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7、al structure adjustment JJournal of Financial Economics， 103(1)：88112 WANG W2013Market imperfections， Working Paper conditions，and capital structure adjustmentsRSocial ScienceResemmhNetwork Free Cash Flow and Dynamic Capital Structure Adjustment LUO Oi HU YiOiu (School of Economics and Management，Wu
8、han University，Wuhan 430072) Abstract：This paper investigates the capital structure adjustment of listed fLrmS with samples of China s A share listed fmns during the year 20052013The results show that finns are more likely to make ed justment towards their targets and adjustment speeds are different
9、 owning to fLrH1S different free cash flow Over-levered fLrmS with positive free cash flow face the least leverage adjustment costs by repaying their debts and make downward adjustment towards their targets at the fastest speed，while underlevered fn-ms with negative free cash flow face the least lev
10、erage adjustment costs by debt financing and make upward ad- justment towardsleir targets at the fastest speedFurthermore，both the overlevered and underlevered finns face the extra adjustment costs at the slowest adjustment speed when free cash flow is close to zero Keywords：capital structure；tradeo
11、ff theory；free cash flow；adjustment costs；adjustment speed (责任编辑 刘志炜) (上接 第 98 页 ) Can Equalization Transfer Promote the Supply of Basic Public Services in Poor Areas? A Study Based on National Poverty stricken Counties LI Dan PEI Yu (Nanjing Audit University，Nanjing 211815) Abs tract：Using the equa
12、lization transfer payments and the twostage system GMM method， this pa- pe r makes detailed empirical an alysis of equalization tran sfers from the views of stock an d increment The research shows that the equalization transfer is beneficial to the expansion of the scale of local government expendit
13、ure in the total analysis，and in the structure analysis， in ad dition to social security spending，in general，the equalization tran sfer payments in favor of the supply of basic public services， particularly the increasing tran sfer payments eq uilibrium effect is more pronounced， which indicates that construction of gen eral tran sfer payments whose purpose is mainly to construct equalization transfers can achieve eq ualization of basic public services Keywords：equalization transfers；basic public services；national po vertystricken counties (责任编辑 刘志炜) 125
