摘要 以我国2001~2014年沪深两市 A 股主板上市公司为样本，从战略管理的视角检验了公司风险承担水平对资本结构动态调整的影响。研究结果表明，公司的风险承担水平能够加快资本结构调整的速度、减少实际资本结构偏离目标的程度。当对负债过度和负债不足的两组样本进行分样本回归分析后，发现风险承担对于资本结构调整的促进作用具有不对称性。从调整速度而言，当公司负债不足时，这种促进作用更为显著和强烈；然而，从资本结构偏离程度而言，当公司负债过度时，风险承担水平更能助其缩小资本结构的偏离程度。
Abstract：Taking Chinese A-share main board listed companies from 2001 to 2014 as samples, and from the perspective of corporate strategy management, this paper studied the influence of corporate Risk taking on the capital structure adjustment. It is found that：(1) There is significantly positive relation between corporate Risk taking on the Lerage adjustments. (2)The promoting effect exists serious asymmetry. To be more specific, from the point of adjusting speed, the promoting effect for over-indebted companies is more significant and strong; from the point of deviation degree, when the company is in excessive debt，Risk taking is more helpful to reduce the deviation degree.
2016, Vol. 13 
