商业银行资本结构动态优化模型研究
|
摘要
商业银行资本结构动态优化的重要性在美国次贷危机表现尤为突出。因为自身因素、外部环境及政策变化等带来的巨大经济冲击,商业银行资本结构动态优化调整成本是非常巨大的。如何防范不利的调整成本,避免全行业,甚至国民经济剧烈波动则是研究商业银行资本结构动态优化模型的重要意义所在。商业银行资本结构动态优化理论上可以深化现有资本结构研究,可以为特殊行业、具有特定特点及特定重要地位的商业银行提供资本结构动态优化理论基础,可以为其资本结构设计选择更好的优化路径。
商业银行资本结构是动态优化均衡,主要影响因素源于商业银行自身因素的不确定性状态；行业市场竞争的不确定状态；宏观经济因素的不确定状态；面临流动性状况的不确定性。实证表明商业银行动态优化与其影响因素存在面板协整关系。内部因素如赢利能力、银行规模、有形资产显著地加速资本结构动态优化,收入波动则呈显著的负相关关系。不利的宏观经济条件对财务困境的商业银行打击更大,因为较无约束商业银行,它不能以相同的方式充分利用有利条件。经济紧缩阻碍商业银行资本结构动态优化,两者是负相关关系。市场竞争中指标研发费用和产能利用能力决定资本结构动态优化速度。流动性冲击,尤其是非自愿性流动性冲击弱化商业银行资本结构动态优化速度。相比传统商业银行资本结构静态模型可以发现：(1)商业银行自身因素对资本结构优化的影响不稳定,显著性水平不能通过检验；(2)宏观因素、市场竞争和流动性加强商业银行自身因素在资本结构动态优化模型的解释能力,尽管相比在动态优化模型中效果变得更小,这说明忽略某些因素的影响弱化商业银行资本结构调整因素的解释能力。(3)商业银行资本结构动态优化增加商业银行市场价值。实证表明较高的杠杆作用降低股权外部代理成本,并通过限制或者鼓励经理人的行动,以采取更加符合股东利益的行为,最终增加商业银行经营效率,提高商业银行市场价值,反向影响则不显著。
商业银行资本结构动态优化模型优化着力点主要集中于下面几个方面：一是只从商业银行自身因素出发构建的静态优化模型存在不平稳的现象,所以商业银行资本结构动态优化起点是其自身因素,但远不能说这是终点。二是商业银行动态优化模型必须引入宏观因素、流动性冲击及市场竞争等重要因素,只有这样才能获得平稳的商业银行资本结构动态优化模型。所以商业银行资本结构动态首先是需要从自身角度出发获取初始的资本结构,然后商业银行应选择有利的宏观经济背景,根据流动性状况进行商业银行资本结构动态调整优化,这有利于通过市场竞争动态调整获取有利的竞争地位。■
Subprime mortgage crisis in the United States shows the importance of capital structure dynamic optimization in the commercial banks. Because of the external environment and policy changes, the dynamic structure optimization brought about enormous adjustment costs to the commercial bank capital. How to guard against adverse adjustment costs, and avoid the intense volatility, which dynamic optimization mode of commercial banks brings to the whole industry, and even the national economy,is the importance of the research.Dynamic Optimization of Capital Structure of Commercial Banks in theory can deepen the existing capital structure research, meanwhile, which gives the specific industry, specific features and specific importance of commercial banks to provide dynamic optimization of capital structure theory, which is designed better path selection for optimal capital structure.
Commercial bank's capital structure is dynamic optimization equilibrium, the reason why is the growing uncertainty in the economy:uncertainty in in their own element of commercial banks; uncertain in the industry or competition in the market; an uncertain state in macro-economic factors; liquidity position is also facing uncertainty, which is theoretical and empirical evidences find this is the main factors of dynamic optimization in the commercial bank's capital structure. Dynamic optimization model of commercial bank's capital structure have shown that there is panel cointegration relationship among internal factors, such as commercial banks, profitability, firm size, tangible assets and dynamic optimization of capital structure and there was a significant positive correlation among them, while it is significant negative correlation between fluctuations in revenue and dynamic optimization of capital structure. Compared with non-binding business, adverse macroeconomic conditions give more shocks to businesses that is a greater financial distress, Because in the same state it can not make full use of favorable conditions. The study has confirmed the financial difficulties significantly affect the capital structure decision. R&D and the produce ability of market competition determine the speed of adjustment of enterprises.Liquidity shocks, particularly non-voluntary nature of liquidity shocks, weakened the dynamic optimization speed of commercial bank's capital structure.
Compared to traditional and static model in the commercial banks,more results can be found:(1) The influence of own factors of Commercial banks on the capital structure optimization is instability, and the model is fail to significance test; (2) it improve the explain of the owner factor in the commercial banks optimization model,after thinking about the factors,such as macroeconomic factors, market competition and liquidity, although the effects become more small in the dynamic optimization model, which indicate that ignoring factors,such as macroeconomic factors, market competition and liquidity, weakens the explain ability of the commercial bank capital structure'factors. (3) Dynamic optimization of commercial banks increases the market value of commercial banks in the capital market. Empirical evidence shows that high leverage reduces agency costs of external equity, and by limiting human action or encouraging managers to take more in line with shareholder interests, it ultimately increase the. efficiency of commercial banks, but it shows market value has no significant impact on capital sturctrue of commercial banks.
bank dynamic optimization models of Commercial focus mainly focus on the following aspects:First, the commercial banks build themselves optimization model,according to the owner factor,but the model is unstable.Commercial bank's capital structure optimization starting point is the dynamic factor of its own, but can not say that this is far from the end. Second, commercial banks have introduced dynamic optimization model of the macro factors, liquidity shocks and market competition, which stabilizes the model.For dynamic optimization model,All commercial bank need to obtain initial capital structure based on their own factor,and then according to liquidity conditions,commercial banks dynamically adjust the capital structure in the favorable macroeconomic background,which helps commercial banks obtain a favorable competitive position
商业银行资本结构是动态优化均衡,主要影响因素源于商业银行自身因素的不确定性状态；行业市场竞争的不确定状态；宏观经济因素的不确定状态；面临流动性状况的不确定性。实证表明商业银行动态优化与其影响因素存在面板协整关系。内部因素如赢利能力、银行规模、有形资产显著地加速资本结构动态优化,收入波动则呈显著的负相关关系。不利的宏观经济条件对财务困境的商业银行打击更大,因为较无约束商业银行,它不能以相同的方式充分利用有利条件。经济紧缩阻碍商业银行资本结构动态优化,两者是负相关关系。市场竞争中指标研发费用和产能利用能力决定资本结构动态优化速度。流动性冲击,尤其是非自愿性流动性冲击弱化商业银行资本结构动态优化速度。相比传统商业银行资本结构静态模型可以发现：(1)商业银行自身因素对资本结构优化的影响不稳定,显著性水平不能通过检验；(2)宏观因素、市场竞争和流动性加强商业银行自身因素在资本结构动态优化模型的解释能力,尽管相比在动态优化模型中效果变得更小,这说明忽略某些因素的影响弱化商业银行资本结构调整因素的解释能力。(3)商业银行资本结构动态优化增加商业银行市场价值。实证表明较高的杠杆作用降低股权外部代理成本,并通过限制或者鼓励经理人的行动,以采取更加符合股东利益的行为,最终增加商业银行经营效率,提高商业银行市场价值,反向影响则不显著。
商业银行资本结构动态优化模型优化着力点主要集中于下面几个方面：一是只从商业银行自身因素出发构建的静态优化模型存在不平稳的现象,所以商业银行资本结构动态优化起点是其自身因素,但远不能说这是终点。二是商业银行动态优化模型必须引入宏观因素、流动性冲击及市场竞争等重要因素,只有这样才能获得平稳的商业银行资本结构动态优化模型。所以商业银行资本结构动态首先是需要从自身角度出发获取初始的资本结构,然后商业银行应选择有利的宏观经济背景,根据流动性状况进行商业银行资本结构动态调整优化,这有利于通过市场竞争动态调整获取有利的竞争地位。■
Subprime mortgage crisis in the United States shows the importance of capital structure dynamic optimization in the commercial banks. Because of the external environment and policy changes, the dynamic structure optimization brought about enormous adjustment costs to the commercial bank capital. How to guard against adverse adjustment costs, and avoid the intense volatility, which dynamic optimization mode of commercial banks brings to the whole industry, and even the national economy,is the importance of the research.Dynamic Optimization of Capital Structure of Commercial Banks in theory can deepen the existing capital structure research, meanwhile, which gives the specific industry, specific features and specific importance of commercial banks to provide dynamic optimization of capital structure theory, which is designed better path selection for optimal capital structure.
Commercial bank's capital structure is dynamic optimization equilibrium, the reason why is the growing uncertainty in the economy:uncertainty in in their own element of commercial banks; uncertain in the industry or competition in the market; an uncertain state in macro-economic factors; liquidity position is also facing uncertainty, which is theoretical and empirical evidences find this is the main factors of dynamic optimization in the commercial bank's capital structure. Dynamic optimization model of commercial bank's capital structure have shown that there is panel cointegration relationship among internal factors, such as commercial banks, profitability, firm size, tangible assets and dynamic optimization of capital structure and there was a significant positive correlation among them, while it is significant negative correlation between fluctuations in revenue and dynamic optimization of capital structure. Compared with non-binding business, adverse macroeconomic conditions give more shocks to businesses that is a greater financial distress, Because in the same state it can not make full use of favorable conditions. The study has confirmed the financial difficulties significantly affect the capital structure decision. R&D and the produce ability of market competition determine the speed of adjustment of enterprises.Liquidity shocks, particularly non-voluntary nature of liquidity shocks, weakened the dynamic optimization speed of commercial bank's capital structure.
Compared to traditional and static model in the commercial banks,more results can be found:(1) The influence of own factors of Commercial banks on the capital structure optimization is instability, and the model is fail to significance test; (2) it improve the explain of the owner factor in the commercial banks optimization model,after thinking about the factors,such as macroeconomic factors, market competition and liquidity, although the effects become more small in the dynamic optimization model, which indicate that ignoring factors,such as macroeconomic factors, market competition and liquidity, weakens the explain ability of the commercial bank capital structure'factors. (3) Dynamic optimization of commercial banks increases the market value of commercial banks in the capital market. Empirical evidence shows that high leverage reduces agency costs of external equity, and by limiting human action or encouraging managers to take more in line with shareholder interests, it ultimately increase the. efficiency of commercial banks, but it shows market value has no significant impact on capital sturctrue of commercial banks.
bank dynamic optimization models of Commercial focus mainly focus on the following aspects:First, the commercial banks build themselves optimization model,according to the owner factor,but the model is unstable.Commercial bank's capital structure optimization starting point is the dynamic factor of its own, but can not say that this is far from the end. Second, commercial banks have introduced dynamic optimization model of the macro factors, liquidity shocks and market competition, which stabilizes the model.For dynamic optimization model,All commercial bank need to obtain initial capital structure based on their own factor,and then according to liquidity conditions,commercial banks dynamically adjust the capital structure in the favorable macroeconomic background,which helps commercial banks obtain a favorable competitive position
引文
[1]Modigliani, Franco, and Merton H. Miller.The cost of capital, corporate finance and the theory of investment.American Economic Review,1958,48:261-279.
