首页> 中文期刊>北京工业大学学报(社会科学版) >如何解释资本结构的调整方式和速度--基于福耀玻璃的案例分析与讨论

如何解释资本结构的调整方式和速度--基于福耀玻璃的案例分析与讨论

     

摘要

以现有资本结构理论为基础,试图寻找能解释各种典型公司资本结构调整方式和速度的理论框架。首先以案例分析为基础分析了主流资本结构理论对案例公司资本结构调整方式的解释程度和解释异同。然后结合公司的财务政策,定性分析了主流理论对于资本结构调整方式存在解释异同的背后原因以及将主流理论融合的理论框架。认为从资金供需的角度理解权衡理论和优序融资理论以及市场择时理论,可以将这些主流理论统一起来解释各种典型的资本结构调整方式。同时,发现以计量模型估算的资本结构调整速度推断资本结构调整到目标水平所需的时间,会误导人们对于资本结构调整方式的理解。%This paper tries to find a theoretical framework to explain typical adjustment ways of corporate capital structure based on extant capital structure theories. First, based on the case study, this paper analyzes the explanation of the main capital structure theories to the capital structure adjustment of the case company. Then, combined with three corporate financial policies, the paper discusses the deep reason of the differences and similarities of these theories in explanation of corporate capital structure, and theoretical integration framework of these theories. This paper argues that trade-off theory and pecking order theory and market timing theory, the three main theories can be understood from the perspective of supply and demand for funds, which unified the three theories to explain all kinds of typical capital structure adjustment. At the same time, this paper points out it is somewhat misleading that using capital structure adjustment speeds estimated by the econometric models infers the time of adjusting capital structure to the target level.

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