Macroeconomic Environment, Financing Constraints And Dynamic Adjustment Of Capital Structure Macroeconomic Environment, Financing Constraints And DynamicAdjustment Of Capital Structure

Capital structure is one important aspect of corporate financing decisions, the academia discuss the topic extensively and widely. With the application of panel data and development of econometric, Research of capital structure experienced from static analysis to dynamic analysis, from a single disciplinary to interdisciplinary research, forming a variety of capital structure theory and factions at last, for example, agency cost theory, pecking order theory, market timing theory, static trade-off theory, dynamic trade-off theory and so on. With the development of the study, The results have shown that it is not enough if only considering the firm-lever factors when study the influence of the capital structure dynamic adjustment, and the empirical results will have bias. Thus the study of the capital structure dynamic adjustment is transferred into the macroeconomic environment affecting the dynamic adjustment of capital structure. More and more scholars begin to focus on that how the macroeconomic environment affects the capital structure adjustment speed through the firm-level factors.Current research on the macroeconomic environment on the capital restructuring is relatively scarce, but this paper summarized the research results of domestic and foreign scholars, select three aspects including the degree of macro-economic boom, credit cost and the stock market performance to discuss the topic. This paper analyzes empirically the sample data by building empirical models and using GMM estimation method. What is more, the paper does the packet inspection by full considering the different levels of corporate financial constraints. At last, the research indicates that the sample enterprises only adjusted partially the capital structure because the capital structure adjustment cost was high. The adjustment speed of capital structure was significantly positively correlated with the degree of macro economy, stock market returns, and credit scale of financial institutions. And it was significantly negatively correlated with the lending rates. As to the financing Constraints enterprises, the effects were deeper when they adjusted to the target capital structure. In addition, as to both full and packets sample, the adjustment speed of capital structure was insensitive to changes of equity financing scale.