[2]Miller, M.H. (1977), "Debt and Taxes", Journal of Finance (May), pp.261-276.
[3]Jensen, M.C. and Meckling, W.H. Theory of the firm:Managerial behavior,agency costs and ownership structure.Journal of Financial Economics,1976,3:305-360.
[4]Myers, Stewart C., and Nicholas S. Majluf, Corporate financing and investment decisions when firms have information that investors do not have.Journal of Financial Economics,1984,13:187-221.
[5]Baker, Malcolm, and Jeffrey Wurgler.The equity share in new issues and aggregate stock returns.Journal of Finance,2000,55:2219-2257.
[6]Sundaresan, Suresh M., Continuous-time methods in finance:A review and an assessment. Journal of Finance,2000,55:1569-1622.
[7]Fischer, E.O., Heinkel, R. and Zechner, J.,'Dynamic capital structure choice:theory and tests', Journal of Finance, Vol.44,1989, pp.19-40.
[8]Welch, Ivo Capital Structure and Stock Returns, Journal of Political Economy,2004,112:106-131.
[9]Strebulaev, Ilya.Do tests of capital structure theory mean what they say.London Business School working paper.2004.
[10]Leland, Hayne,1994, Corporate Debt Value, Bond Covenants, and Optimal Capital Structure, Journal of Finance 49,1213-1252.
[11]Titman, Sheridan and Sergey Tsyplakov,2002A dynamic model of optimal capital structure", Titman, S., Tsyplakov, S. A dynamic model of optimal capital structure. Review of Finance,2007,11(3):401-451.
[12]Morellec, Erwan, Can Managerial Discretion Explain Observed Leverage Ratios?, Review of FinancialStudies,2004,17:257-294.
[13]Beck, Thorsten, Demirguc-Kunt, Asli and Levine, Ross E.Bank Concentration and Fragility:Impact and Mechanics" (August 2005). NBER Working Paper No. W11500. Available at SSRN: http://ssrn.com/abstract=775990.2006.
[14]Ben-David, I., Graham, J.R., Harvey, C.R. Managerial overconfidence and corporate policies. Working paper, Duke University.2007.
[15]Chen, Long, and Xinlei Zhao.Profitability, mean reversion of leverage ratios, and capital structure choices.Michigan State University working paper,2005b.
[16]Chen, Long, Pierre Collin-Dufresne, and Robert S. GoldsteinOn the Relation Between Credit Spread Puzzles and the Equity Premium Puzzle, Review of Financial Studies, forthcoming,2008.
[17]Jensen, Michael.Agency cost of free cash flow, corporate finance, and takeovers.American Economic Review Papers and Proceedings,1986,76:323-329.
[18]Atkeson, Andrew G. and Cole, Harold L., A Dynamic Theory of Optimal Capital Structure and Executive Compensation (January 2005). NBER Working Paper No. W11083. Available at SSRN: http://ssrn.com/abstract=652368
[19]Tauren, Miikka Petteri, A Model of Corporate Bond Prices with Dynamic Capital Structure (March 1999). Available at SSRN:http://ssrn.com/abstract=154848 or doi:10.2139/ssrn.154848.
[20]Christensen, P. O., C. R. Flor, D. Lando, and K. R. Miltersen (2002):"Dynamic Capital Structure with Callable Debt and Debt Renegotiation," Working Paper, Department of Accounting, Finance & Law, University of Southern Denmark, Campusvej 55,5230 Odense M, Denmark.
[21]Jonathan Berk, Richard Stanton and Josef Zechner, "Human Capital, Bankruptcy and Capital Structure", The Journal of Finance, forthcoming,2010.
[22]Bortolotti, Bernardo, Cambini, Carlo, Rondi, Laura and Spiegel, Yossi, Capital Structure and Regulation: Does Ownership Matter? (October 2007). FEEM Working Paper No.94.2007. Available at SSRN: http://ssrn.com/abstract=1022342
[23]Roman Inderst and Holger M.Mueller, Bank capital structure and credit decisions Journal of Financial Intermediation,Volume 17, Issue 3, July 2008, Pages 295-314
[24]Elsas, Ralf and Florysiak, David, Dynamic Capital Structure Adjustment and the Impact of Fractional Dependent Variables (June 29,2010). Available at SSRN:http://ssrn.com/abstract=1632362
[25]Chu, Yongqiang, Optimal Capital Structure, Capacity Choice and Product Market Competition (October 28,2009). Available at SSRN:http://ssrn.com/abstract=1361298
[26]Dewaelheyns, Nico and Van Hulle, Cynthia, Capital Structure Dynamics in Private Business Groups (May 2010). KUL (Catholic University of Leuven) AFI Working Paper No.1045. Available at SSRN: http://ssrn.com/abstract=1658350
[27]Rauh, Joshua D. and Sufi, Amir, Capital Structure and Debt Structure (February 17,2010).; AFA 2009 San Francisco Meetings Paper; EFA 2008 Athens Meetings Paper. Available at SSRN: http://ssrn.com/abstract=1097577
[28]DeAngelo, Harry, DeAngelo, Linda and Whited, Toni M., Capital Structure Dynamics and Transitory Debt (September 6,2010). Available at SSRN:http://ssrn.com/abstract=1262464
[29]Bouallegui, Imen, The Dynamics of Capital Structure:Panel Data Analysis. Evidence from New High-Tech German Firms (January 1,2006). Available at SSRN:http://ssrn.com/abstract=733243
[30]Rayna Brown.Determinants of Bank Capital Structure in Developing Countries: Regulatory Capital Requirement versus the Standard Determinants of Capital Structure www.efmaefm.org/OEFMAMEETINGS/.../2008-athens/Brown.pdf
[31]Gropp, Reint and Heider, Florian, The Determinants of Bank Capital Structure (September 30, 2009). ECB Working Paper No.1096. Available at SSRN:http://ssrn.com/abstract=1478335
[32]Wahyu Ario Pratomo & Abdul Ghafar Ismail2007. ISLAMIC BANK PERFORMANCE AND CAPITAL STRUCTURE http://mpra.ub.uni-muenchen.de/6012/MPRA Paper No.6012.
[33]连玉君,钟经樊.中国上市公司资本结构动态调整机制研究,经济科学,2005(10)：16-24
[34]肖作平.资本结构影响因素和双向效应动态模型--来自中国上市公司面板数据的证据,会计研究,2004(2)：36-41.
[35]童勇.资本结构的动态调整和影响因素财经研究2004(10)：96-104.
[36]连玉君.目标资本结构确定与经理人行为模式.南方经济,2006(7)：54-64.
[37]黄辉.资本结构动态调整研究综述.当代财经,2009(1)123-128.
[38]阮淑珍上市公司资本结构优化模型的建立与应用分析武汉理工大学学报,2010(6)：167-169.
[39]王志强,洪艺珣中国上市公司资本结构的长期动态调整会计研究2009(6)：50-57
[40]朱德新朱洪亮.中国上市公司资本结构的选择：基于两种主要理论的检验,南方经济,2007(9)：30-37.
[41]陈晓红、万光羽、曹裕.行业竞争资本结构与产品市场竞争力,科研管理,2010(5)：188-196
[42]李科、徐龙炳,发行管制条件下的股权再融资市场时机行为及其对资本结构的影响,经济研究2009(06)
[43]屈耀辉、姜付秀、陈朝晖资本结构决策具有战略效应吗?管理世界,2007(2)：69-75.
[44]王正位,赵冬青,朱武祥,资本市场摩擦与资本结构调整,金融研究,2007年第6期,第109-119页
[45]李宝仁张院.我国上市公司资本结构对公司业绩影响的实证分析,北京工商大学学报,
2010年第3期,48-52页
[46]钟玮杨天化.资本结构、内部控制与公司绩效,经济与管理研究,2010(5)：93-100.
[47]Harris, M., Raviv, A. Capital structure and the informational role of debt.Journal of Finance,1990,45:321-349
[48]Zwiebel, Jeffrey.Dynamic capital structure under managerial entrenchment.American Economic Review,1996,86:1197-1215.
[49]Morellec, E. Can managerial discretion explain observed leverage ratios.Review of Financial Studies,2004,17:257-294.
[50]Black F; Scholes M F. Black and M. Scholes, The pricing of options and corporate liabilities, Journal of Political Economy 81 (1973),637-659
[51]Meyers, S.C.Determinants of corporate Borrowing.Journal of FinancialEconomics,1977,5:147-175.
[52]Diamond, Douglas W.(1989), "Reputation acquisition in debt markets," Harvard Business Review, pp.57-66.
[53]邓学衷：制度环境、制度创新与银行资本结构优化目标.华东经济管理,2006(4)：16-17
[54]巴曙松,王文强.次级债市场发行与我国商业银行资本金结构调整新金融,2005.
[55]王聪.邹朋飞基于资本结构和风险考虑的中国商业银行X-效率研究,管理世界,2006(11)
[56]王胜邦.商业银行资本结构：存在一个具体的比例吗;财经科学;2006(03).
[57]杜后扬、张兰波,我国商业银行前瞻性资本结构模型构建与实证研究,金融论坛,2005(2)：17-21.
[58]Douglas W. Diamond & Raghuram G. Rajan,2000. "A Theory of Bank Capital," Journal of Finance, American Finance Association, vol.55(6), pages 2431-2465
[59]John H. Boyd & Mark Gertler,1994. "Are banks dead? or, are the reports greatly exaggerated?," Proceedings, Federal Reserve Bank of Chicago.
[60]Berger, Herring and Szego(1995), The Role of Capital in Financial Institutions, Journal of Banking and Finance,Vol.19,pp.393-430.
[61]Demsetz, R.S., Saidenberg, M.R., and Strahan, P.E.Banks with something to lose The disciplinary role of franchise value, FRBNY Economic Policy Review,1996.
