中文摘要：

基于11家商业银行2004—2013年的面板数据，构建了流动性风险约束下商业银行资本结构变化的动态面板联立系统，证实了流动性风险约束对商业银行资本结构调整的时间效应，在流动性风险约束与商业银行资本结构间存在着相互动态作用机制。应对流动性风险冲击，要求商业银行的资本调整在短期内应当侧重于对当期流动性风险约束的调整，而长期内应加强对流动性风险约束时滞效应的调整。

英文摘要：

Based on 11 commercial banks 2004 -2013 panel data, this article constructed the panel samultaneous system on the liquidity risk constraint and the capital structure of China commercial banks. The article has confirmed that the liquidity risk constraint has time effect on the commercial banks capital structure adjustment mecha- nism, there is a dynamic interaction mechanism in the capital structure and the liquidity risk constraint of the com- mercial banks. On dealing with the liquidity risk shock, commercial banks should adjust its capital structure mainly focus on the current liquidity risk constraints within the short time period, while strengthen the time lag adjustment during the long counterpart.