货币政策、资产抵押担保渠道与资本结构

Monetary Policy,the Collateral Channel and the Capital Structure

本文探讨了转型经济背景下货币政策、资产可抵押性对上市公司资本结构的影响。研究发现,固定资产、存货和应收账款是通过抵押担保渠道影响公司资本结构的重要因素。进一步的经验研究表明,货币政策变化对融资约束程度不同的公司的影响存在差异:融资约束强的公司,融资能力受到信贷政策的制约,更容易受抵押担保渠道的影响,对货币政策的反应更明显;融资约束弱的公司债务融资的途径较多,其对货币政策的反应更弱。本文的发现有助于加深我们对货币政策有效性的认识,决策者应关注不同企业主体对政策效果的差异性。

The paper discusses the impact of the monetary policy and the collateral channel on the listed company＇s lever- age under the background of the transition economies. The study finds that fixed assets, inventory and accounts receivable are important factors affecting the company＇s capital structure through the collateral channel. Further empirical studies show that the changes of monetary policy have different effects on the company according to the different financing constraints ： the financing ability of the companies which face strong financing constraints is constrained by the credit policy, they are more susceptible to the monetary policy and the collateral channel; while the debt finance way of the companies which face weak financing con- straints is various, their responses are weaker. The article will help to deepen our understanding of the effectiveness of the mo- netary policy and the policymakers should focus on the different effects of the policy on the different enterprises.