CAJ | 학술논문

本文从损失规避视角探讨资本结构动态调整非对称性及其原因。研究结果表明：在公司资本结构偏离其目标资本结构时，资本结构向下调整的速度大于其向上调整的速度，资本结构动态调整是非对称的；破产风险越大，资本结构动态调整非对称性程度越高；资本结构动态调整非对称性由损失规避引起，而非调整成本差异所致。本文从损失规避视角为资本结构动态调整非对称性提供了一个新的解释，深化了资本结构动态调整方面的研究，拓展了损失规避在公司财务中的应用范围。
본문종손실규피시각탐토자본결구동태조정비대칭성급기원인。연구결과표명：재공사자본결구편리기목표자본결구시，자본결구향하조정적속도대우기향상조정적속도，자본결구동태조정시비대칭적；파산풍험월대，자본결구동태조정비대칭성정도월고；자본결구동태조정비대칭성유손실규피인기，이비조정성본차이소치。본문종손실규피시각위자본결구동태조정비대칭성제공료일개신적해석，심화료자본결구동태조정방면적연구，탁전료손실규피재공사재무중적응용범위。
This paper investigates whether the speed of capital structure adjustment is symmetric around the optimal point from the perspective of loss aversion. We show that the downward adjustment speed of capital structure when it is above the optimal point is bigger than the upward,that is to say,the dynamic capital structure adjustment speed is asymmetric around the optimal point. The greater the bankruptcy risk is, the more asymmetric the dynamic capital structure adjustment speed is. The difference in the speed between the downward and the upward is attributed to the loss aversion of managers, not to the difference in adjustment cost. The abovementioned facts may reconcile contradictory empirical results between the timing theory advocates and trade-off theory supporters and extend the application scope of loss aversion in corporate finance.