CAJ | 학술논문

从国际数据来看，不仅各国问的公司负债水平存在差异，而且一国内的公司资本结构也存在行业差异与时间差异。这说明资本结构选择的确存在动态调整现象。本文根据资本结构局部调整模型，运用GMM方法估算出我国A股市场上市公司的资本结构调整速度，并考察公司高管背景特征对调整速度的影响。研究发现，与其他国家相比，我国上市公司资本结构的调整速度相对较慢；高管性别、年龄、任期、教育程度、政治身份、两职兼任情况会对公司资本结构调整产生显著影响。
종국제수거래간，불부각국문적공사부채수평존재차이，이차일국내적공사자본결구야존재행업차이여시간차이。저설명자본결구선택적학존재동태조정현상。본문근거자본결구국부조정모형，운용GMM방법고산출아국A고시장상시공사적자본결구조정속도，병고찰공사고관배경특정대조정속도적영향。연구발현，여기타국가상비，아국상시공사자본결구적조정속도상대교만；고관성별、년령、임기、교육정도、정치신빈、량직겸임정황회대공사자본결구조정산생현저영향。
According to the international data, the company leverage varied between countries. At the same time, domestic company capital structure also had industry diHerences and time difference, which was the capital structure dynamic choice. In this study, this paper empirically analyzed the relationship be- tween background characteristics of senior managers and the capital structure adjustment by estimating a dynamic partial adjustment model and using the GMM method. Empirical results showed that the speed of adjustment in China was lower than other countries. Furthermore, background characteristics of senior managers, such as gender, age, tenure, education, political identity, and concurrent post, had an ef{ect on the speed of adjustment.