财政自决压力、货币政策与国企资本结构调整

Fiscal Autonomy,Monetary Policy and State-owned Enterprises' Capital Structure Adjustment

以2005—2011年货币政策调整相对频繁的时期为对象的研究发现，地区财政自决压力会削弱货币政策对国企资本结构的调整。主要体现在货币政策紧缩时期，国企资本结构向下调整程度较小，地区财政自决程度增强了这一关系。进一步的分析发现，地方政府竞争资金的需求引致国企实际资本结构持续偏离目标资本结构，实际资本结构向目标资本结构调整的速度较慢。

Based on data from 2005~2011, we find that the high degree of financial autonomy reduces the effect of monetary contraction on capital structure downward adjustment of state-owned enterprises. We also find that the more upward adjustment of state- owned enterprises capital structure, the more overinvestment there will be. We further find that state-owned enterprises＇ capital ad- justment speed is slow because of financial autonomy.