国外学者对资本结构调整作了较为深入的理论及实证研究，取得了一些有
意义的研究成果。他们将影响资本结构调整速度的因素分为公司特征和宏观环
境两个方面，但由于不同的国家经济环境存在差异，以及研究方法不同，国外
学者的研究结论对我国的公司并不完全适用。近几年来，我国也有少量的学者
对资本结构调整速度相关问题进行了研究，但尚处于起步阶段。
本文在之前学者研究的基础上，以 2000-2011 年间上市公司的财务数据为样
本，采用广义矩估计（GMM）法对我国上市公司资本结构调整速度进行研究，
并对其影响因素进行实证分析。与传统研究相比，本文引入了新的替代变量。
实证结果发现：（1）我国上市公司资本结构调整速度为 0.1923，速度比较缓慢，
且表现出一定的波动性。（2）我国大部分上市公司对资本结构的调整为部分调
整，而最优调整和未调整的公司较少。（3）资本结构调整速度受公司特征因素
的影响较为显著，主要受偏离目标值的程度、公司规模、盈利能力等因素影响。
（4）宏观环境因素中，景气指数及政府控制对资本结构调整速度影响较为显著，
而 GDP 增速和财政政策均对其无显著的影响。
关键词：资本结构 调整速度 影响因素 广义矩估计
Abstract
The capital structure has been one of the most important issues in the research
field of financial management. All the companies face the ever-changing market
environment, so they need to timely adjust their capital structure. The adjustment
speed of capital structure is closely related to the fate of the company. Faster
adjustment speed can ensure that the company takes measures in time and achieves
value maximization or cost minimization in the changing external environment. Now
the problem of adjustment speeds of capital structure has been paid more attention.
Foreign scholars have made a thorough theoretical and empirical research on
capital structure adjustment, and achieved some meaningful research results. The
factors influencing adjustment speed of capital structure are divided into two aspects
of the firm characteristics and macroeconomic environment. As the different national
economic environments and different research methods, the research conclusion of
foreign scholars is not fully applicable to our company. In recent years, some scholars
studied the issue about adjustment speed of capital structure in our country, but still in
its infancy.
On the basis of the study before, the financial data of listed companies for the
years 2000-2011 was used as a sample. This paper studied the adjustment speed of
capital structure of listed companies in our country by the Generalized Method of
Moments (GMM) , and empirically analysed influencing factors of adjustment speed.
Compared with the traditional study, this study introduced new substitution variables.
The results indicate: (1) The adjustment speed of capital structure of listed companies
in our country is 0.1923, which is slower and fluctuant. (2) Most of listed companies
in our country choose partial adjustment model for capital structures, and a few
choose optimal adjustment or non-adjustment model. (3) The adjustment speed of
capital structure is significantly influenced by company characteristic factors, which
containing the degree of deviating from the target value, company size and
profitability, and so on. (4) In macro-environmental factors, prosperity index and
government control have significantly impact on adjustment speed of capital structure,
but the GDP growth and fiscal policy are not key influencing factors.
Key Words： Capital structure Adjustment speed Influencing factors
Generalized Method of Moments (GMM)
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