Financial Deficit,Investment Expenditure And Asymmetric Adjustment Of Capital Structure

In recent years,the development of China's real economy has shown a weak trend,with the economy gradually slowing down from high-speed growth to medium-high-speed growth and entering into the "new normal" economic model.However,the debt financing of China's enterprises is caught in the structural dilemma of misallocation of credit resources,and the debt level keeps increasing.Enterprises are the lifeblood of the national economic system.The healthy development of enterprises plays a vital role in the development of China's real economy and even the development of the whole macro-economy.Therefore,understanding the adjustment strategy and timing of enterprise capital structure is of great significance for improving the driving force of the sustained development of real economy and enhancing the stability of capital market.This paper uses literature study to systematically analyze the existing research literature,integrate and summarize its viewpoints,and realize the theoretical explanation of the research problem in this paper.Based on the collection,classification,summary and screening of financial data of listed companies,various statistical characteristics of sample data are taken as the basis,and combined with the research content of this paper,interpretation and analysis are carried out.On the basis of studying the two-stage model of the dynamic adjustment of capital structure,a research model for the asymmetric adjustment of capital structure is set up,and the fixed effect model is used for regression analysis.In the content of this paper,firstly,the asymmetric adjustment of financial deficit and capital structure is studied,and it is found that companies with financial deficit adjust capital structure faster when they are higher than the target value,and the difference between them and those with sufficient financial conditions is significant at the level of 1%.In belowtarget upward adjustments,the pace of adjustment varies because the capital structure is measured differently.Secondly,the capital structure adjustment speed of enterprises with different investment expenditure levels is compared.The companies with high investment expenditure adjust capital structure faster than those with low investment expenditure.Third,since the average investment expenditure level of the company with financial deficit is higher,the company with financial deficit and high investment expenditure will adjust the capital structure faster and more actively when the capital structure is higher than the target value,it is supposed that the listed company uses equity capital to meet the capital needs.By comparing the speed of capital structure adjustment between the companies with equity financing and the companies without equity financing,it is found that the former has a faster speed of adjustment.