CAJ | 학술논문

在经济发展不平衡，区域间存在硅著差异的大目经济中，公司资本结构调整是否存在区域差异？宏观经济环境的影响如何？本文选用2000-2009年中国沪深A股的783家上市公司为样本，通过分区域面板数据回归以及广义线性模型（GLM）的logit最大似然估计（logit QMLE）两种实证方法的估计结果均表明：中国各区域上市公司资本结构不仪受公司自身变量的影响，还受GDP实际增速的影响，资本结构的调整速度在地区之间存在显著差异，东部地区公司资本结构调整速度最快。
재경제발전불평형，구역간존재규저차이적대목경제중，공사자본결구조정시부존재구역차이？굉관경제배경적영향여하？본문선용2000-2009년중국호심A고적783가상시공사위양본，통과분구역면판수거회귀이급엄의선성모형（GLM）적logit최대사연고계（logit QMLE）량충실증방법적고계결과균표명：중국각구역상시공사자본결구불의수공사자신변량적영향，환수GDP실제증속적영향，자본결구적조정속도재지구지간존재현저차이，동부지구공사자본결구조정속도최쾌。
In a large economy with regional economic development imbalance and obvious regional disparity, whether there is regional disparity of capital structure adjustment of listed company or not. How does the macroeconomic environment affect the company＇s capital structure？ This paper examines the capital structure adjustment speed and the main factors through the qualitative and quantitative analysis of 783 listed companies during 2000 -2009. Through sub-regional panel data and Logit QMLE tow method estimated result reveal that： capital structure of listed companies is affected not only by their own variables, but also by the actual growth of GDP. There is significant regional disparity among capital structure adjustment, and the company in China＇s east areas has the fastest capital structure adjustment.