摘要
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。
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.
出处
《经济经纬》
CSSCI
北大核心
2014年第3期133-138,共6页
Economic Survey
基金
山东大学研究生自主创新项目(yzc12005)
广东商学院国民经济研究中心2013年招标课题一般项目(2013XM07)
关键词
利率市场化
资本结构
部分调整模型
Interest Rate Liberalization
Capital Structure
Partial Adjustment Model
