利率与上市公司资本结构:理论分析和实证检验

The Interest Rate And The Capital Structure of The Listed Company: Theory Analysis And Empirical Study

本文首先通过构建博弈模型从理论上分析了利率与资本结构之间的关系,并采用1996至2010年沪、深两市120家上市公司的流动负债率与3个月银行同业拆借利率数据进行实证检验,研究表明对利率与上市公司资本结构并不存在协整关系。究其原因,笔者认为源于我国货币政策传导机制尚待完善。

This paper analyzed the relation between interest rate and capital structure in theory by constructing a game theory model . As well the data of current debt ratio from 120 companies listed in Shanghai Stock Exchange and Shenzhen Stock Exchange between 1996 and 2010 and three-month interest rate of inter-bank market are selected as the sample to be applied empirical study. The result indicated that there wasn’t a co-integration relation between the interest rate of inter-bank market and the capital structure of listed company. The author thinks that the reason lies in China＇s monetary policy transmission mechanism remains to be perfect.