货币政策与资本结构动态调整——基于货币政策传导渠道视角  

Monetary Policy and Dynamic Adjustment of Capital Structure——Based on the Perspective of Monetary Policy Transmission Channels

作　　者：周针竹 Zhou Zhenzhu

机构地区：[1]中国农业大学,北京100083

出　　处：《经济问题探索》2022年第2期128-142,共15页Inquiry Into Economic Issues

基　　金：国家社科基金青年项目“企业家精神推动经济高质量发展的理论机制与政策选择研究”(19CJL016),主持人:陈欢;山西省政府重大决策咨询课题“‘十四五’时期山西功能农业发展新动能转换及政策支持研究”(ZB20211902),主持人:王兴华。

摘　　要：在深化金融供给侧结构性改革,疏通货币政策传导机制提高传导效率背景下,以货币政策作为切入点,经由银行信贷、资产负债表和资产价格渠道,构建货币政策作用于公司资本结构动态调整的逻辑框架,并以上市公司数据为样本进行了实证检验。研究发现:货币政策经由各传导渠道影响资本结构调整速度和偏离程度,各传导渠道存在中介效应,传导通畅程度不同。公司性质和负债程度影响货币政策、传导渠道对资本结构动态调整的作用,以及传导渠道的中介效应。不同类型主体对货币政策变动敏感度不同,应针对其特征,把握货币政策传导效应实施具有科学性针对性和具体性措施,有效疏通货币政策传导机制。公司应改善内部环境,在货币政策变动时保持各传导渠道畅通,有效提高资本结构动态调整效率。Under the background of deepening the structural reform of the financial supply side, dredging the transmission mechanism of monetary policy and improving the transmission efficiency, this paper takes monetary policy as the breakthrough point, and constructs the logical framework of monetary policy acting on the dynamic adjustment of corporate capital structure through the channels of bank credit, balance sheet and asset price.And take the data of listed companies as samples for empirical test.It is found that monetary policy influences the speed and deviation of capital structure adjustment through various transmission channels.There is mediation effect in each transmission channel, and the degree of transmission patency is different.The nature of the company and the degree of debt affect the role of monetary policy and transmission channels in the dynamic adjustment of capital structure.It also affects the mediating effect of transmission channels.Different types of subjects have different sensitivities to changes in monetary policy.According to its characteristics, relevant departments should grasp the transmission effect of monetary policy and implement scientific, targeted and specific measures to effectively dredge the transmission mechanism of monetary policy.Companies should improve the internal environment, keep all transmission channels open when monetary policy changes, and effectively improve the efficiency of dynamic adjustment of capital structure.

关 键 词：货币政策 货币政策传导渠道 资本结构调整速度 资本结构偏离程度 

分 类 号：F822.2[经济管理—财政学]