根据行业与经济周期的关系,运用资本结构自然实验法,以沪深上市的防守型行业为样本,研究了宏观经济波动对防守型行业上市公司资本结构选择的影响。研究表明宏观经济波动显著地改变了防守型上市公司资本的结构和融资来源。
Natural experiment for empirical capital structure research.Based on the relation of industry to the macroeconomic cycle,we select the Shanghai and Shenzhen Exchange firms in the defensive industries over the period as samples,The relation between the macroeconomic fluctuation with the capital structure choice of firms in the defensive industries is examined.The research implies that the macroeconomic fluctuation has impact on the capital structure and the source of capital of the firms in defensive industries.