美国公司的资本结构和调整速度。微观经济与宏观经济的比较研究--分位数回归方法
Capital Structure and Speed of Adjustment in U.S. Firms. A Comparative Study in Microeconomic and Macroeconomic Conditions - A Quantille Regression Approach
摘要：
本文的主要观点是提供更多的证据，说明在不同的宏观经济状态下，公司如何“迅速”调整其资本结构，以达到其杠杆目标。本研究扩展了对资本结构的实证研究，采用分位数回归方法，研究了杠杆分布的所有分位数（账面杠杆和市场杠杆）中企业特征和宏观经济因素的行为。因此，根据部分调整模型，我们发现调整速度在不同阶段的账面与市场杠杆波动。此外，当宏观经济状态发生变化时，我们发现市场杠杆和账面杠杆债务比率之间的公司特定变量和宏观经济变量的贡献和影响存在明显差异。因此，我们推断，在不同的宏观经济状态下，借款的性质和成熟度影响决定因素和借款之间的关系的持续性和持久性。
英文摘要：
The major perspective of this paper is to provide more evidence regarding how "quickly", in different macroeconomic states, companies adjust their capital structure to their leverage targets. This study extends the empirical research on the topic of capital structure by focusing on a quantile regression method to investigate the behavior of firm-specific characteristics and macroeconomic factors across all quantiles of distribution of leverage (book leverage and market leverage). Therefore, depending on a partial adjustment model, we find that the adjustment speed fluctuated in different stages of book versus market leverage. Furthermore, while macroeconomic states change, we detect clear differentiations of the contribution and the effects of the firm-specific and the macroeconomic variables between market leverage and book leverage debt ratios. Consequently, we deduce that across different macroeconomic states the nature and maturity of borrowing influence the persistence and endurance of the relation between determinants and borrowing.
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