货币政策、债务来源异质性与制造业企业资本结构动态调整

Monetary policy,heterogeneity of debt sources and dynamic adjustment of capital structure of manufacturing enterprises

基于部分调整模型,通过构建债务来源异质性指数,建立我国A股501家制造业企业样本的动态面板模型,检验债务来源渠道多样化在价格型、数量型货币政策工具对企业资本结构动态调整的影响中所起的作用.研究表明,债务来源异质性与制造业企业资本结构调整速度成反比,货币政策扩张会推动调整速度提高,反之则降低,这种反应对价格型货币政策工具变动更敏感.债务异质性削弱了2类货币政策工具对企业资本结构的影响,多样化的融资渠道部分平抑了货币政策变动的影响,而渠道单一的企业对政策变动更加敏感.为使企业更好地适应货币政策引导,给出了相关建议.

Based on a partial adjustment model,a dynamic panel model of a sample of 501 manufacturing enterprises in A-shares in China is built by constructing a debt-source heterogeneity index,the model is used to test the role of diversification of debt sources and channels in the impact of price and quantity monetary policy tools on the dynamic adjustment of enterprise capital structure.The research shows that the heterogeneity of debt sources is inversely proportional to the adjustment speed of capital structure of manufacturing enterprises.The expansion of monetary policy will increase the adjustment speed,on the contrary,it will decrease,this response is more sensitive to the change of price monetary policy instruments.Debt heterogeneity weakens the impact of two types of monetary policy instruments on enterprise capital structure,diversified financing channels partially stabilize the impact of monetary policy changes,while enterprises with single channel are more sensitive to policy changes.In order to make enterprises better adapt to the guidance of monetary policy,some relevant suggestions are given.