利率市场化对上市公司资本结构影响的研究  

Researches on Impact of Interest Rate Liberalization on Capital Structure of Listed Companies

作　　者：潘海英[1] 范小艳[1] 黄梓蔚 

机构地区：[1]河海大学商学院,南京211100

出　　处：《世界科技研究与发展》2016年第4期895-899,909,共6页World Sci-Tech R&D

基　　金：国家社会科学基金(15BJY053)资助

摘　　要：为探究利率市场化前后企业资本结构的动态变化,从资本供给方、需求方角度理论分析利率政策对企业资本结构调整的影响机理,以2004-2014年822家A股上市公司为样本,实证检验利率市场化背景下不同规模企业资本结构调整的差异,并与利率管制时期进行比较。研究结果表明,在利率管制时期,大企业相比中小企业表现出更快的资本结构调整速度。随着利率市场化进程的深入,企业负债水平将会提高,资本结构调整速度将会加快;较之大企业,中小企业呈现出更快的资本结构调整速度,企业的融资约束较管制时期有较大程度的缓解。In order to explore the dynamic changes of the enterprise capital structure before and after interest rate liberaliza- tion, and analyze the influence of interest rate liberalization on enterprise capital structure adjustment from the perspective of suppliers and demanders, the A-share listed enterprises from 2004 to 2014 are selected as samples to explore differences be- tween different scale enterprise capital structure under the background of interest rate liberalization, and comparing with in- terest rate control period. It＇s shown that during the period of interest rate controls,large enterprises showed a faster speed of capital structure adjustment than small enterprises;with the in-depth development of interest rate liberalization, enterprises will expand the scale of debt, and the speed of capital structure adjustment will be accelerated. At the same time, it is found that small-scale enterprises appear to show faster than the large-scale enterprises about the speed of dynamic capital struc- ture adjustment, and the financing constraints of these companies will be eased compared with the period of interest rate con- trol.

关 键 词：利率市场化 利率管制 资本结构 部分调整模型 

分 类 号：F275[经济管理—企业管理]