[62]De Nicolo, Gianni,2000, "Size, Charter Value and Risk in Banking:An International Perspective," International Finance Discussion Paper No.689, Board of Governors of the Federal Reserve System.
[63]Grossman, S. and Hart, O. Takeover bids, the free-rider problem and the theory of the corporation.Bell Journal of Economics,1980,42-64.
[64]Zicchino, Lea & Love, Inessa.Financial development and dynamic investment behavior:evidence from panel vector autoregression, Policy Research Working Paper Series2002 2913, The World Bank.
[65]Gaud, Philippe, Jani, Elion, Hoesli, Martin and Bender, Andre, The Capital Structure of Swiss Companies:An Empirical Analysis Using Dynamic Panel Data. European Financial Management, Vol.11, No.1, pp.51-69, January 2005. Available at SSRN:http://ssrn.com/abstract=647727
[67]Frydenberg, Stein, A Dynamic Model of Corporate Capital Structure (March 16,2003). EFMA 2003 Helsinki Meetings. Available at SSRN:http://ssrn.com/abstract=394989 or doi:10.2139/ssrn.394989.
[68]Cai, Jie and Zhang, Zhe, Capital Structure Dynamics and Stock Returns (January 2006). Available at SSRN: http://ssrn.com/abstract=685462
[69]Baker, Malcolm P. and Wurgler, Jeffrey A., Market Timing and Capital Structure. Journal of Finance, Vol.57, No.1, pp.1-32, February 2002. Available at SSRN:http://ssrn.com/abstract=276574
[70]Hackbarth, D., Miao, J. Morellec, E.Capital structure, credit risk, and macroeconomic conditions. Journal of Financial Economics,2006,82(3),519-550.
[71]Korajczyk, Robert A., and Amnon Levy.apital Structure Choice:Macroeconomic Conditions and inancial Constraints, Journal of Financial Economics,2003,68:75-09.
[72]Levy 2001. Capital Structure in Developing Countries. The Journal of Finance,56(1):97-129.
[73]Chen, Hui.Macroeconomic Conditions and the Puzzles of Credit Spreads and Capital Structure,Unpublished working paper.2008.
[74]Bhamra H S, Kuehn L-A and Strebulaev I A (2008) The Levered Equity Risk Pre-mium and Credit Spreads: A Uni ed Framework, Working Paper, University of British Columbia
[75]Levy, Amnon and Christopher A. Hennessy.2007.\Why Does Capital Structure Choice Vary with Macroeconomic Conditions." Journal of Monetary Economics, Vol.54, pp.1545-1564.
[76]Cook, Douglas O. and Tang, Tian, Macroeconomic Conditions and Capital Structure Adjustment Speed (March 3,2008). Available at SSRN:http://ssrn.com/abstract=1101664
[77]苏冬蔚、曾海舰,宏观经济因素与公司资本结构变动,经济研究,2009(12)：52-65.[232]
[78]Wolfgang Drobetz, Pascal Pensab,Gabrielle Wanzenried.2008.Firm Characteristics, Economic Conditions and. Capital Structure Adjustments*. Wolfgang Drobetza www.econbiz.de/archiv1/2008/58930_capital_structure_adjustments.pdf
[79]Banjeree, S., A. Heshmati, and C. Whilborg,2004, The dynamics of capital structure, Research in Banking and Finance 4,275-297.
[80]Loof, H.,2004, Dynamic optimal capital structure and technical change, Structural Change and Economic Dynamics 15,449-468.
[81]洪道麟、熊德华、刘力所有权性质、多元化和资本结构内生性,经济学,2007(4)：1165-1184.
[82]李小平、万迪防,岳亮.2007,市场时机资本结构理论评介,外国经济与管理,(29),3：59-64
[83]韩传模孙青霞中国资本结构实证研究方法的思考,会计研究,2006(9).
[84]邓剑琴朱武祥战略竞争、股权融资约束与高负债融资抉择,经济学,2006年(4)：1179-1196
[85]张海燕.中国上市公司资本结构影响因素研究.财经理论与实践,2007(6)
[86]蔡楠,李海菠;宏观经济因素对上市公司资本结构的影响——基于面板数据模型的实证分析;财经科学：2003(1).
[87]李国重中国上市公司资本结构的动态目标调整：制度特征导向,会计研究,2006(12)：68-75.
[88]陈文浩、周雅君竞争战略、资本结构与企业业绩,财经研究,2007(1)：134-143.
[89]杜媛,资本结构决定因素与逻辑探析——对法金融学派观点的述评与思考,外国经济与管理,2007(12).
[90]Heshmati, A.,2001, The dynamics of capital structure:Evidence from Swedish micro and small firms, Research in Banking and Finance,2,199-241.
[91]De Miguel, A., and J. Pindado,2001, Determinants of the capital structure:New evidence from Spanish data, Journal of Corporate Finance 7,77-99.
[92]Hovakimian, A., T. Opler, and S. Titman,2001, The debt-equity choice, Journal of Financial and Quantitative Analysis 36,1-24.
[93]Drobetz, W., P. Pensa and G. Wanzenried,2006, Firm charactistics and dynamic capital structure adjustment, SSRN Working paper#952268.
[94]Jalilvand, A., and R. Harris,1984, Corporate behavior in adjusting to capital structure and dividend targets:An econometric study, Journal of Finance 39,127-144.
[95]Shyam-Sunder, L., and S. Myers,1999, Testing static trade-off against pecking order models of capital structure, Journal of Financial Economics 51,219-244.
[96]Arellano Manuel & Stephen Bond (1991), "Some Tests of Specification for Panel Data:Monte Carlo Evidence and an Application to Employment Equations", Review of Economic Studies, Vol.58, pp.277-297.
[97]Sargan, J. D.,1958. The estimation of economic relationships using instrumental variables. Econometrica, 26,393□415.
[98]Barton, S.L. and Gordon, P.J. Corporate strategy and capital structure.Strategic Management Journal,1988,9:623-632.
[99]Zoido, M.E., Un estudio de las participaciones accionariales de losempresas Espanolas.Investigaciones Economicas,1998,22:427-467.
[100]Kale, J.R.; Noe, T.H. and Ramirez, G.G.The effect of business risk on corporate capital structure:Theory and evidence.Journal of Finance,1991,46:1693-1715.
[101]Munro, J.W. Convertible debt financing:An empirical analysis.Journal of Business Finance and Accounting,1996,23:319-334.
[102]Kester, C. W.(1986),"Capital and ownership structure:A comparison of United States and Japanese manufacturing corporations," Financial Management,15, pp.97-113.
[103]Carlson, Murray, Adlai Fisher, and Ron Giammarino,2005, "Corporate investment and asset price dynamics:Implications for SEO event studies and long-run performance", Journal of Finance, Forthcoming.
[104]陆正飞、辛宇.我国上市公司资本结构的影响因素的实证分析.会计研究,1998(8).
[105]Harvey, C.,1991, The term spread and world economic growth, Journal of Fixed Income,7-19.
[106]Estrella, A., and G. Hardouvelis,1991, The Term Structure as a Predictor of Real Economic Activity, Journal of Finance 46,555-576.
[107]Chen, N.,1991, Financial investment opportunities and the macroeconomy, Journal of Finance 46, 529-554.
[108]Henderson, B., N. Jegadeesh, and M. Weisbach,2005, World markets for raising new capital,Journal of Financial Economics, forthcoming.
[109]Ferson, W., and C. Harvey,1993, The risk and predictability of international equity returns,Review of Financial Studies 6,527-566.
[110]Fama, E., and K. French,2002, Testing tradeoff and pecking order predictions about dividends and debt, Review of Financial Studies 15,1-33.
[111]Drobetz, W., and R. Fix,2005, What are the determinants of the capital structure? Some evidence from Switzerland, Swiss Journal of Economics and Statistics 141,71-113.
[112]Chevalier, J. Capital structure and product-market competition:Empirical evidence from the supermarket industry.American Economic Review,1995a,85:415-435.
[113]Chevalier, J.Do LBO supermarkets charge more:An empirical analysis of the effects of LBOs on supermarket pricing," Journal of Finance,1995b,50:1095-1113.
[114]Campello, M. Capital structure and product markets interactions:Evidence from business cycles.Working Paper, University of Illinois, Chicago (ILL),2000.
[115]姜付秀,刘志彪,行业特征、资本结构与产品市场竞争,管理世界,2005(10)：74-81.
[116]Telser, L.G. Cutthroat competition and the long purse.Journal of Law and Economics,1966,9:259-277.
[117]Poitevin, M.Financial signalling and the deep-pocket argument.Rand Journal of Economics,1989,20:26-40.
[118]Barro, J. and Barro, R. Pay.Performance, and turnover of bank CEOs.Journal of Labor Economics,1990,8:448-481.
[119]Skilvas, S.D.The strategic choice of managerial incentives.Rand Journal of Economics,1987,18:452-458.
[120]Aggarwal, R.K. and Samwick, A.A.Executive compensation, strategic competition,and relative performance evaluation:Theory and evidence.Journal ofFinance,1996,51:1999-2043.
[121]Rotemberg, J.J. and Sharfstein, D.S.Shareholder-value maximization and product-market competition.Review of Financial Studies,1990,3:367-391.
[122]Geroski, P. and Jacquemin, L.Dominant firms and their alleged decline.International Journal of Industrial Organization,1984,2:25-37.
[123]Fhionnlaoich, C.M.; Ferrier, W.J.; Smith, K.G.; and Grimm, C.M.The impact of financial condition on competitive behavior:Towards a reconciliation ofcompeting views," Working Paper, Graduate School of Business, UniversityCollege Dublin, Blackrock.1999.http://ssrn.com/abstract=1265870.
[124]Bowman, E.H.Risk seeking by troubled firms.Sloan Management Review,1982,23:33-42.
[125]Fiegenbaum, A.Prospect theory and the risk-return relationship.Journal of Economic Behavior and Organization,1990,14:187-203.
[126]Janakiraman, S.; Richard, A.L. and David F.L. An investigation of the relative performance evaluation hypothesis.Journal of Accounting Review,1992,30:53-69.
[127]Gibbons, R. and Kevin, J., Relative performance evaluation for chief executive officers," Industrial and Labor Relations Review,90,3:30-S51.
[128]Shubik, M. and Levitan, R.Market structure and behavior, Harvard University,1980.
[129]Phlips, L.Applied industrial economics, Cambridge University Press, Cambridge,(MA).1997.
[130]Cabral, L.B.Introduction to industrial organization, London,MIT Press,2000.
[131]Dasgupta,P.and Stiglitz,J.Industrial structure and the nature of innovative activity.Economic Journal,1980,90:266-293.
