货币政策、股票流动性与资本结构动态调整  

Monetary Policy,Stock Liquidity and Dynamic Adjustments of Capital Structure

作　　者：邹萍[1] 

机构地区：[1]中南财经政法大学会计学院,湖北武汉430073

出　　处：《审计与经济研究》2015年第1期74-82,共9页Journal of Audit & Economics

基　　金：中南财经政法大学博士生科研创新项目(2013B0906);百篇优秀博士学位论文培育项目(2014YB0901)

摘　　要：以2003—2012年沪深A股上市公司为研究样本,考察货币政策和股票流动性对资本结构动态调整的影响。研究结果表明:伴随着股票流动性的上升,资本结构调整速度显著加快;货币政策的放松有利于资本结构调整速度的改善,而且股票流动性与资本结构调整速度的关系也在宽松的货币政策下变得更加敏感。进一步研究发现,在不同的产权性质和负债水平下,货币政策、股票流动性对资本结构动态调整的影响存在非对称性:在非国有性质和负债较低的上市公司中影响更显著,而在国有性质和负债较高的上市公司中影响更弱。Based on the data from China＇s A-share market during 2003-2012, we examine whether monetary policy and stock liquidity have an effect on dynamic adjustment of capital structure. The results show that the higher the stock liquidity is, the faster the speed of capital structure adjustment will be; a relative relaxing monetary policy can strengthen the sensitivity be- tween stock liquidity and the speed of capital structure adjustment. Our further study shows that under the different debt levels and the nature of company＇s property, the monetary policy and the stock liquidity have different effects on the dynamic adjust- ment of capital structure. The effects are more significant on the listed companies which have lower debt and are non-state- owned than those on the listed companies which have higher debt and are state-owned.

关 键 词：货币政策 股票流动性 资本结构动态调整 产权性质 负债水平 微观公司行为 最优资本结构 公司 资本结构调整 

分 类 号：F235.19[经济管理—会计学]