中文摘要：

上市公司资本结构的优化调整，是关系到资本市场运行和社会资源配置的一个关键问题。传统的资本结构实证研究主要是建立在静态分析框架上，本文认为，由于调整成本的存在，需要从动态视角重新考察资本结构的调整行为。本文选取我国制造业上市公司为研究样本，根据面板数据的计量结果得出相应的资本结构调整速度，为评价公司资本结构管理、促进资本结构优化和稳定资本市场提供新的参考视角。

英文摘要：

The capital structure optimizing of the public listed companies is the essential problem concerning the capital market operation and the social resource assignment. The traditional empirical research on the capital structure is based on the static framework; however, this article proposes the dynamic perspective that the capital structure optimizing adjustment of companies is a partial adjustment process due to the adjusting cost. This article chooses the sample of Chinese manufacture companies, and obtains the capital structure adjusting speeds according to the panel data analysis. It offers a new dynamic perspective to judge the capital structure management efficiency of the public companies, and to promote the optimizing of the capital structure and the stability of the capital market.