[132]Fudenberg, D. and Tirole, J.A signal-jamming theory of predation.RandJournal of Economics,1986,17:366-376.
[133]Pepall, L.; Richards, D. and Norman, G. Industrial Organization.Contemporary,1999
[134]Campos, J. Responsabilidad limitada, estructura firianciera y comportamiento delas empresas espanolas.Investigaciones Economicas,2000,3:585-610.
[135]Von, H.,1988, The sources of innovation, Oxford University Press, (NY).
[136]Friend, I., and Lang, L.An empirical test of the impact of managerial self-interest on corporate capital structure.Journal of Finance,1988,43:271-281.
[137]Titman, S., and R. Wessels,1988, The Determinants of capital structure choice, Journal of Finance 43, 1.19.
[138]Michaelas, N., Chittenden, F.& Poutziouris, P.1999,'Financial policy and capital structure choice in UK SMEs:empirical evidence from company panel data', Small Business Economics,12:113-30.
[139]M. Ameziane Lasfer,1995. "Agency costs, taxes and debt:The UK evidence," European Financial Management, Blackwell Publishing Ltd, vol.1(3), pages 265-285.
[140]Barclay, M.J. & Smith, C.W.1996,'On financial architecture:leverage, maturity and priority', Journal of AppliedCorporate Finance,8(4):4-17.
[141]Berger, P.G., Ofek, E.8c Yermack, D.L.1997,'Managerial entrenchment and capital structure decisions', Journal of Finance,52(4):1411-38.
[142]Weston, J. Fred and Eugene F. Brigham, Managerial Finance, Dryden Press,Hinsdale, Illinois,1981.
[143]DeAngelo, H., and Masulis, R.1980. "Optimal Capital Structure under Corporate and Personal Taxation". Journal of Financial Economics 8,3-29.
[144]Myers, S.C.,1977, "Determinants of corporate Borrowing," Journal of Financial Economics 5,147-175.
[145]Rathinasamy, R.S., Krishnaswamy, C.R.& Mantripragada, K.G.2000,'Capital structure and product market interaction:an international perspective', Global Business and Finance Review,5(2):51-63.
[146]Pedroni,P.Testing for convergence to Common Steady States in Nonstationary Heterogeneous Panels, Working paper, Indiana University,1998,November,1-23.
[147]Kao, C. and M.-H. Chiang (2000), On the Estimation and Inference of a Cointegrated Regression in Panel Data, in:Baltagi B. (ed.), Nonsta-tionary Panels, Panel Cointegration, and Dynamic Panels, Advances in Econometrics, Vol.15, Amsterdam:JAI Press, pp.161 178.
[148]Phillips, P.C.B. and H.R. Moon (1999), Linear Regression Limit Theory for Nonstationary Panel Data, Econometrica,67,1057 1111.
[149]Pedroni,P Panel Cointegration; Asymptotic and Finite Sample Properties of Pooled Time Series Tests With an Application to the PPP Hypothesis,Indiana University Working Papers In Economics,1995,No.95-113
[150]Pedroni, P. (2000), Fully Modi ed OLS for Heterogenous Cointegrated Pan-els, in:Baltagi B. (ed.), Nonstationary Panels, Panel Cointegration,and Dynamic Panels, Advances in Econometrics, Vol.15, Amsterdam:JAI Press, pp.93 130.
[151]Phillips, P.C.B. and B.E. Hansen (1990), Statistical Inference in Instru-mental Variable Regression with Ⅰ(1) Processes, Review of Economic Studies 57:99 125.
[152]Pesaran, M.H., Smith, R. (1995), Estimating Long-run Relationships from Dynamic Heterogeneous Panels, Journal of Econometrics,68,79-113.
[153]Levin, A., C. Lin, and C.J. Chu (2002), Unit Root Tests in Panel Data:Asymptotic and Finite-sample Properties, Journal of Econometrics,108,1-24.
[154]Pedroni, P. (1999), Critical Values for Cointegration Tests in Heterogeneous Panels with Multiple Regressors, Oxford Bulletin of Economics and Statistics,61,653 670.
[155]Philips, P. and P. Perron (1988),"Testing for a Unit Root in Time Series Regression,"Biometrica,71, 599-607.
[156]Gilmour, Andrew (2005), "Ethiopia:Excess Bank Reserves in the Context of Increased Aid Flows," unpublished; (Washington:International Monetary Fund).
[157]Agenor, Pierre-Richard, Joshua Aizenman and Alexander W. Hoffmaister 2004, "The Credit Crunch in East Asia:What Can Bank Excess Liquid Assets Tell Us?" Journal of International Money and Finance, Vol.23, pp.27-49.
[158]Dollar, David and Mary Hallward-Driemeier 1999, "Crisis, Adjustment and Reform in Thailand's Industrial Firms," World Bank Research Observer, Vol.15, pp.1-22.
[159]Wyplosz, Charles (2005), "Excess Liquidity in the Euro Area:Briefing Notes to the Committee for Economic and Monetary Affairs of the European Parliament," (unpublished, Graduate Institute of International Studies, (Geneva:Switzerland),available on the Web at
http://www.europarl.eu.int/comparl/econ/emu/20050314/wyplosz_en.pdf
[160]Stiglitz, Joseph E. and Andrew M. Weiss 1981, "Credit Rationing in Markets with Imperfect Information," American Economic Review, Vol.71, pp.3934-10.
[161]Magnus Saxegaardl Excess Liquidity and Effectiveness of Monetary Policy:Evidence from Sub-Saharan Africa 2006 www.imf.org/external/pubs/ft/wp/2006/wp06115.pdf
[162]Nissanke, Machiko, and Ernest Aryeetey,1998, Financial Integration and Development:Liberalization and Reforms in Sub-Saharan Africa London, Routledge.
[163]张晓朴.银行体系流动性相对过剩矛盾突出. 中国金融,2006(15)
[164]王国红：”全球流动性过剩”命题缺乏基本论证,中国金融,2008年07月18日。
[165]金融时报：吴晓灵防范金融风险银行稳健经营是关键,2007-09-14
[166]宋兴华、郭茹,央行拉开流动性回收序幕首单票据八百亿,第一财经报,2007年1月1日。
[167]但有为.流动性过剩未根本扭转明年调控主基调双稳健上海证券报,2006-11-06
[168]Bernanke, Ben S. and Alan S. Blinder 1992, "The Federal Funds Rate and the Channels of Monetary Transmission," American Economic Review, Vol.82, pp.901-21.
[169]Gordon, David B., and Eric M. Leeper,1994, "The Dynamic Impacts of Monetary Policy:An Exercise in Tentative Identification," Journal of Political Economy, Vol.102, pp.1228-47.
[170]Bernanke, Ben S., and Ilian Mihov 1998, "Measuring Monetary Policy," Quarterly Journal of Economics, Vol.113, pp.869-902.
[171]Potter, Simon M,1995, "A Nonlinear Approach to U.S. GNP," Journal of Applied Econometrics, Vol.10, pp.129-25.
[172]Tong, Howell 1983, Threshold Models in Nonlinear Time Series Analysis:Lecture Notes in Statistics,21. (Berlin:Springer).
[173]Tong, Howell,1990, Non-Linear Time Series:A Dynamic Systems Approach (Oxford, United Kingdom Oxford University Press).
[174]Atanasova, Christina 2003, "Credit Market Imperfections and Business Cycle Dynamics:A Non-Linear Approach," Studies in Nonlinear Dynamics and Econometrics, Vol.7,pp.516-536.
[175]Balke, Nathan S.,2000, "Credit and Economic Activity:Credit Regimes and Nonlinear Propagation of Shocks,"Review of Economics and Statistics, Vol.82, pp.344-49.
[176]Calza, Alessandro and Joao Sousa 2005, "Output and Inflation Responses to Credit Shocks:Are there Threshold Effects in the Euro Area?" Working Paper No.481, (Frankfurt:European Central Bank).
[177]Choi, Woon Gyu 1999, "Asymmetric Monetary Effects on Interest Rates across Monetary Policy Stances," Journal of Money, Credit and Banking, Vol.31, pp.386-416.
[178]Ang, Andrew and Geert Bekaert 2002, "Regime Switches in Interest Rates," Journal of Business and Economic Statistics, Vol.20, pp.163-182.
[179]Koop, Gary, M. Hashem Pesaran, and Simon M. Potter,1996, "Impulse Response Analysis in Nonlinear Multivariate Models," Journal of Econometrics, Vol.74, pp.119-48.
[180]Williams, J.,1987. Perquisites, risk, and capital structure. Journal of Finance 42,29-49.
[181]Stulz, R.,1990. Managerial discretion and optimal financing policies. Journal of Financial Economics 20,3-27.
[182]Myers, S.C. (2001). "Capital Structure". Journal of Economic Perspectives,15,81-102.
[183]Stigler, G.J. (1976). "The Xistence of X-efficiency". American Economic Review,66,213-16.
[184]Mester, L.J. (1993). "Efficiency in the Savings and Loan Industry". Journal of Banking and Finance,17, 267-86.
[185]Pi, L., and S.G. Timme. (1993). "Corporate Control and Bank Efficiency". Journal of Banking and Finance,17,515-30.
[186]DeYoung, R., K. Spong and R.J. Sullivan.(2001). "Who's Minding the Store? Motivating and Monitoring Hired Managers at Small, Closely Held Commercial Banks". Journal of Banking and Finance,25,1209-1243.
[187]Berger, A.N., Mester, L.J.,1997. Inside the black box:What explains differences in the efficiencies of financial institutions? Journal of Banking and Finance 21,895-947.
[188]DeYoung, R.,1997. A diagnostic test for the distribution-free efficiency estimator:An example using US commercial bank data. European Journal of Operational Research 98,243-249.
[189]Keeley, M.C.,1990. Deposit insurance, risk, and market power in banking. American Economic Review 80,1183-1200.
[190]Petersen, M.A., Rajan, R.G.,1995. The effect of credit market competition on lending relationships. Quarterly Journal of Economics 110,407-443.
[191]Demsetz, H., Lehn, K.,1985. The structure of corporate ownership:Causes and consequences. Journal of Political Economy 93,1155-1177.
[192]Gorton, G., Rosen, R.,1995. Corporate control, portfolio choice, and the decline of banking. Journal of Finance 50,1377-1420.
[193]Mehran, H.,1995. Executive compensation structure, ownership, and firm performance. Journal of Financial Economics 38,163-184.
[194]Ang, J.S., Cole, R.A., Lin, J.W.,2000. Agency costs and ownership structure. Journal of Finance 55,81-106.
