货币政策变动对企业资本结构动态调整影响研究

发布时间：2018-07-31 10:10

【摘要】：资本结构是企业进行融资决策的核心问题,在企业的长期发展和重要决策过程中,资本结构的动态调整具有重要意义。长期以来,众多学者从静态角度研究企业的资本结构,静态资本结构的研究往往存在滞后性。从动态角度研究企业资本结构的调整,对于优化企业资本结构、提升企业价值意义重大。目前,有学者从动态的宏观经济环境角度分析其对企业资本结构的影响,但研究宏观经济中政策性因素对企业资本结构影响的较少。考虑到货币政策是货币管理当局为实现宏观经济目标运用较为频繁的重要工具。因此,本文以货币政策动态变动为切入点,研究宏观经济政策与企业资本结构动态调整之间的关系。本文选择我国沪深两市A股制造业上市企业为研究样本,选取2004-2014的年度数据,分别从静态和动态角度分析货币政策变动对企业资本结构的影响。实证检验表明,宏观货币政策变动确实对我国企业资本结构产生了深刻的影响。紧缩的货币政策使得企业负债规模增加,宽松的货币政策使得企业负债规模减少,即企业资本结构的变化与实际利率的变动呈现正相关关系,而与货币供应量增长率的变化呈现负相关关系。企业资本结构的调整对于不同货币政策的反应速度是不一样的,紧缩的货币政策使企业资本结构调整的反应速度更加迟缓,宽松的货币政策条件下企业资本结构调整反应速度更加灵敏,即企业资本结构的反应速度与实际贷款利率的变化呈现负相关关系,而与货币供应量增长率的变化呈现正相关关系。研究结论表明,货币政策的动态变动确实对企业资本结构形成影响,本文为优化企业资本结构,对政府创造良好外部环境、货币管理当局提高监管和加强创新、微观企业调整自身管理模式提供了一些具有现实意义的政策建议。文章的创新之处:从动静两个方面深入和全面分析货币政策变动对企业资本结构的影响,在一定程度上拓宽了资本结构研究的思路。同时,本文将货币政策量化,克服了采用虚拟变量或哑变量进行衡量较为笼统、缺乏连续性、存在主观性的缺陷,能够非常有效、形象地反映货币政策调整变动的影响。
[Abstract]:The capital structure is the core problem of the enterprise financing decision. In the long-term development and important decision-making process of the enterprise, the dynamic adjustment of the capital structure is of great significance. For a long time, many scholars have studied the capital structure of enterprises from the static point of view. It is of great significance to study the adjustment of enterprise capital structure from the dynamic point of view for optimizing enterprise capital structure and promoting enterprise value. At present, some scholars analyze its influence on the capital structure of enterprises from the point of view of dynamic macroeconomic environment, but there are few researches on the influence of policy factors on the capital structure of enterprises. Considering that monetary policy is an important tool used frequently by monetary authorities to achieve macroeconomic objectives. Therefore, this paper studies the relationship between macroeconomic policy and the dynamic adjustment of enterprise capital structure. This paper selects A-share manufacturing listed enterprises in Shanghai and Shenzhen stock markets as the research samples, selects the annual data of 2004-2014, and analyzes the influence of monetary policy changes on the capital structure of enterprises from the static and dynamic angles respectively. The empirical results show that the macro-monetary policy changes have a profound impact on the capital structure of Chinese enterprises. The tight monetary policy makes the enterprise debt scale increase, the loose monetary policy causes the enterprise debt scale to reduce, that is to say, the change of the enterprise capital structure and the change of the real interest rate show the positive correlation. However, there is a negative correlation with the change of money supply growth rate. The adjustment of enterprise capital structure is different in response speed to different monetary policy. The tight monetary policy makes the response speed of enterprise capital structure adjustment more slow. Under the condition of loose monetary policy, the response speed of enterprise capital structure adjustment is more sensitive, that is, the reaction speed of enterprise capital structure is negatively related to the change of real loan interest rate. There is a positive correlation with the change of money supply growth rate. The research results show that the dynamic changes of monetary policy do have an impact on the capital structure of enterprises. In order to optimize the capital structure of enterprises and create a good external environment for the government, the monetary management authorities improve supervision and strengthen innovation. Micro-enterprises to adjust their own management model to provide some practical significance of policy recommendations. The innovation of this paper is: deeply and comprehensively analyzing the influence of monetary policy changes on the capital structure of enterprises from two aspects of dynamic and dynamic, which to some extent broadens the thinking of capital structure research. At the same time, this paper quantifies the monetary policy, overcomes the use of dummy variable or mute variable to measure the general, lack of continuity, there are subjective defects, can very effectively reflect the impact of monetary policy adjustment and change.
【学位授予单位】：山西财经大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F275

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