CAJ | 학술논문

本文以2002—2012年我国A股上市公司的年度面板数据为研究对象，利用GMM估计法检验了货币政策与公司资本结构动态P调整之间的关系。实证结果表明．无论以利率还是以货币供应量的替代变量作为货币政策的度量指标．货币政策宽松时期公司资本结构调整速度均快于紧缩时期．并且货币供应量的变动对公司资本结构调整的冲击更大。考虑样本公司成长性的差异，我们发现．在以M2同比增速作为货币政策的代理变量情况下．高成长性企业资本结构调整速度在货币政策从紧时期慢于低成长性企业，而在扩张时期快于低成长性企业。当以1年期贷款利率作为货币政策的度量指标时，低成长性企业的资本结构调整速度在货币政策的任何时期都快于高成长性企业。
본문이2002—2012년아국A고상시공사적년도면판수거위연구대상，이용GMM고계법검험료화폐정책여공사자본결구동태P조정지간적관계。실증결과표명．무론이리솔환시이화폐공응량적체대변량작위화폐정책적도량지표．화폐정책관송시기공사자본결구조정속도균쾌우긴축시기．병차화폐공응량적변동대공사자본결구조정적충격경대。고필양본공사성장성적차이，아문발현．재이M2동비증속작위화폐정책적대리변량정황하．고성장성기업자본결구조정속도재화폐정책종긴시기만우저성장성기업，이재확장시기쾌우저성장성기업。당이1년기대관리솔작위화폐정책적도량지표시，저성장성기업적자본결구조정속도재화폐정책적임하시기도쾌우고성장성기업。
This paper takes annual panel data of listed companies in China＇s A-share market during 2002 to 2012 as the research object, and uses GMM estimation method to test the relationship between monetary policy and the corporate cap- ital structure dynamic adjustment. The empirical results show that corporate capital structure adjustment has been faster dur- ing the period of loose monetary policy than the tight period, whether the measure of monetary policy is substitution variable of interest rate or the money supply, and the impact of money supply is bigger during the loose period. When considering the differences in the growth between sample companies, we find that in the condition of using M2 growth year on year as the proxy variable of monetary policy, high growth company＇s capital structure adjustment speed is slower than low growth com- pany during the period of tight monetary policy, but faster in the loose period. When we choose one-year lending rate as the measure of monetary policy, low growth company＇s capital structure adjustment speed is faster than high growth company at any stage of monetary policy.