管制放松背景下的利率变动与公司资本结构动态调整——基于制造业的经验分析

The Changes in Interest Rates and Dynamic Adjustment for Corporate Capital Structure under Deregulation:Evidence from Manufacturing

2004年以来,利率管制逐步放松,利率变动与资本结构选择之间的关系如何?文章从理论视角廓清了宏观利率变化对微观公司资本结构选择的影响机制,并选取2005-2011年A股制造业公司的平行面板数据,实证检验了资本结构动态调整与利率变动之间的关系。结果显示,利率变动对企业资本结构决策具有显著正向影响,而且这一关系受企业性质所影响。利率变动对负债不足公司的资本结构具有正向影响,而对过度负债公司则具有负向影响。此外,我们还发现利率对资本结构偏离具有负向影响,而且这一关系不受企业性质所影响。

Since 2004, we have seen the gradual deregulation of interest rates. How about the relation between the changes in interest rates and the choice of capital structure？ This paper theoretically explores the impact of the changes in interest rates on the choice of corporate capital structure. Then it selects the parallel panel data of Ashare listed companies from 2005 to 2011 in manufacturing to empirically test the relation between the dynam ic adjustment for capital structure and the changes in interest rates. It indi cates that the changes in interest rates have significantly positive effects on corporate decisionmaking of capital structure, and this relation between these two is affected by corporate ownership, Meanwhile, the changes in in terest rates have positive and negative impacts on corporate capital structure with inadequate and excessive liabilities respectively. In addition, it also finds that there is a negative relation between interest rates and the deviation of capital structure,which is not affected by corporate ownership.