中文摘要：

以1998-2011年我国A股上市公司为研究样本,从企业主动进行资本结构调整视角,实证检验了不同负债水平的资本结构非对称调整速度,以及产权性质和市场化程度对资本结构非对称调整的影响。研究发现：企业存在资本结构非对称调整,相比负债不足企业,过度负债企业表现出更快的资本结构调整速度;产权性质对资本结构非对称调整的影响主要体现在过度负债情况下的调整速度,相比国有控制企业,非国有控制企业表现出更快的资本结构主动调整速度。进一步研究表明,市场化程度放慢了企业的资本结构主动调整速度。在过度负债情况下,市场化程度对非国有控制企业的资本结构调整速度的影响更为显著;在负债不足的情况下,市场化程度对国有控制企业的资本结构调整速度的影响更为显著。

英文摘要：

Using the samples of listed A-share firms from 1998 to 2011,this study adopts an enterprise initiative-recapitalization perspective and empirically tests how different-level debts affect the speed of asymmetric capital structure adjustment and how ownership and marketization affect the adjustment. This study finds that the asymmetric adjustment of capital structure occurs in a corporate; compared with firms with inadequate liability,firms with excessive debt takes a faster rate of adjustment. At the same level of excessive debt,compared with state-owned enterprises（ SOEs）,non-SOEs have a higher initiative adjustment speed. The result further indicates that marketization slows down the firm＇s capital structure adjustment speed. At the excessive level of debt,marketization has greater effect on the adjustment speed of non-SOEs; however,at the inadequate level of debt,marketization has greater effect on that of SOEs.