货币政策、企业性质和资本结构  

Monetary Policy,Enterprise Nature and Capital Structure

作　　者：唐建新[1] 范蕊[1] 陈冬[1] 

机构地区：[1]武汉大学经济管理学院,湖北武汉430072

出　　处：《财会通讯（下）》2014年第6期81-84,129,共4页Communication of Finance and Accounting

摘　　要：本文利用上市公司1998年至2010年季度数据,分析了货币政策对资本结构动态调整以及企业性质、融资约束对货币政策与资本结构调整相关性的影响。研究发现:货币政策对企业实际资本结构偏离目标资本结构程度有重要影响,而企业性质会扭曲这种影响。在紧缩的货币政策下,国有企业向下偏离目标资本结构的程度小于民营企业,在宽松的货币政策下,国有企业向上偏离目标资本结构的程度大于民营企业。进一步还发现融资约束会使货币政策对民营企业的资本结构调整产生增量影响,在紧缩的货币政策下,无融资约束的民营企业向下偏离目标资本结构的程度小于有融资约束的民营企业;在宽松的货币政策下,无融资约束的民营企业向上偏离目标资本结构的程度大于有融资约束的民营企业。Based on 8 different substitution variables of target capital structure,this paper,from two aspects——the degree of deviation between the observed capital structure and the targeted capital and the speed of capital structure dynamic adjustment,empirically analyses the impact of monetary policy on dynamic adjustment of capital structure,as well as the relative incrremental impact of the enterprise's nature and financing constraints constraints on monetary policy and dynamic adjustment of capital structure We find,the monetary policy indeed plays an important role on the deviation between actural capital and the targeted capital,and nature of enterprise will distort this impact:under the tight monetary pulicy,the degree of State- owned enterprises downward deviating from the target capital structure is lower than private enterprises;under the loose monetary policy,the degree of Stale- owned enterprises upward deviating from the target capital structure is higher than private enterprises Furthermore,under the tight monetary policy,the degree of uneonslrained private enterprises downward deviating from the target capital structure is lower than the constrained private enterprises;under the tight monetary policy,the degree of unconstrained privale enterprises downward deviating from the target capital structure is lower than the constrained privale enterprises As for the relationship between monelan policy and capital structure adjustment speed,we only find the corporate often trend to or deviate from the targeted capital structure,and the proportion of over adjustment is a little high.

关 键 词：货币政策 企业性质 融资约束 资本结构 

分 类 号：F822.0[经济管理—财政学] F275