文献类型：期刊文献

英文题名：The Impact of Dividend Policies and Financing Strategies on the Speed of Firms' Capital Structure Adjustment

作者：Zou, Yan[1];Bai, Qinghui[2]

第一作者：Zou, Yan

通讯作者：Bai, QH[1]

机构：[1]Beijing WuZi Univ, Sch Accountancy, Beijing 101149, Peoples R China;[2]Beijing Union Univ, Business Coll, Beijing 100025, Peoples R China

第一机构：Beijing WuZi Univ, Sch Accountancy, Beijing 101149, Peoples R China

通讯机构：[1]corresponding author), Beijing Union Univ, Business Coll, Beijing 100025, Peoples R China.|[1141721]北京联合大学商务学院;[11417]北京联合大学;

年份：2022

卷号：2022

外文期刊名：DISCRETE DYNAMICS IN NATURE AND SOCIETY

收录：;Scopus(收录号：2-s2.0-85125804582);WOS:【SSCI(收录号:WOS:000766939300001)，SCI-EXPANDED(收录号:WOS:000766939300001)】；

基金：Zouyan was supported by the general project of the Beijing Municipal Education Commissions Social Science Program Research on M & A Behaviors of Enterprises in the Beijing-Tianjin-Hebei Region under the Background of the Epidemic: Motivation, Premium and Economic Consequences (Project Approval Number: SM202110037009). Bai Qinghui was supported by the Humanities and Social Sciences Project of the Ministry of Education of China, The Path Choice of Chinas Manufacturing Industry to Reduce Tax Burden: The Mechanism of the Three Types of Key Taxes and Fees and Corporate Behavior Investigations (Project Number: 17YJC790001).

语种：英文

摘要：Based on the framework of the dynamic adjustment model, this paper examines the impact of dividend policies and financing strategies on the speed of capital structure adjustment and explores the relationship between dividend distribution and financing behavior. The empirical results show that if the firm pays less cash dividends, the capital structure adjustment speed is faster, and the dividend distribution behavior conflicts with financing needs. If the firm pays more cash dividends, the capital structure adjustment speed is slower, and the high dividend policy conflicts with market timing financing strategies. In a word, the behavior of dividend distribution has a significant impact on the speed of capital structure adjustment, and the conflict between dividend distribution and financing strategy affects the speed of capital structure adjustment. This paper provides a new perspective for optimizing capital structure, regulating dividend distribution, and evaluating the rationality of financing behavior.