[195]Saunders, A., Strock, E., Travlos, N.,1990. Ownership structure, deregulation, and bank risk taking. Journal of Finance 45,643-654
[196]Cole, R.A., Mehran, H.,1998. The effect of changes in ownership structure on performance:Evidence from the thrift industry. Journal of Financial Economics 50,291-317.
[197]. Morck, R., Shleifer, A., Vishny, R.W.,1988. Management ownership and corporate performance:An empirical analysis. Journal of Financial Economics 20,293-316.
[198]Mitchell, K., Onvural, N.M.,1996. Economies of scale and scope at large commercial banks:Evidence from the Fourier flexible functional form. Journal of Money, Credit, and Banking 28,178-199.
[199]McConnell, J.J., Servaes, H.,1990. Additional evidence on equity ownership and corporate value. Journal of Financial Economics 27,595-612.
[200]McConnell, J.J., Servaes, H.,1995. Equity ownership and the two faces of debt. Journal of Financial Economics 39,131-157.
[201]Himmelberg, C.P., Hubbard, R.G., Palia, D.,1999. Understanding the determinants of managerial ownership and the link between ownership and performance. Journal of Financial Economics 53,353-384.
[202]Zhou, X.,2001. Understanding the determinants of managerial ownership and the link between ownership and performance:Comment. Journal of Financial Economics 62,559-571.
[203]袁鹰.我国银行业市场结构效应分析.财经研究,2000(12)：14-20.
[204]杨德勇,王桂贤;我国银行业垄断与效率的经济学分析;财贸经济；2001(12).
[205]刘海云、魏文军、欧阳建新.基于市场、股权和资本的中国银行业绩效研究.国际金融研究,2005(5)：62-67.
[206]黄旭平、熊季霞.混业经营条件下银行集中与效率.当代经济科学,2005(6).
[207]黄旭平、杨新松.竞争导致的银行集中与效率：基于亚洲国家的面板数据分析.经济评论,2005(5).
[208]刘伟、黄桂田.中国银行业改革的侧重点：产权结构还是市场结构.经济研究,2002(8)：3-11.
[209]王方宏.银行市场竞争与银行绩效：以美国各州银行市场的分析.世界经济,2003(12)：45-52.
[210]郑录军、曹廷求.我国商业银行效率及其影响因素的实证分析,金融研究,2005,(1)：91-101.
[211]Demsetz H.Industry Structure, Market Rivalry, and Public Policy.Journal of Law and Economics,1973,16:1-9.
[212]Peltzman, Sam. "Class Size and Earnings." Journal of Economic Perspectives, Fall 1997,.11(4), pp. 225-26
[213]BergerA N, Hannan T H, The Price-Concentration Relationship in Banking. Review of Economics and Statistics,1989,71:291-299.
[214]Hannan T H, Berger A N. The Rigidity of Prices:Evidence from the Banking Industry[J]. American Economic Review,1991,81:938-945.
[215]Neumark D, Sharpe S A. Market Structure and the Nature of Price Rigidity:Evidence from the Market for Consumer Deposits. Quarterly Journal of Economics,1992,107:657-680.
[216]Gilbert R. Alton, Bank Market Structure and Competition:A Survey[J]. Journal of Money, Credit and Banking 1984,16:617-645.
[217]Robert.Deyoungt &Zftekhar.Hasan, the performance of de novo commercial banks:a profit efficiency approach, Journal of banking &finance,1998,22:565-587.
[218]Demirguc-Kunt,.A. and H. Huizinga, Determinants of Commercial Bank Interest margins and Profitability: 15.Some International Evidence, World Bank Economic Review,1999,13:379-408.
[219]Prager, R. A. and T. H. Hannan.Do Substantial Horizontal Mergers Generate Significant Price Effects? Evidence from the Banking Industry, Journal of Industrial Economics,1999,46:433-452.
[220]Simons, K. and J. Stavins, Has Antitrust Policy in banking Become Obsolete?, Federal Reserve Bank of Boston, Ne Berger, A. N. and D. B. Humphrey, Megamergers in Banking and the Use of Cost. Efficiency as an Antitrust Defense, Antitrust Bulletin,1992,37,:541-600.w England Economic Review,1998,34:13-26.
[221]Pilloff, S. J. Performance Changes and Shareholder Wealth Creation Associated with Mergers of Publicly Traded Banking Institutions, Journal of Money, Credit, and Banking,1996,28:294-310.
[222]Smirlock, M. Evidence on the (Non) Relationship between Concentration and Profitability in Banking, Journal of Money, Credit, and Banking 1985,17:69-83.
[223]Graddy, D. B. and R. Kyle.The Simultaneity of Bank Decision-Making, Market Structure, and Bank Performance, Journal of Finance,1979,34,:1-18.
[224]王栋、王静然.中国商业银行集中度与回报率背离分析.武汉金融,2000(4)：7-9.
[225]王国红.论中国银行业市场结构.经济评论,2002(2)：96-103
[226]张健华.国外商业银行效率研究的最新进展及对我国的启示.国际金融研究,2003(5).22-27.
[227]孙天琦.准市场组织理论与寡头主导大中小共存金融组织结构研究.金融研究,2001(8)：1-12.
[228]罗珺.商业银行市场势力分析.金融研究,2003(10)：74-83.
[229]方 莹,严太华：中国银行业市场结构的实证分析与综合评价,财经理论与实践,2005(3)：29-34.
[230]张震宇、黄筱伟、王静.制度环境、市场结构与商人文化：决定银行业绩效的三因素研究.金融研究,2003(12)：116-122.
[231]王方宏：银行市场竞争与银行绩效：以美国各州银行市场的分析,世界经济,2003(12)：45-52.
[2]Miller, M.H. (1977), "Debt and Taxes", Journal of Finance (May), pp.261-276.
[3]Jensen, M.C. and Meckling, W.H. Theory of the firm:Managerial behavior,agency costs and ownership structure.Journal of Financial Economics,1976,3:305-360.
[4]Myers, Stewart C., and Nicholas S. Majluf, Corporate financing and investment decisions when firms have information that investors do not have.Journal of Financial Economics,1984,13:187-221.
[5]Baker, Malcolm, and Jeffrey Wurgler.The equity share in new issues and aggregate stock returns.Journal of Finance,2000,55:2219-2257.
[6]Sundaresan, Suresh M., Continuous-time methods in finance:A review and an assessment. Journal of Finance,2000,55:1569-1622.
[7]Fischer, E.O., Heinkel, R. and Zechner, J.,'Dynamic capital structure choice:theory and tests', Journal of Finance, Vol.44,1989, pp.19-40.
[8]Welch, Ivo Capital Structure and Stock Returns, Journal of Political Economy,2004,112:106-131.
[9]Strebulaev, Ilya.Do tests of capital structure theory mean what they say.London Business School working paper.2004.
[10]Leland, Hayne,1994, Corporate Debt Value, Bond Covenants, and Optimal Capital Structure, Journal of Finance 49,1213-1252.
[11]Titman, Sheridan and Sergey Tsyplakov,2002A dynamic model of optimal capital structure", Titman, S., Tsyplakov, S. A dynamic model of optimal capital structure. Review of Finance,2007,11(3):401-451.
[12]Morellec, Erwan, Can Managerial Discretion Explain Observed Leverage Ratios?, Review of FinancialStudies,2004,17:257-294.
[13]Beck, Thorsten, Demirguc-Kunt, Asli and Levine, Ross E.Bank Concentration and Fragility:Impact and Mechanics" (August 2005). NBER Working Paper No. W11500. Available at SSRN: http://ssrn.com/abstract=775990.2006.
[14]Ben-David, I., Graham, J.R., Harvey, C.R. Managerial overconfidence and corporate policies. Working paper, Duke University.2007.
[15]Chen, Long, and Xinlei Zhao.Profitability, mean reversion of leverage ratios, and capital structure choices.Michigan State University working paper,2005b.
[16]Chen, Long, Pierre Collin-Dufresne, and Robert S. GoldsteinOn the Relation Between Credit Spread Puzzles and the Equity Premium Puzzle, Review of Financial Studies, forthcoming,2008.
[17]Jensen, Michael.Agency cost of free cash flow, corporate finance, and takeovers.American Economic Review Papers and Proceedings,1986,76:323-329.
[18]Atkeson, Andrew G. and Cole, Harold L., A Dynamic Theory of Optimal Capital Structure and Executive Compensation (January 2005). NBER Working Paper No. W11083. Available at SSRN: http://ssrn.com/abstract=652368
[19]Tauren, Miikka Petteri, A Model of Corporate Bond Prices with Dynamic Capital Structure (March 1999). Available at SSRN:http://ssrn.com/abstract=154848 or doi:10.2139/ssrn.154848.
[20]Christensen, P. O., C. R. Flor, D. Lando, and K. R. Miltersen (2002):"Dynamic Capital Structure with Callable Debt and Debt Renegotiation," Working Paper, Department of Accounting, Finance & Law, University of Southern Denmark, Campusvej 55,5230 Odense M, Denmark.
[21]Jonathan Berk, Richard Stanton and Josef Zechner, "Human Capital, Bankruptcy and Capital Structure", The Journal of Finance, forthcoming,2010.
[22]Bortolotti, Bernardo, Cambini, Carlo, Rondi, Laura and Spiegel, Yossi, Capital Structure and Regulation: Does Ownership Matter? (October 2007). FEEM Working Paper No.94.2007. Available at SSRN: http://ssrn.com/abstract=1022342
[23]Roman Inderst and Holger M.Mueller, Bank capital structure and credit decisions Journal of Financial Intermediation,Volume 17, Issue 3, July 2008, Pages 295-314
[24]Elsas, Ralf and Florysiak, David, Dynamic Capital Structure Adjustment and the Impact of Fractional Dependent Variables (June 29,2010). Available at SSRN:http://ssrn.com/abstract=1632362
[25]Chu, Yongqiang, Optimal Capital Structure, Capacity Choice and Product Market Competition (October 28,2009). Available at SSRN:http://ssrn.com/abstract=1361298
[26]Dewaelheyns, Nico and Van Hulle, Cynthia, Capital Structure Dynamics in Private Business Groups (May 2010). KUL (Catholic University of Leuven) AFI Working Paper No.1045. Available at SSRN: http://ssrn.com/abstract=1658350
[27]Rauh, Joshua D. and Sufi, Amir, Capital Structure and Debt Structure (February 17,2010).; AFA 2009 San Francisco Meetings Paper; EFA 2008 Athens Meetings Paper. Available at SSRN: http://ssrn.com/abstract=1097577
[28]DeAngelo, Harry, DeAngelo, Linda and Whited, Toni M., Capital Structure Dynamics and Transitory Debt (September 6,2010). Available at SSRN:http://ssrn.com/abstract=1262464
[29]Bouallegui, Imen, The Dynamics of Capital Structure:Panel Data Analysis. Evidence from New High-Tech German Firms (January 1,2006). Available at SSRN:http://ssrn.com/abstract=733243
[30]Rayna Brown.Determinants of Bank Capital Structure in Developing Countries: Regulatory Capital Requirement versus the Standard Determinants of Capital Structure www.efmaefm.org/OEFMAMEETINGS/.../2008-athens/Brown.pdf
[31]Gropp, Reint and Heider, Florian, The Determinants of Bank Capital Structure (September 30, 2009). ECB Working Paper No.1096. Available at SSRN:http://ssrn.com/abstract=1478335
[32]Wahyu Ario Pratomo & Abdul Ghafar Ismail2007. ISLAMIC BANK PERFORMANCE AND CAPITAL STRUCTURE http://mpra.ub.uni-muenchen.de/6012/MPRA Paper No.6012.
