Capital Structure Adjustment Speed Of The Empirical Analysis

Capital structure is the business management of the important issues because the company's growth, corporate governance, corporate strategy and company value exists between the deep inner links. Company's capital structure is reasonable or not has become a repeated study of modern economists, the "capital structure puzzle". Capital structure theory has been studied in the West nearly 60 years, divided into three stages, a number of classical theoretical models, such as balance theory, MM theorem, agency theory, signaling theory, Pecking Order theory, and the analysis of the room real estate capital structure to provide a theoretical basis.Firstly, this study describes the meaning and background of capital structure theory a, the definition of capital structure and capital structure adjustment speed of the basic concepts of capital structure, combined with the capital structure of listed real estate company characteristics, the influence of capital Speed of the various factors of structural adjustment made in detail, the systematic exposition of the dynamic characteristics and capital structure theory based on the analysis of a micro factors as the speed of capital structure adjustment factors generated, select the listed real estate 2006-2009 Company's annual report as the research sample, the establishment of a dynamic adjustment model of capital structure, empirical capital structure of listed real estate companies in China to adjust the speed, come to the impact of various factors on the adjustment speed of capital structure, company size and capital structure adjustment speed a positive correlation, The company's growth and capital structure adjustment speed a positive correlation, the company profitability and capital structure adjustment speed negative correlation, the company's liquidity and capital structure adjustment speed was positively related to ownership concentration and the existence of capital structure adjustment speed. Finally, relevant and constructive measures to optimize the capital structure...