云南财经大学学报
雲南財經大學學報
운남재경대학학보
JOURNAL OF YUNNAN UNIVERSITY OF FINANCE AND ECONOMICS
2014年
5期
127-133
,共7页
融资约束%货币政策%资本结构%动态调整
融資約束%貨幣政策%資本結構%動態調整
융자약속%화폐정책%자본결구%동태조정
Financing Constraint%Monetary Policy%Capital Structure%Dynamic Adjustment
以1996～2012年上市公司为样本，运用固定效应法，实证检验融资约束和货币政策对企业资本结构调整速度的影响。研究结果表明：不同融资约束企业的资本结构调整速度存在差异，融资约束企业的资本结构调整速度低于非融资约束企业；在宽松货币政策下，非融资约束企业资本结构的调整速度大于融资约束企业。融资约束企业资本结构的调整速度对货币供应的增加更为敏感；非融资约束企业资本结构的调整速度对利率的升高更为敏感。
以1996～2012年上市公司為樣本，運用固定效應法，實證檢驗融資約束和貨幣政策對企業資本結構調整速度的影響。研究結果錶明：不同融資約束企業的資本結構調整速度存在差異，融資約束企業的資本結構調整速度低于非融資約束企業；在寬鬆貨幣政策下，非融資約束企業資本結構的調整速度大于融資約束企業。融資約束企業資本結構的調整速度對貨幣供應的增加更為敏感；非融資約束企業資本結構的調整速度對利率的升高更為敏感。
이1996～2012년상시공사위양본，운용고정효응법，실증검험융자약속화화폐정책대기업자본결구조정속도적영향。연구결과표명：불동융자약속기업적자본결구조정속도존재차이，융자약속기업적자본결구조정속도저우비융자약속기업；재관송화폐정책하，비융자약속기업자본결구적조정속도대우융자약속기업。융자약속기업자본결구적조정속도대화폐공응적증가경위민감；비융자약속기업자본결구적조정속도대리솔적승고경위민감。
By using fixed effect model and taking the listed companies during 1996 to 2012 as samples ,to Study the impact of financial constrain and monetary policy on the capital structure ad-justment spead. Research results show that the adjustment speed of capital structure is different in enterprises with different financing constraints,and the speed of the enterprises with financing con-straints is slower than those without financing constraints; under the easy monetary policy,the ad-justment speed of capital structure in non-financing constraints companies is faster than financing constraint companies. However,the adjustment speed of capital structure in financing constraint companies is more sensitive to the increase of money supply,while the adjustment speed of capital structure in non-financing constraint companies is more sensitive to the rise of interest rate.