[33]连玉君,钟经樊.中国上市公司资本结构动态调整机制研究,经济科学,2005(10)：16-24
[34]肖作平.资本结构影响因素和双向效应动态模型--来自中国上市公司面板数据的证据,会计研究,2004(2)：36-41.
[35]童勇.资本结构的动态调整和影响因素财经研究2004(10)：96-104.
[36]连玉君.目标资本结构确定与经理人行为模式.南方经济,2006(7)：54-64.
[37]黄辉.资本结构动态调整研究综述.当代财经,2009(1)123-128.
[38]阮淑珍上市公司资本结构优化模型的建立与应用分析武汉理工大学学报,2010(6)：167-169.
[39]王志强,洪艺珣中国上市公司资本结构的长期动态调整会计研究2009(6)：50-57
[40]朱德新朱洪亮.中国上市公司资本结构的选择：基于两种主要理论的检验,南方经济,2007(9)：30-37.
[41]陈晓红、万光羽、曹裕.行业竞争资本结构与产品市场竞争力,科研管理,2010(5)：188-196
[42]李科、徐龙炳,发行管制条件下的股权再融资市场时机行为及其对资本结构的影响,经济研究2009(06)
[43]屈耀辉、姜付秀、陈朝晖资本结构决策具有战略效应吗?管理世界,2007(2)：69-75.
[44]王正位,赵冬青,朱武祥,资本市场摩擦与资本结构调整,金融研究,2007年第6期,第109-119页
[45]李宝仁张院.我国上市公司资本结构对公司业绩影响的实证分析,北京工商大学学报,
2010年第3期,48-52页
[46]钟玮杨天化.资本结构、内部控制与公司绩效,经济与管理研究,2010(5)：93-100.
[47]Harris, M., Raviv, A. Capital structure and the informational role of debt.Journal of Finance,1990,45:321-349
[48]Zwiebel, Jeffrey.Dynamic capital structure under managerial entrenchment.American Economic Review,1996,86:1197-1215.
[49]Morellec, E. Can managerial discretion explain observed leverage ratios.Review of Financial Studies,2004,17:257-294.
[50]Black F; Scholes M F. Black and M. Scholes, The pricing of options and corporate liabilities, Journal of Political Economy 81 (1973),637-659
[51]Meyers, S.C.Determinants of corporate Borrowing.Journal of FinancialEconomics,1977,5:147-175.
[52]Diamond, Douglas W.(1989), "Reputation acquisition in debt markets," Harvard Business Review, pp.57-66.
[53]邓学衷：制度环境、制度创新与银行资本结构优化目标.华东经济管理,2006(4)：16-17
[54]巴曙松,王文强.次级债市场发行与我国商业银行资本金结构调整新金融,2005.
[55]王聪.邹朋飞基于资本结构和风险考虑的中国商业银行X-效率研究,管理世界,2006(11)
[56]王胜邦.商业银行资本结构：存在一个具体的比例吗;财经科学;2006(03).
[57]杜后扬、张兰波,我国商业银行前瞻性资本结构模型构建与实证研究,金融论坛,2005(2)：17-21.
[58]Douglas W. Diamond & Raghuram G. Rajan,2000. "A Theory of Bank Capital," Journal of Finance, American Finance Association, vol.55(6), pages 2431-2465
[59]John H. Boyd & Mark Gertler,1994. "Are banks dead? or, are the reports greatly exaggerated?," Proceedings, Federal Reserve Bank of Chicago.
[60]Berger, Herring and Szego(1995), The Role of Capital in Financial Institutions, Journal of Banking and Finance,Vol.19,pp.393-430.
[61]Demsetz, R.S., Saidenberg, M.R., and Strahan, P.E.Banks with something to lose The disciplinary role of franchise value, FRBNY Economic Policy Review,1996.
[62]De Nicolo, Gianni,2000, "Size, Charter Value and Risk in Banking:An International Perspective," International Finance Discussion Paper No.689, Board of Governors of the Federal Reserve System.
[63]Grossman, S. and Hart, O. Takeover bids, the free-rider problem and the theory of the corporation.Bell Journal of Economics,1980,42-64.
[64]Zicchino, Lea & Love, Inessa.Financial development and dynamic investment behavior:evidence from panel vector autoregression, Policy Research Working Paper Series2002 2913, The World Bank.
[65]Gaud, Philippe, Jani, Elion, Hoesli, Martin and Bender, Andre, The Capital Structure of Swiss Companies:An Empirical Analysis Using Dynamic Panel Data. European Financial Management, Vol.11, No.1, pp.51-69, January 2005. Available at SSRN:http://ssrn.com/abstract=647727
[67]Frydenberg, Stein, A Dynamic Model of Corporate Capital Structure (March 16,2003). EFMA 2003 Helsinki Meetings. Available at SSRN:http://ssrn.com/abstract=394989 or doi:10.2139/ssrn.394989.
[68]Cai, Jie and Zhang, Zhe, Capital Structure Dynamics and Stock Returns (January 2006). Available at SSRN: http://ssrn.com/abstract=685462
[69]Baker, Malcolm P. and Wurgler, Jeffrey A., Market Timing and Capital Structure. Journal of Finance, Vol.57, No.1, pp.1-32, February 2002. Available at SSRN:http://ssrn.com/abstract=276574
[70]Hackbarth, D., Miao, J. Morellec, E.Capital structure, credit risk, and macroeconomic conditions. Journal of Financial Economics,2006,82(3),519-550.
[71]Korajczyk, Robert A., and Amnon Levy.apital Structure Choice:Macroeconomic Conditions and inancial Constraints, Journal of Financial Economics,2003,68:75-09.
[72]Levy 2001. Capital Structure in Developing Countries. The Journal of Finance,56(1):97-129.
[73]Chen, Hui.Macroeconomic Conditions and the Puzzles of Credit Spreads and Capital Structure,Unpublished working paper.2008.
[74]Bhamra H S, Kuehn L-A and Strebulaev I A (2008) The Levered Equity Risk Pre-mium and Credit Spreads: A Uni ed Framework, Working Paper, University of British Columbia
[75]Levy, Amnon and Christopher A. Hennessy.2007.\Why Does Capital Structure Choice Vary with Macroeconomic Conditions." Journal of Monetary Economics, Vol.54, pp.1545-1564.
[76]Cook, Douglas O. and Tang, Tian, Macroeconomic Conditions and Capital Structure Adjustment Speed (March 3,2008). Available at SSRN:http://ssrn.com/abstract=1101664
[77]苏冬蔚、曾海舰,宏观经济因素与公司资本结构变动,经济研究,2009(12)：52-65.[232]
[78]Wolfgang Drobetz, Pascal Pensab,Gabrielle Wanzenried.2008.Firm Characteristics, Economic Conditions and. Capital Structure Adjustments*. Wolfgang Drobetza www.econbiz.de/archiv1/2008/58930_capital_structure_adjustments.pdf
[79]Banjeree, S., A. Heshmati, and C. Whilborg,2004, The dynamics of capital structure, Research in Banking and Finance 4,275-297.
[80]Loof, H.,2004, Dynamic optimal capital structure and technical change, Structural Change and Economic Dynamics 15,449-468.
[81]洪道麟、熊德华、刘力所有权性质、多元化和资本结构内生性,经济学,2007(4)：1165-1184.
[82]李小平、万迪防,岳亮.2007,市场时机资本结构理论评介,外国经济与管理,(29),3：59-64
[83]韩传模孙青霞中国资本结构实证研究方法的思考,会计研究,2006(9).
[84]邓剑琴朱武祥战略竞争、股权融资约束与高负债融资抉择,经济学,2006年(4)：1179-1196
[85]张海燕.中国上市公司资本结构影响因素研究.财经理论与实践,2007(6)
[86]蔡楠,李海菠;宏观经济因素对上市公司资本结构的影响——基于面板数据模型的实证分析;财经科学：2003(1).
[87]李国重中国上市公司资本结构的动态目标调整：制度特征导向,会计研究,2006(12)：68-75.
[88]陈文浩、周雅君竞争战略、资本结构与企业业绩,财经研究,2007(1)：134-143.
[89]杜媛,资本结构决定因素与逻辑探析——对法金融学派观点的述评与思考,外国经济与管理,2007(12).
[90]Heshmati, A.,2001, The dynamics of capital structure:Evidence from Swedish micro and small firms, Research in Banking and Finance,2,199-241.
[91]De Miguel, A., and J. Pindado,2001, Determinants of the capital structure:New evidence from Spanish data, Journal of Corporate Finance 7,77-99.
[92]Hovakimian, A., T. Opler, and S. Titman,2001, The debt-equity choice, Journal of Financial and Quantitative Analysis 36,1-24.
[93]Drobetz, W., P. Pensa and G. Wanzenried,2006, Firm charactistics and dynamic capital structure adjustment, SSRN Working paper#952268.
[94]Jalilvand, A., and R. Harris,1984, Corporate behavior in adjusting to capital structure and dividend targets:An econometric study, Journal of Finance 39,127-144.
[95]Shyam-Sunder, L., and S. Myers,1999, Testing static trade-off against pecking order models of capital structure, Journal of Financial Economics 51,219-244.
[96]Arellano Manuel & Stephen Bond (1991), "Some Tests of Specification for Panel Data:Monte Carlo Evidence and an Application to Employment Equations", Review of Economic Studies, Vol.58, pp.277-297.
