中文摘要：

关于宏观经济形势对公司资本结构调整速度的效应,＂反周期论＂和＂阈值论＂给出不同的预测结果。以中国上市公司为样本的研究发现,与经济前景较差时相比,＂杠杆过高＂子样本中的公司在经济前景较好时的调整速度较快,而＂杠杆过低＂子样本中的公司在经济前景较好时的调整速度却较慢,即经济形势对公司资本结构调整速度的效应存在不对称性。该结果支持了＂反周期论＂而不支持＂阀值论＂。

英文摘要：

With regard to the effects of macroeconomic situation on the speeds of capital structural adjustment,the counter-cycle theory and the restructuring threshold theory have different predictions.This paper analyzes how macroeconomic situation affects the speed of capital structural adjustment using China＇s listed firms as samples.It is found that capital structural adjustments are counter-cyclical,which supports the counter-cycle theory but not the restructuring threshold theory.It is also found that,when economic prospects are better,firms with above-target capital structures adjust their capital structures more quickly whereas firms with below-target capital structures adjust their capital structures more slowly.This means that the effects of macroeconomic situation on the speeds of capital structural adjustment are asymmetric.