货币政策对上市公司资本结构的影响——基于行业的比较研究

Monetary Policy Effect on the Capital Structure of Listed Companies:The Study Based on Industry Comparison

资本结构作为融资行为的直接结果,对企业生存发展构成重大影响,在结构调整的大背景下一个值得关注的问题是,货币政策对企业资本结构会产生什么样的影响?货币政策对企业资本结构的影响是否存在行业差异?笔者对2003—2012年上市公司面板数据进行了行业分类,采用固定效应模型进行实证分析,发现不同行业资本结构对货币政策的反应存在差异,可以分为强反应和弱反应两种类型。最后围绕行业特征对该实证结果进行了解释,提出了缓解统一货币政策结构性矛盾的政策建议。

As the direct result of financing behavior, capital structure make significant impact on enterprises survival, in the background of structural adjustment, a big problem is that what do monetary policy impact on cor- porate capital structure7 Whether the impact exist industry difference？ With 2003-2012 listed Corporation panel data by industry classification, this paper do empirical analysis by using fixed effect model, find the industry differ- ences really existent, it can be divided into two types of strong and weak reaction. By analyzing the empirical results from industry characteristics, this paper suggests that to ease structural contradictions should using unified policy.