Macroeconomic, Financing Constraint And Capital Structure Adjustment

Capital structure adjustment speedis one of the hot issues of the dynamic theory of capital structure, based on the dynamictheory,foreign countries have a lot studied oncapital structure adjustment speed factors. But majority of domestic research still remain in the company features about level characteristic factors, a small number of studies concerns capital structure adjustment speed from the macroeconomic level, but these studieson the macroeconomic conditions of the handling is relatively simple.From the study, we can see that research on capital structure adjustment speed, you can optimize the capitalstructure, to achievethe best combination,lower costs, reduce financial risksand increasethe value ofthe enterprise. Also conducive to business decision-makers to establish a sound internal capitalre structuring management awareness,establish the optimal capital structure of consciousness. Developa dynamic mechanism to adjustthe capital structure, and adjusted in a timely mannerin accordance withchanges in business environment. From the macroeconomic point, can give some macroeconomic policy makers rationality recomm endations.Finally,this paper can also provide the judgement basis for investors and regulators.In view of this, this essay will take full account of the economic cycle, stock market, financial market,studies the impact of the macroeconomic conditions on capital structure adjustment speed.Therefor,depending on the degree of financing constraints, An Empirical Analysis ofthe impactof thecompany’s capitalstructure adjustment speed of macroeconomic economic cycle, the stock market and bank lending marketand other groups.This essay based on thet heory of capital structure, capital structure adjustment speed, financing constraints analysis, and someimpact factors.The empirical study shows that:Firstly, The average speed of adjustment (SOA) of Chinese listed companies is about0.3, described the SOAof Chinese listed companies are existence, but the SOA is relatively small.Due to the Chinese capital market is not perfect, companies facing greater corporate finance friction. Secondly, comparing with constraint sample, unconstraint sample have a higher SOA,the impact of macroeconomic shocks on the capital structure adjustment speed depends on the company’s own financing constraints.Described financing constraints are important factors that affect the speed of the company’s capital restructuring, the company should be noted that the degree of importance of improving information disclosure to reduce information asymmetry.Finally,except economic cycle, credit scale is the most significant factor to SOA, thus, in china, the main financial-market friction is insufficient of credit scale, so expanding the credit scale is an effective policy to accelerate the SOA;...