CAJ | 학술논문

笔者以沪深两市718家上市企业相应的财务数据组成的非平衡面板数据作为研究样本,从静态和动态两个角度探讨了利率市场化对上市公司资本结构的影响.结果显示利率市场化不仅影响上市公司资本结构,还影响其资本结构调整速度,但对于不同类别的企业,这种影响并不一致.本文的研究为我国的金融业改革影响企业投融资行为提供了新的经验证据,对于更好地理解现实中企业的资本结构决策具有较强的启示意义.
필자이호심량시718가상시기업상응적재무수거조성적비평형면판수거작위연구양본,종정태화동태량개각도탐토료리솔시장화대상시공사자본결구적영향.결과현시리솔시장화불부영향상시공사자본결구,환영향기자본결구조정속도,단대우불동유별적기업,저충영향병불일치.본문적연구위아국적금융업개혁영향기업투융자행위제공료신적경험증거,대우경호지리해현실중기업적자본결구결책구유교강적계시의의.
In this paper, a partial adjustment model is used to study the impact of interest rate liberalization on the capital structure of listed companies, from both the static and dynamic perspectives, on the basis of a sample of unbalanced panel data composed of relative financial information of 718 firms in Shanghai and Shenzhen stock. At the same time, it discusses respectively whether the enterprise scale, debt level and the nature of ownership affect the effectiveness of interest rate liberalization. It finds out that the interest rate lib- eralization has impact not only on the capital structure of listed companies, but also on the adjusting speed thereof. However, this af- fection is different for different companies. Firstly, from the static perspective, SMEs and inadequate liability enterprises are affected by the interest rate liberalization most significantly. And non-state-owned enterprises are not affected significantly. Secondly, from the dynamic perspective, the interest rate liberalization affected capital structure adjustment speed of SMEs, inadequate and non state- owned enterprises mostly significantly. This research provides new empirical evidence how our country＇ s financial sector reform affects corporate investment and financing behavior, which has enlightenments for a better understanding of the decision of the capital structure in reality.