货币政策对公司资本结构的影响效应研究——来自中国上市公司的证据

A Study on the Effect of Monetary Policies on Capital Structure——Evidences from Chinese Listed Companies

以我国沪深A股上市公司为研究对象，选取2004～2014年间的相关数据，就货币政策对我国上市公司资本结构的影响效应进行研究。研究表明：货币政策的变化会促使公司对资本结构进行动态调整，宽松的货币政策显著地降低公司的资本结构，提高资本结构的调整速度；公司的资本结构会受到包括企业规模、资产有形性等企业自身特征因素的影响。据此，提出加快金融市场化进程、完善多层次资本市场建设及大力发展企业债市场等政策建议。

This paper chooses 718 firms listing in Shanghai and Shenzhen Stock Exchanges that only have A-shares as samples, col- lects their relevant financial data between 2004 and 2014. This paper finds that loose monetary policies can lead to the decrease of corporate＇ capital structure significantly. Also, the study shows that corporates＇ capital structure does adjust dynamically, What is more, loose monetary policies can improve the adjustment speed of eorporates＇ capital structure significantly. In addition, the empirical tests also demonstrate that firms ＇ size, asset tangibility etc. have impact on capital structure.