中文摘要：

本文研究了调整成本对中国上市公司资本结构动态调整行为的影响。基于动态权衡理论的分析表明，若银行授信能有效降低调整成本，则获得银行授信的公司应表现出更快的调整速度。我们采用一份手工收集的银行授信数据验证了这一理论预期。同时发现，银行授信对资本结构的调整速度的影响具有非对称性，拥有银行授信的公司在低负债的情况下调整速度显著高于没有授信的公司，但在高负债的情况下两者的调整速度并无显著区别。上述结果为动态权衡理论提供了经验支持。

英文摘要：

This paper mainly focuses on the influence of adjustment costs on dynamic adjusting of capital structure for Chinese listed as the theory predicts, that line of credit would lower the adjustment costs, then we would observe those firms with lines of credit perform faster adjustment speed comparing with nonline - of - credit using an unique data to test empirically, those line - of - credit firms adjusts significantly faster when their debts are below the optimal level, but when they are over - debt, they show no difference in speed comparing with nonline- of- credit research provide robust empirical evidence for dynamic capital structure adjustment.