货币政策冲击对资本结构逆向调整的影响——基于不同融资约束水平的检验

On the Impact of Monetary Policy Shocks to Capital Structure Adverse Adjustment: Based on Different Financial Constraint Levels

以往对资本结构动态调整的研究忽略了普遍存在的逆向调整现象,但事实上,资本结构逆向调整会损害公司价值,具有重要研究意义。实证检验不同融资约束水平下货币政策冲击对资本结构逆向调整的影响,结果表明:货币政策冲击是资本结构逆向调整的重要影响因素,公司融资约束加剧了货币政策的影响;资本结构逆向调整显著降低了公司财务业绩,在融资约束较强的公司中这一效应更为强烈。

Previous researches on dynamics of capital structure fail to thoroughly study capital structure adverse adjustment,which is a prevailing phenomenon and causes damages to firm value,and thus is of big research importance. This paper empirically tests how monetary policy shocks influence capital structure adverse adjustment on different financial constraint levels. Results suggest that monetary policy shocks act as a significant factor,while financial constraints increase firms' sensitivity to monetary shocks. In addition,adverse adjustment decreases firm value,especially for financial constrained firms.