The Research On The Capital Structure’s Influence Factors And Dynamic Adjustment Of Globally-Listed Shipping Companies

In the development of the international economy, the shipping industry has been playing an important role. However, large shipping companies’high asset-liability ratios are not only making companies face with high operating risk, but also harmful to the shipping industry’s long-run development. In order to provide empirical data and information related to capital structure decisions of shipping companies and help to achieve a more scientific and reasonable capital structure, as while as enrich researches on the capital structure of shipping companies in our country, this thesis takes aim at theoretical analysis and empirical research about capital structure’s influence factors and dynamic adjustment of large shipping companies. Based on the theoretical analysis of influence factors and dynamic adjustment of the capital structure, this thesis establishes the model of capital structure’s influence factors of shipping companies, and selects 30 globally-listed shipping companies’ annual reports from 2009 to 2013 as the sample data, using regression estimation method to analysis capital structure’s influence factors of large shipping companies; Meanwhile, on the basis of the partial adjustment model, this thesis establishes the capital structure’s dynamic adjustment model of shipping companies, and expands this model based on the asymmetry of adjustment speed, then uses the system GMM estimation method to analysis the dynamic adjustment speed and the asymmetry feature of capital structure’s dynamic adjustment.The research results show that the main factors influencing the capital structure of shipping companies are the company size, growth, tangibility, profitability, non-debt tax shield and liquidity, and the company size, tangibility, non-debt tax shield, liquidity are positively related to capital structure, the growth and profitability are negatively related to capital structure; The estimate result of adjustment speed of the capital structure is 0.89659 using the dynamic symmetric adjustment model, shows that the shipping companies’ capital structure adjustment speed is generally faster, reflecting that capital structure adjustment is faster during the shipping industry’s downturn, and the greater the degree of deviation from the target capital structure, the faster the capital structure adjustment; The dynamic adjustment behaviors of the shipping companies’capital structure do exist significant asymmetry, capital structure adjusts upward significantly faster than downward, reflecting that dynamic adjustment speed of capital structure is affected by the macroeconomic environment, and shipping companies face more friction with the banking system than with the stock market and the bond market during financing.The research of this thesis overcomes the assumption that adjustment speed of capital structure is symmetry, improves the empirical research system of capital structure’s influence factors and dynamic adjustment behavior of large shipping companies in our country, and provides reference meaning to optimize capital structure of globally-listed shipping companies.