财政政策与融资结构动态调整——基于辽宁省的实证研究

The Dynamic Adjustment of Fiscal Policies and Capital Structure——An Empirical Study Based on Liaoning Province

构建经典融资结构调整模型和改进融资结构调整模型,基于辽宁省上市公司2006-2017年间的面板数据,采用系统GMM估计方法对模型进行回归估计,验证了财政政策对融资结构动态优化机制,同时分析了融资结构的调整速度与调整形态。研究结果表明:中央财政政策、地方财政政策、税收政策以及货币政策对融资结构动态优化机制不同;财政政策与货币政策对融资结构动态优化存在交互作用;相对于单一财政政策,财政政策与货币政策的交互作用对融资结构动态优化效果更加显著。

This paper constructs a classic model of capital structure,and improves the model of capital structure adjustment based on the panel data of listed companies in Liaoning Province between 2006-2017.The systematic GMM estimation method is used to carry out regression estimation on the model,verify the dynamic optimization mechanism of the capital structure of the financial policy,and simultaneously analyze the adjustment speed and adjustment form of the capital structure.The results show that the central financial policy,local fiscal policy,taxation policy and monetary policy have different dynamic optimization mechanisms for capital structure;fiscal policy and monetary policy have an interactive effect on the dynamic optimization of capital structure;compared with a single fiscal policy,the interaction between fiscal policy and monetary policy has a more significant effect on the dynamic optimization of capital structure.