2007：89-358．
[152] 樊纲，王小鲁等．中国各地区市场化相对进程报告[J]．经济研究，2003，(3)：9-18．
[153] 方芳，曾辉．中小企业融资方式与融资效率比较[J]．经济理论与经济管理，2005，(4)：38-42．
[154] 冯根福，吴林江，刘世彦．我国上市公司资本结构形成的影响因素分析[J]．经济学家，2000，(5)：59-66．
[155] 傅元略．企业资本结构优化理论研究[M]．大连：东北财经大学出版社，1999：79-81．
[156] 顾乃康，宁宇．公司的多样化战略与资本结构关系的实证研究[J]，南开管理评论，2004，7(6)：89-93．
[157] 郭鹏飞，孙培源．资本结构的行业特征：基于中国上市公司的实证研究[J]．经济研究，2003，(5)：66-73．
[158] 黄少安，张岗．中国上市公司股权融资偏好分析[J]．经济研究，2001，(11)：12-20．
[159] 姜付秀，刘志彪，李焰．不同行业内公司之间资本结构差异研究--以中国上市公司为例[J]．金融研究，2008，(5)：172-185．
[160] 姜付秀，刘志彪．行业特征、资本结构与产品市场竞争[J]．管理世界，2005，(10)：74-81．
[161] 姜付秀，屈耀辉，陆正飞，李焰．产品市场竞争与资本结构动态调整[J]．经济研究，2008，(4)：99-110．
[162] 蒋殿春．中国上市公司资本结构和融资倾向[J]．世界经济，2003，(7)：43-54．
[163] 孔爱国，薛光煜．中国上市公司资本结构调整能力的实证研究[J]．复旦学报(社科版)，2005，(4)：39-46．
[164] 匡海波，李延喜，曹雨．最佳资本结构、债务期限结构与公司收益的相关性研究[J]． 管理评论，2007，19，(12)：55-60．
[165] 李登武．中国上市公司融资效率问题研究[D]．西安：西安交通大学，2004：2-5．
[166] 黎凯，叶建芳．财政分权下政府干预对债务融资的影响--基于转轨经济制度背景的实证分析[J]．管理世界．2007，(8)：23-34．
[167] 李国重．中国上市公司资本结构的动态目标调整：制度特征导向[J]．会计研究，2006，(12)：68-75．
[168] 李国重．资本结构定素：多层次动态研究[M]．北京：中国人民大学出版社，2007：114．
[169] 连玉君，钟经樊．中国上市公司资本结构动态调整机制研究[J]．南方经济，2007，(1)：23-38．
[170] 刘力昌，冯根福，张道宏，毛红霞．基于DEA的上市公司股权融资效率评价[J]．系统工程，2004，22(1)：55-59．
[171] 卢福财．企业融资效率分析[M]．北京：经济管理出版社，2001：2-10．
[172] 陆正飞，高强．中国上市公司融资行为研究--基于问卷调查的分析[J]．会计研究，2003，(10)：16-25．
[173] 陆正飞，辛宇．上市公司资本结构主要因素之实证研究[J]．会计研究，1998，(8)：34-37．
[174] 陆正飞，叶康涛．中国资本市场的公司财务研究：回顾与评论(上)[J]．财会通讯，2004，(4)：11-16．
[175] 陆正飞．我国企业资本结构与融资行为：回顾、评述与展望[J]．财会通讯，2008，(10)：6-10．
[176] 邱斯菀．基于动态调整模型的企业资本结构的实证研究[D]．大连：大连理工大学，2006：39-40．
[177] 屈耀辉，姜付秀，陈朝晖．资本结构决策具有战略效应吗[J]．管理世界，2007，(2)：69-75．
[178] 屈耀辉．中国上市公司资本结构的调整速度及其影响因素--基于不平行面板数据的经验分析[J]．会计研究，2006，(6)：56-62．
[179] 宋文兵．对当前融资形势的理性思考[J]．改革与战略，1997，(6)：1-6．
[180] 孙健．终极控制权与资本结构的选择--来自沪市的经验证据[J]．管理科学，2008，21(2)：18-25．
