中文摘要：

基于资本结构调整速度，构建了动态资本结构调整模型，利用2001-2011年中国沪深两市A股上市公司的数据，对上市公司（不同所有权性质）资本结构调整速度的宏观经济周期性差异、动态目标资本结构的存在性、中小企业的融资约束进行了实证分析。研究结果表明：上市公司的资本结构调整速度呈现出顺经济周期的变化，且不同股权性质的企业资本结构调整不存在明显的差异；上市公司存在动态目标资本结构，并且向目标资本结构收敛的速度具有顺经济周期变化的特征；与大型企业相比，中小企业面临较强的融资约束，且融资约束具有反经济周期变化的特征；中小企业的国有股权性质不仅不能降低其融资约束，反而在一定程度上加强了融资约束。

英文摘要：

This paper firstly explores the difference of capital structure adjustment responding to macro business cycle between firms with different kind of ownership properties. Then it investigates the existence of dynamic target capital structures of Chinese list- ed companies and the impact of maeroeconomic conditions on them. Finally, we demonstrate financing constraints faced by small and medium sized firms in China. The empirical analysis shows that capital structure adjustment speed is pro-cyclical for Chinese listed companies, but there is no obvious difference between firms with different kinds of ownership properties. In addition, this paper docu- ments that dynamic target capital structures do exist in Chinese listed companies and the convergence speed towards target capital structure is pro-cyclical. Our results also support the arguments that small and medium sized firms in China are actually confronted with comparatively severe financing constraints which are counter-cyclical.