Economic Cycle,Customer Concentration And Dynamic Adjustment Of Capital Structure

In recent years,with the adjustment of China's economic structure,China's listed companies on the market have taken adaptive adjustment.With the deepening of the study of capital structure,the application of capital structure theory is becoming more and more extensive.Dynamic capital structure theory holds that the target capital structure exists in the listed companies,but considering the adjustment of cost and other factors,the company often adjusts only partly to the target capital structure,which leads to the capital structure often deviates from its target capital structure.The dynamic adjustment of the capital structure to the target capital structure is the result of the comprehensive effect of various factors,including the characteristics of the company itself ? industry factors and macro factors.China's economy rely more on reality economy.as an important carrier for the development of the real economy,listed companies booms the development of the market.China's market characteristics are different from those of developed countries.Therefore,the study of capital structure adjustment in China will help to provide reference for the optimization of enterprise structure as well as supports for market development.In this paper,we use the dynamic adjustment model to take the un-balanced panel data of 1792 listed companies in China from 2005 to 2015 as the sample,and regard customer concentration as the proxy variable to examine the relationship between the listed company's capital Structural dynamic adjustment and its speed.This paper first verifies the existence of the target capital structure,figures out the target capital structure,and then analyzes the influencing factors of the dynamic adjustment of the capital structure.Besides,it tries to test the dynamic adjustment trend and the adjustment speed of the capital structure.Through the model of construction,this paper examines the influence of external factors on the dynamic adjustment trend and the adjustment speed,and then introduces the GDP growth rate,the prosperity index Hg and other indicators to examine the economic cycle of the macroeconomic factors on the capital structure.Finally,basis on the different customer concentration,this paper discusses the dynamic adjustment trend and adjustment speed of capital structure under different economic cycle stages.The empirical results show that:(1)The higher the customer concentration of listed companies,the smaller the degree of deviation of capital structure,the faster the adjustment;(2)The economic more prosperous,the lower the deviation of the capital structure of enterprises,the faster the capital structure adjustment;(3)The economy more prosperous,the higher the customer concentration,the faster the capital structure adjustment.