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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。
Taking the listed companies from 1996 to 2012 as a sample, we use the fixed effect method to test the impact of financing constraints and monetary policy on the adjustment of the capital structure of enterprises. The results show that there are differences in the speed of capital structure adjustment among enterprises with different financing constraints, and the speed of capital structure adjustment by financing-constrained enterprises is lower than that of non-financing-constrained enterprises. Under the loose monetary policy, the adjustment speed of capital structure of non-financing-constrained enterprises is greater than that of financing- . Financing constraints The pace of adjustment of corporate capital structure is more sensitive to the increase of money supply; the speed of adjustment of non-financing-constrained corporate capital structure is more sensitive to the rise of interest rates.