[97]Sargan, J. D.,1958. The estimation of economic relationships using instrumental variables. Econometrica, 26,393□415.
[98]Barton, S.L. and Gordon, P.J. Corporate strategy and capital structure.Strategic Management Journal,1988,9:623-632.
[99]Zoido, M.E., Un estudio de las participaciones accionariales de losempresas Espanolas.Investigaciones Economicas,1998,22:427-467.
[100]Kale, J.R.; Noe, T.H. and Ramirez, G.G.The effect of business risk on corporate capital structure:Theory and evidence.Journal of Finance,1991,46:1693-1715.
[101]Munro, J.W. Convertible debt financing:An empirical analysis.Journal of Business Finance and Accounting,1996,23:319-334.
[102]Kester, C. W.(1986),"Capital and ownership structure:A comparison of United States and Japanese manufacturing corporations," Financial Management,15, pp.97-113.
[103]Carlson, Murray, Adlai Fisher, and Ron Giammarino,2005, "Corporate investment and asset price dynamics:Implications for SEO event studies and long-run performance", Journal of Finance, Forthcoming.
[104]陆正飞、辛宇.我国上市公司资本结构的影响因素的实证分析.会计研究,1998(8).
[105]Harvey, C.,1991, The term spread and world economic growth, Journal of Fixed Income,7-19.
[106]Estrella, A., and G. Hardouvelis,1991, The Term Structure as a Predictor of Real Economic Activity, Journal of Finance 46,555-576.
[107]Chen, N.,1991, Financial investment opportunities and the macroeconomy, Journal of Finance 46, 529-554.
[108]Henderson, B., N. Jegadeesh, and M. Weisbach,2005, World markets for raising new capital,Journal of Financial Economics, forthcoming.
[109]Ferson, W., and C. Harvey,1993, The risk and predictability of international equity returns,Review of Financial Studies 6,527-566.
[110]Fama, E., and K. French,2002, Testing tradeoff and pecking order predictions about dividends and debt, Review of Financial Studies 15,1-33.
[111]Drobetz, W., and R. Fix,2005, What are the determinants of the capital structure? Some evidence from Switzerland, Swiss Journal of Economics and Statistics 141,71-113.
[112]Chevalier, J. Capital structure and product-market competition:Empirical evidence from the supermarket industry.American Economic Review,1995a,85:415-435.
[113]Chevalier, J.Do LBO supermarkets charge more:An empirical analysis of the effects of LBOs on supermarket pricing," Journal of Finance,1995b,50:1095-1113.
[114]Campello, M. Capital structure and product markets interactions:Evidence from business cycles.Working Paper, University of Illinois, Chicago (ILL),2000.
[115]姜付秀,刘志彪,行业特征、资本结构与产品市场竞争,管理世界,2005(10)：74-81.
[116]Telser, L.G. Cutthroat competition and the long purse.Journal of Law and Economics,1966,9:259-277.
[117]Poitevin, M.Financial signalling and the deep-pocket argument.Rand Journal of Economics,1989,20:26-40.
[118]Barro, J. and Barro, R. Pay.Performance, and turnover of bank CEOs.Journal of Labor Economics,1990,8:448-481.
[119]Skilvas, S.D.The strategic choice of managerial incentives.Rand Journal of Economics,1987,18:452-458.
[120]Aggarwal, R.K. and Samwick, A.A.Executive compensation, strategic competition,and relative performance evaluation:Theory and evidence.Journal ofFinance,1996,51:1999-2043.
[121]Rotemberg, J.J. and Sharfstein, D.S.Shareholder-value maximization and product-market competition.Review of Financial Studies,1990,3:367-391.
[122]Geroski, P. and Jacquemin, L.Dominant firms and their alleged decline.International Journal of Industrial Organization,1984,2:25-37.
[123]Fhionnlaoich, C.M.; Ferrier, W.J.; Smith, K.G.; and Grimm, C.M.The impact of financial condition on competitive behavior:Towards a reconciliation ofcompeting views," Working Paper, Graduate School of Business, UniversityCollege Dublin, Blackrock.1999.http://ssrn.com/abstract=1265870.
[124]Bowman, E.H.Risk seeking by troubled firms.Sloan Management Review,1982,23:33-42.
[125]Fiegenbaum, A.Prospect theory and the risk-return relationship.Journal of Economic Behavior and Organization,1990,14:187-203.
[126]Janakiraman, S.; Richard, A.L. and David F.L. An investigation of the relative performance evaluation hypothesis.Journal of Accounting Review,1992,30:53-69.
[127]Gibbons, R. and Kevin, J., Relative performance evaluation for chief executive officers," Industrial and Labor Relations Review,90,3:30-S51.
[128]Shubik, M. and Levitan, R.Market structure and behavior, Harvard University,1980.
[129]Phlips, L.Applied industrial economics, Cambridge University Press, Cambridge,(MA).1997.
[130]Cabral, L.B.Introduction to industrial organization, London,MIT Press,2000.
[131]Dasgupta,P.and Stiglitz,J.Industrial structure and the nature of innovative activity.Economic Journal,1980,90:266-293.
[132]Fudenberg, D. and Tirole, J.A signal-jamming theory of predation.RandJournal of Economics,1986,17:366-376.
[133]Pepall, L.; Richards, D. and Norman, G. Industrial Organization.Contemporary,1999
[134]Campos, J. Responsabilidad limitada, estructura firianciera y comportamiento delas empresas espanolas.Investigaciones Economicas,2000,3:585-610.
[135]Von, H.,1988, The sources of innovation, Oxford University Press, (NY).
[136]Friend, I., and Lang, L.An empirical test of the impact of managerial self-interest on corporate capital structure.Journal of Finance,1988,43:271-281.
[137]Titman, S., and R. Wessels,1988, The Determinants of capital structure choice, Journal of Finance 43, 1.19.
[138]Michaelas, N., Chittenden, F.& Poutziouris, P.1999,'Financial policy and capital structure choice in UK SMEs:empirical evidence from company panel data', Small Business Economics,12:113-30.
[139]M. Ameziane Lasfer,1995. "Agency costs, taxes and debt:The UK evidence," European Financial Management, Blackwell Publishing Ltd, vol.1(3), pages 265-285.
[140]Barclay, M.J. & Smith, C.W.1996,'On financial architecture:leverage, maturity and priority', Journal of AppliedCorporate Finance,8(4):4-17.
[141]Berger, P.G., Ofek, E.8c Yermack, D.L.1997,'Managerial entrenchment and capital structure decisions', Journal of Finance,52(4):1411-38.
[142]Weston, J. Fred and Eugene F. Brigham, Managerial Finance, Dryden Press,Hinsdale, Illinois,1981.
[143]DeAngelo, H., and Masulis, R.1980. "Optimal Capital Structure under Corporate and Personal Taxation". Journal of Financial Economics 8,3-29.
[144]Myers, S.C.,1977, "Determinants of corporate Borrowing," Journal of Financial Economics 5,147-175.
[145]Rathinasamy, R.S., Krishnaswamy, C.R.& Mantripragada, K.G.2000,'Capital structure and product market interaction:an international perspective', Global Business and Finance Review,5(2):51-63.
[146]Pedroni,P.Testing for convergence to Common Steady States in Nonstationary Heterogeneous Panels, Working paper, Indiana University,1998,November,1-23.
[147]Kao, C. and M.-H. Chiang (2000), On the Estimation and Inference of a Cointegrated Regression in Panel Data, in:Baltagi B. (ed.), Nonsta-tionary Panels, Panel Cointegration, and Dynamic Panels, Advances in Econometrics, Vol.15, Amsterdam:JAI Press, pp.161 178.
[148]Phillips, P.C.B. and H.R. Moon (1999), Linear Regression Limit Theory for Nonstationary Panel Data, Econometrica,67,1057 1111.
[149]Pedroni,P Panel Cointegration; Asymptotic and Finite Sample Properties of Pooled Time Series Tests With an Application to the PPP Hypothesis,Indiana University Working Papers In Economics,1995,No.95-113
[150]Pedroni, P. (2000), Fully Modi ed OLS for Heterogenous Cointegrated Pan-els, in:Baltagi B. (ed.), Nonstationary Panels, Panel Cointegration,and Dynamic Panels, Advances in Econometrics, Vol.15, Amsterdam:JAI Press, pp.93 130.
[151]Phillips, P.C.B. and B.E. Hansen (1990), Statistical Inference in Instru-mental Variable Regression with Ⅰ(1) Processes, Review of Economic Studies 57:99 125.
[152]Pesaran, M.H., Smith, R. (1995), Estimating Long-run Relationships from Dynamic Heterogeneous Panels, Journal of Econometrics,68,79-113.
[153]Levin, A., C. Lin, and C.J. Chu (2002), Unit Root Tests in Panel Data:Asymptotic and Finite-sample Properties, Journal of Econometrics,108,1-24.
[154]Pedroni, P. (1999), Critical Values for Cointegration Tests in Heterogeneous Panels with Multiple Regressors, Oxford Bulletin of Economics and Statistics,61,653 670.
[155]Philips, P. and P. Perron (1988),"Testing for a Unit Root in Time Series Regression,"Biometrica,71, 599-607.
[156]Gilmour, Andrew (2005), "Ethiopia:Excess Bank Reserves in the Context of Increased Aid Flows," unpublished; (Washington:International Monetary Fund).
[157]Agenor, Pierre-Richard, Joshua Aizenman and Alexander W. Hoffmaister 2004, "The Credit Crunch in East Asia:What Can Bank Excess Liquid Assets Tell Us?" Journal of International Money and Finance, Vol.23, pp.27-49.
[158]Dollar, David and Mary Hallward-Driemeier 1999, "Crisis, Adjustment and Reform in Thailand's Industrial Firms," World Bank Research Observer, Vol.15, pp.1-22.
[159]Wyplosz, Charles (2005), "Excess Liquidity in the Euro Area:Briefing Notes to the Committee for Economic and Monetary Affairs of the European Parliament," (unpublished, Graduate Institute of International Studies, (Geneva:Switzerland),available on the Web at
http://www.europarl.eu.int/comparl/econ/emu/20050314/wyplosz_en.pdf
[160]Stiglitz, Joseph E. and Andrew M. Weiss 1981, "Credit Rationing in Markets with Imperfect Information," American Economic Review, Vol.71, pp.3934-10.
[161]Magnus Saxegaardl Excess Liquidity and Effectiveness of Monetary Policy:Evidence from Sub-Saharan Africa 2006 www.imf.org/external/pubs/ft/wp/2006/wp06115.pdf
[162]Nissanke, Machiko, and Ernest Aryeetey,1998, Financial Integration and Development:Liberalization and Reforms in Sub-Saharan Africa London, Routledge.
