How and When Do Firms Adjust Their Capital Structures toward Targets?
提出融资需求驱动的调整框架，发现企业主要在债务高于目标且有财务盈余或低于目标且有财务赤字时调整资本结构，而非传统啄序理论所假设的方式。
ABSTRACT If firms adjust their capital structures toward targets, and if there are adverse selection costs associated with asymmetric information, how and when do firms adjust their capital structures? We suggest a financing needs‐induced adjustment framework to examine the dynamic process by which firms adjust their capital structures. We find that most adjustments occur when firms have above‐target (below‐target) debt with a financial surplus (deficit). These results suggest that firms move toward the target capital structure when they face a financial deficit/surplus—but not in the manner hypothesized by the traditional pecking order theory.