[181] 孙铮，刘凤委，李增泉．市场化程度、政府干预与企业债务期限结构--来自我国上市公司的经验证据[J]．经济研究，2005，(5)：52-63．
[182] 谭克．中国上市公司资本结构行业差异的实证研究[J]．产业经济研究，2005a，(3)： 23-29．
[183] 谭克．中国上市公司资本结构影响因素研究[M]．北京：经济科学出版社，2005b：200-222．
[184] 唐国正，刘力．公司资本结构理论--回顾与展望[J]．管理世界，2006，5：158-169．
[185] 童盼，陆正飞．负债融资、负债来源与企业投资行为--来自中国上市公司的经验证据[J]．经济研究，2005，(5)：75-85．
[186] 童勇．我国上市公司资本结构部分调整的实证研究[J]．产业经济研究，2006，(2)：43-49．
[187] 童勇．资本结构的动态调整和影响因素[J]．财经研究，2004，30(10)：96-104．
[188] 王春峰，周敏，房振明．我国上市公司资本结构调整行为研究[J]．中国地质大学学报(社科版)，2007，7(6)：33-38．
[189] 王皓，赵俊．资本结构动态调整模型--沪深股市的实证分析[J]．经济科学，2004，(3)：54-62．
[190] 王正位，朱武祥，赵冬青．发行管制条件下的股权再融资市场时机行为及其对资本结构的影响[J]．南开管理评论，2007，10(6)：40-46．
[191] 魏开文．中小企业融资效率模糊分析[J]．金融研究，2001，(6)：67-74．
[192] 伍利娜，陆正飞．企业投资行为与融资结构的关系--基于一项实验研究的发现[J]．管理世界，2005，(4)：99-405．
[193] 肖泽忠，邹宏．中国上市公司资本结构的影响因素和股权融资偏好[J]．经济研究，2008，(6)：119-134．
[194] 肖作平，吴世农．我国上市公司资本结构影响因素实证研究[J]．证券市场导报，2002，(8)：39-44．
[195] 肖作平．公司治理结构对资本结构类型的影响[J]．管理世界，2005，(9)：137-148．
[196] 肖作平．资本结构影响因素和双向效应动态模型--来自中国上市公司面板数据的证据[J]．会计研究，2004，(2)：36-41．
[197] 严浩军．基于动态调整模型的中国上市公司资本结构研究[D]．上海：同济大学，2006：105-106．
[198] 杨国梁，黄思明．应用内点算法求解允许买空／卖空情况下的投资组合问题[J]．中国管理科学，2004，12(1)：24-27．
[199] 杨华，汪兴隆．法律环境、金融结构与企业最优破产机制的经济学分析[J]．经济管理(新管理)，2006，(22)：67-73．
[200] 叶望春．金融工程与金融效率相关问题研究综述[J]．经济评论，1999，(5)：76-84．
[201] 于东智．资本结构、债权治理与公司绩效：一项经验分析[J]．中国工业经济，2003，(1)：87-94．
[202] 余明桂，夏新平，邹振松．管理者过度自信与企业激进负债行为[J]．管理世界，2006，(8)：104-112．
[203] 原毅军，孙晓华．宏观经济要素与企业资本结构的动态优化．经济与管理研究，2006，(5)：39-42．
[204] 曾康霖．怎样看待直接融资与间接融资[J]．西南金融，1993，(10)：7-11．
[205] 张利兵，吴冲锋．资本结构、股权融资和企业投资行为[J]．中国管理科学，2008，16(3)：157-163．
[206] 张卫东．线性模型中的GMM距离检验及其与LR、LM和Wald检验的关系[J]．数量经济技术经济研究，2007，(9)：157-161．
[207] 张兆国，张庆，何威风．企业财权安排的几个基本理论问题：基于利益相关者理论研究[J]．会计研究，2007，(11)：39-43．
[208] 张兆国．中国上市公司资本结构治理效应研究[M]．北京：中国财政经济出版社，2004：92-109．
[209] 赵冬青，朱武祥．上市公司资本结构影响因素经验研究[J]．南开管理评论，2006，9(2)：11-18．