**speed**of adjustment in both cases, empirical results show that relative adjustment in macroeconomic prosperity faster than the downturn in the macroeconomic situation.

Paper Keywords: macro-economic environment; capital structure; adjust the speed; unbalanced panel data

Adjust the speed of many influencing factors, the impact of macroeconomic factors on the speed of adjustment in recent years begun to attract the attention of the academic community. Douglas0. Cook (2009), respectively, using a two-stage and two dynamic partial adjustment model to study the impact of the macroeconomic environment to adjust the speed, the faster adjustment in macroeconomic prosperity. The original Yi Jun, Sun Xiaohua (2006) research to get the speed of adjustment a positive correlation with the GDP growth rate in the previous year, with the rate of inflation, real lending rates and financial expenditure rate of value-added negative conclusions. Huang (2009) macroeconomic environment and institutional factors affect the speed of adjustment were studied, the results show that the speed of adjustment showed smooth the phenomenon of the economic cycle. In this paper, the methods of previous studies to improve macroeconomic variables divided samples to adjust the speed comparative study based on a partial adjustment model. Macro factors not considered in the target capital structure of regression. This instability and significant study results improved to avoid double consider macroeconomic factors.

A research model with variable design

1. Research model

(2) The target capital structure fitting variables. According to the existing literature on the target Factors Influencing Capital Structure, This selection of characteristic variables: company size (SIZE), the main business of the natural logarithm of the empirical studies of firm size and capital structure has not been unanimous conclusion ; tangible assets (TANG) fixed assets divided by total assets, empirical studies show that the ratio of tangible assets and asset-liability ratio is positively correlated; non-debt tax shield (NDTS), the depreciation of fixed assets divided by total assets, experience The study showed that non-debt tax shields and capital structure negatively correlated; company's growth (GROW), Tobin's Q, said the company's growth of capital structure has not yet conclusive; company's profitability (PROF), income tax The former profit divided by total assets, the company's profitability empirical research on capital structure has not been the same conclusion; tax factors (TAX), income tax divided by the total profit. Considering the factors of the characteristics of the industry, with the industry average asset-liability ratio (HAB, HAM).

(3) macroeconomic variables. Modeled Douglas0. Cook (2009), this paper used the GDP growth rate to define the macro-economic environment. GDP growth rate is defined as this year's GDP minus the previous year's GDP divided by last year's GDP. Macroeconomic variables divided sample L3 of 2002, the GDP growth rate of GDP growth data for the median is divided into two parts, each part divided in accordance with the GDP growth rate of binary digits, divide the sample into four parts. Take the GDP growth rate of a minimum of three years from 1998 to 2000 recession defined as the macroeconomic environment; take the GDP growth rate of a maximum of three years from 2005 to 2007 is defined as the macro-economic environment and prosperity. Second, the sample selection and estimation methods

Shanghai and Shenzhen from 1996 to 2008 data from listed companies, including financial listed companies, excluding PT, ST Company. After data processing, the 9295 sample observation points of the distribution of 715 companies in 12 industries. Sample data from the CCER database. Model (3) of the target capital structure determinants of the right hand side of the model contains the first-order lag variables of the dependent variable, G deleted using dynamic panel data estimation method, all the variables of the model (3) the right of the second-order lag variables as instrumental variables.

Third, the empirical results

Model (3) the regression results in Table 1

Note: The data in brackets is the value of T-test, ***, **, * denote 1%, 5% and 10% significance level was significantly

Table 1 of LEV (-1) coefficient is can see the speed of adjustment in the carrying amount of the capital structure, the macroeconomic recession 0.575 (1-0.425), the speed of adjustment in macroeconomic prosperity 0.592 (1-0.408); market capital structure, the macroeconomic recession adjust the speed is 0.606 (1 -0.394), adjust the speed of the macro-economic prosperity is 0.656 (1-0.344).

The empirical results show that: the recapitalization of speed showed pro-cyclical, and Douglas0. Cook (2009), Huang (2009) the same conclusion.

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