[163]张晓朴.银行体系流动性相对过剩矛盾突出. 中国金融,2006(15)
[164]王国红：”全球流动性过剩”命题缺乏基本论证,中国金融,2008年07月18日。
[165]金融时报：吴晓灵防范金融风险银行稳健经营是关键,2007-09-14
[166]宋兴华、郭茹,央行拉开流动性回收序幕首单票据八百亿,第一财经报,2007年1月1日。
[167]但有为.流动性过剩未根本扭转明年调控主基调双稳健上海证券报,2006-11-06
[168]Bernanke, Ben S. and Alan S. Blinder 1992, "The Federal Funds Rate and the Channels of Monetary Transmission," American Economic Review, Vol.82, pp.901-21.
[169]Gordon, David B., and Eric M. Leeper,1994, "The Dynamic Impacts of Monetary Policy:An Exercise in Tentative Identification," Journal of Political Economy, Vol.102, pp.1228-47.
[170]Bernanke, Ben S., and Ilian Mihov 1998, "Measuring Monetary Policy," Quarterly Journal of Economics, Vol.113, pp.869-902.
[171]Potter, Simon M,1995, "A Nonlinear Approach to U.S. GNP," Journal of Applied Econometrics, Vol.10, pp.129-25.
[172]Tong, Howell 1983, Threshold Models in Nonlinear Time Series Analysis:Lecture Notes in Statistics,21. (Berlin:Springer).
[173]Tong, Howell,1990, Non-Linear Time Series:A Dynamic Systems Approach (Oxford, United Kingdom Oxford University Press).
[174]Atanasova, Christina 2003, "Credit Market Imperfections and Business Cycle Dynamics:A Non-Linear Approach," Studies in Nonlinear Dynamics and Econometrics, Vol.7,pp.516-536.
[175]Balke, Nathan S.,2000, "Credit and Economic Activity:Credit Regimes and Nonlinear Propagation of Shocks,"Review of Economics and Statistics, Vol.82, pp.344-49.
[176]Calza, Alessandro and Joao Sousa 2005, "Output and Inflation Responses to Credit Shocks:Are there Threshold Effects in the Euro Area?" Working Paper No.481, (Frankfurt:European Central Bank).
[177]Choi, Woon Gyu 1999, "Asymmetric Monetary Effects on Interest Rates across Monetary Policy Stances," Journal of Money, Credit and Banking, Vol.31, pp.386-416.
[178]Ang, Andrew and Geert Bekaert 2002, "Regime Switches in Interest Rates," Journal of Business and Economic Statistics, Vol.20, pp.163-182.
[179]Koop, Gary, M. Hashem Pesaran, and Simon M. Potter,1996, "Impulse Response Analysis in Nonlinear Multivariate Models," Journal of Econometrics, Vol.74, pp.119-48.
[180]Williams, J.,1987. Perquisites, risk, and capital structure. Journal of Finance 42,29-49.
[181]Stulz, R.,1990. Managerial discretion and optimal financing policies. Journal of Financial Economics 20,3-27.
[182]Myers, S.C. (2001). "Capital Structure". Journal of Economic Perspectives,15,81-102.
[183]Stigler, G.J. (1976). "The Xistence of X-efficiency". American Economic Review,66,213-16.
[184]Mester, L.J. (1993). "Efficiency in the Savings and Loan Industry". Journal of Banking and Finance,17, 267-86.
[185]Pi, L., and S.G. Timme. (1993). "Corporate Control and Bank Efficiency". Journal of Banking and Finance,17,515-30.
[186]DeYoung, R., K. Spong and R.J. Sullivan.(2001). "Who's Minding the Store? Motivating and Monitoring Hired Managers at Small, Closely Held Commercial Banks". Journal of Banking and Finance,25,1209-1243.
[187]Berger, A.N., Mester, L.J.,1997. Inside the black box:What explains differences in the efficiencies of financial institutions? Journal of Banking and Finance 21,895-947.
[188]DeYoung, R.,1997. A diagnostic test for the distribution-free efficiency estimator:An example using US commercial bank data. European Journal of Operational Research 98,243-249.
[189]Keeley, M.C.,1990. Deposit insurance, risk, and market power in banking. American Economic Review 80,1183-1200.
[190]Petersen, M.A., Rajan, R.G.,1995. The effect of credit market competition on lending relationships. Quarterly Journal of Economics 110,407-443.
[191]Demsetz, H., Lehn, K.,1985. The structure of corporate ownership:Causes and consequences. Journal of Political Economy 93,1155-1177.
[192]Gorton, G., Rosen, R.,1995. Corporate control, portfolio choice, and the decline of banking. Journal of Finance 50,1377-1420.
[193]Mehran, H.,1995. Executive compensation structure, ownership, and firm performance. Journal of Financial Economics 38,163-184.
[194]Ang, J.S., Cole, R.A., Lin, J.W.,2000. Agency costs and ownership structure. Journal of Finance 55,81-106.
[195]Saunders, A., Strock, E., Travlos, N.,1990. Ownership structure, deregulation, and bank risk taking. Journal of Finance 45,643-654
[196]Cole, R.A., Mehran, H.,1998. The effect of changes in ownership structure on performance:Evidence from the thrift industry. Journal of Financial Economics 50,291-317.
[197]. Morck, R., Shleifer, A., Vishny, R.W.,1988. Management ownership and corporate performance:An empirical analysis. Journal of Financial Economics 20,293-316.
[198]Mitchell, K., Onvural, N.M.,1996. Economies of scale and scope at large commercial banks:Evidence from the Fourier flexible functional form. Journal of Money, Credit, and Banking 28,178-199.
[199]McConnell, J.J., Servaes, H.,1990. Additional evidence on equity ownership and corporate value. Journal of Financial Economics 27,595-612.
[200]McConnell, J.J., Servaes, H.,1995. Equity ownership and the two faces of debt. Journal of Financial Economics 39,131-157.
[201]Himmelberg, C.P., Hubbard, R.G., Palia, D.,1999. Understanding the determinants of managerial ownership and the link between ownership and performance. Journal of Financial Economics 53,353-384.
[202]Zhou, X.,2001. Understanding the determinants of managerial ownership and the link between ownership and performance:Comment. Journal of Financial Economics 62,559-571.
[203]袁鹰.我国银行业市场结构效应分析.财经研究,2000(12)：14-20.
[204]杨德勇,王桂贤;我国银行业垄断与效率的经济学分析;财贸经济；2001(12).
[205]刘海云、魏文军、欧阳建新.基于市场、股权和资本的中国银行业绩效研究.国际金融研究,2005(5)：62-67.
[206]黄旭平、熊季霞.混业经营条件下银行集中与效率.当代经济科学,2005(6).
[207]黄旭平、杨新松.竞争导致的银行集中与效率：基于亚洲国家的面板数据分析.经济评论,2005(5).
[208]刘伟、黄桂田.中国银行业改革的侧重点：产权结构还是市场结构.经济研究,2002(8)：3-11.
[209]王方宏.银行市场竞争与银行绩效：以美国各州银行市场的分析.世界经济,2003(12)：45-52.
[210]郑录军、曹廷求.我国商业银行效率及其影响因素的实证分析,金融研究,2005,(1)：91-101.
[211]Demsetz H.Industry Structure, Market Rivalry, and Public Policy.Journal of Law and Economics,1973,16:1-9.
[212]Peltzman, Sam. "Class Size and Earnings." Journal of Economic Perspectives, Fall 1997,.11(4), pp. 225-26
[213]BergerA N, Hannan T H, The Price-Concentration Relationship in Banking. Review of Economics and Statistics,1989,71:291-299.
[214]Hannan T H, Berger A N. The Rigidity of Prices:Evidence from the Banking Industry[J]. American Economic Review,1991,81:938-945.
[215]Neumark D, Sharpe S A. Market Structure and the Nature of Price Rigidity:Evidence from the Market for Consumer Deposits. Quarterly Journal of Economics,1992,107:657-680.
[216]Gilbert R. Alton, Bank Market Structure and Competition:A Survey[J]. Journal of Money, Credit and Banking 1984,16:617-645.
[217]Robert.Deyoungt &Zftekhar.Hasan, the performance of de novo commercial banks:a profit efficiency approach, Journal of banking &finance,1998,22:565-587.
[218]Demirguc-Kunt,.A. and H. Huizinga, Determinants of Commercial Bank Interest margins and Profitability: 15.Some International Evidence, World Bank Economic Review,1999,13:379-408.
[219]Prager, R. A. and T. H. Hannan.Do Substantial Horizontal Mergers Generate Significant Price Effects? Evidence from the Banking Industry, Journal of Industrial Economics,1999,46:433-452.
[220]Simons, K. and J. Stavins, Has Antitrust Policy in banking Become Obsolete?, Federal Reserve Bank of Boston, Ne Berger, A. N. and D. B. Humphrey, Megamergers in Banking and the Use of Cost. Efficiency as an Antitrust Defense, Antitrust Bulletin,1992,37,:541-600.w England Economic Review,1998,34:13-26.
[221]Pilloff, S. J. Performance Changes and Shareholder Wealth Creation Associated with Mergers of Publicly Traded Banking Institutions, Journal of Money, Credit, and Banking,1996,28:294-310.
[222]Smirlock, M. Evidence on the (Non) Relationship between Concentration and Profitability in Banking, Journal of Money, Credit, and Banking 1985,17:69-83.
[223]Graddy, D. B. and R. Kyle.The Simultaneity of Bank Decision-Making, Market Structure, and Bank Performance, Journal of Finance,1979,34,:1-18.
[224]王栋、王静然.中国商业银行集中度与回报率背离分析.武汉金融,2000(4)：7-9.
[225]王国红.论中国银行业市场结构.经济评论,2002(2)：96-103
[226]张健华.国外商业银行效率研究的最新进展及对我国的启示.国际金融研究,2003(5).22-27.
[227]孙天琦.准市场组织理论与寡头主导大中小共存金融组织结构研究.金融研究,2001(8)：1-12.
[228]罗珺.商业银行市场势力分析.金融研究,2003(10)：74-83.
[229]方 莹,严太华：中国银行业市场结构的实证分析与综合评价,财经理论与实践,2005(3)：29-34.
[230]张震宇、黄筱伟、王静.制度环境、市场结构与商人文化：决定银行业绩效的三因素研究.金融研究,2003(12)：116-122.
[231]王方宏：银行市场竞争与银行绩效：以美国各州银行市场的分析,世界经济,2003(12)：45-52.