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基于制度的路径依赖性理论,以山东省2006～2010年的非金融上市公司的面板数据为样本,直接验证制度的路径依赖性在资本结构选择中的体现。研究结果表明,在资本结构的动态调整过程中,现有制度对公司资本结构的调整存在着显著的影响,其中股票市场制度、债券市场制度与公司的财务杠杆呈现负相关,借贷市场制度与公司的财务杠杆呈现正相关,原有制度对公司资本结构的调整也存在显著的影响,其效应与现有制度的影响相反,制度的路径依赖性约束了资本结构的调整行为。
Based on the path dependence theory of the system, taking the panel data of non-financial listed companies in Shandong Province from 2006 to 2010 as a sample, the path dependence of the direct verification system is reflected in the choice of capital structure. The results show that in the process of dynamic adjustment of capital structure, the existing system has a significant impact on the adjustment of the company’s capital structure. The stock market system and the bond market system are negatively correlated with the company’s financial leverage. The borrowing market system and the company . The original system also has a significant impact on the adjustment of the company’s capital structure. The effect of the original system is opposite to that of the existing system. The path dependence of the system constrains the adjustment of the capital structure.