股价崩盘风险与资本结构动态调整 - 来自我国上市公司的经验证据(4)

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Abstract:Inrecentyears,thestockmarketdroppedsharply,andthesignificantrisingofcapitalcostinfluencedthedynamicad-justmentsofcapitalstructure.However,thereislittleliteratureonthisphenomena.ThispaperusesChina'sA-sharelistedcom-paniesassampleandinvestigatesthestockpricecrashrisk'sinfluenceonthedynamicadjustmentofcapitalstructure.There-sultsshowthatthehigheristhestockpricecrashrisk,thefasterthespeedofcapitalstructureadjustmentis.Furtherstudyshowsthattherelationshipismoresignificantinthecompanieswithexcessivedebtorinthenon-state-ownedcompanies.KeyWords:StockPriceCrashRisk;CapitalStructure;SpeedofAdjustment

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