动态资本结构

首先本研究对资本结构理论研究过程进行梳理，着重介绍了静态权衡理论、代理成本理论、优序融资理论和动态资本结构理论。

First of all this paper introduced the static trade-off theory , the agent cost theory , the pecking order theory and the dynamic capital structure theory .

在此基础之上建立动态资本结构调整模型，并运用电力上市公司2001年-2006年的面板进行实证检验。

Based on the above mentioned , a dynamic adjustment model of capital structure is established , which will be tested empirically by the panel data of electric company from 2001 to 2006 .

在此基础上，本文选择了其中多个影响因素作为解释变量，通过构建静态和动态资本结构模型，分别对实际资本结构、最优资本结构及其动态调整速率的影响因素做实证分析。

Base on the analyses above , this paper selects several factors as independent variables , analyzes the determinants of real capital structure , optimal capital structure and the speed of adjustment , by designing static and dynamic models .

可转换债券的这种双重特性在随时动态优化资本结构方面发挥了重要作用。

In one word , the advantage of convertible bond can play important role on optimizing capital structure .

而且，均衡动态的资本结构优化，还需要政府的支持和企业的努力。

Besides , balanced and dynamic optimizations of capital structure also need support of government and efforts of enterprises .

认为房地产上市公司应结合公司的盈利性来动态调整资本结构。

The listed real estate companies should be combined with the profitability of the company to dynamically adjust the capital structure .

通过现有的文献综述和基本理论，认为环境动态性对资本结构与公司绩效具有修正作用。

Combined with current literature review and basic theories , it holds that environmental dynamism does moderate the relationship between capital structure and performance .

随着金融市场的进一步复杂和深化，市场不确定因素逐渐增加，基于动态视角的资本结构动态理论逐渐发展起来。

As the financial market becoming more complex , the uncertainty of the market has been increased gradually . Based on it , the dynamic capital structure theory has been gradually developed .

从根源上理解不同企业资本结构形成差异的原因，对于企业决策者在不同的社会环境下动态地进行资本结构管理和优化，以及政府扶持企业发展、优化筹资环境都是至关重要的。

To primarily understand the discrepancy of capital structures among different firms is important , not only for decision maker to manage and optimize capital structure dynamically under different social environment , but also for government to support enterprise and optimize financing environment .

根据代理理论、交易成本理论和战略管理理论，将创新战略看成是关于环境动态性和资本结构的函数，并引入企业规模、盈利能力、股权集中度变量，建立多元回归模型。

According to Agent theory , transaction cost economics and strategic management theories , this paper regards innovation strategy as the function of environmental dynamism and capital structure , moreover , it also introduces variables such as size , profit ability and density of stockholder 's ownership .

国内外研究文献显示，企业存在着动态变化的最优资本结构。

Domestic and foreign research literatures show that there is an optimal capital structure , and the capital structure is dynamic .

在静态模型基础上扩展的变参数模型和动态调整模型的引入使我们能够考察资本结构决定的动态变化以及资本结构的调整过程。

The time-varying-parameter model and the partially adjustment model based on the fixed effect regression allow to analyze the changes of capital structure decisions and the adjustment processes taking place over time .