| The relationship between monetary policy and capital structure is the main concern of the scholars.The thesis first introduces the research background,objective and significance of the study,determines research ideas and research framework.This paper discusses the research method,technical route,main content and possible innovation points.Then this paper analyzes study theories about topics and classification,analysis and commentary of important documents.It is the theoretical preparation for further study.Fisrtly,we carry out the statistical analysis of the capital source structure based on internal and external factors;Secondly from the macro and the meso level,accumulating total amount of the relative economic indicators and financial indicators,this paper analyzes the impact of monetary policy on corporate capital structure configuration based on the time series of total amount;Thirdly,from the dynamic aspect,this paper researches the relationship between monetary policy and capital structure adjustment speed;At last,from the ability of capital allocation and the future allocation of capital risk perspective,this paper studies the relationship between the changes of monetary policy and capital source structure,and with economic consequences,gives an in-depth analysis on investment output.From the the composition characteristics of capital structure,This paper uses related aggregate data and micro ratios to trace and deconstruct the characteristics of capital source structure of listed companies.There gradually becomes a balance of power between the the total amount of equity financing and bond financing.Maybe this can slowly break the situation of listing companies overly independence on bank lending,and make the enterprise transit from indirect financing to direct financing.The time trend of equity financing is closely related to the the external economic environment and the regulatory authorities,policies and regulations.And there is a declining trend for equity financing ratio;There is not a significantly increase for the debt financing ratio,but there is a change for internal debt structure:short-term debt financing proportion decreases,and the long-term debt financing proportion and commercial credit financing proportion increase year by year.This indicates that enterprises have actively eliminated ratio of short-term debt,and increased the ratio of non-interest debt.And the debt maturity structure of enterprises slowly converts from short-term debt to long-term debt.Based on the macro and micro aggregate data,we investigate the influence of monetary policy on corporate capital structure configuration.Using the VAR model as the basic econometric model and depicting response graphs,we obtain the following findings:There exists the effects of monetary policy on corporate capital structure and it's subdivision index,and there are different characteristics in scale,property rights and marketization level.For example,compared with the small scale enterprises,large-scale enterprises show more sensitive response to equity financing and debt financing for the changes of monetary policy,the financing level is more flexible.And with the study of capital structure subdivision,we find the small scale enterprises will be inclined to optimize the maturity structure of debt in the period of loose monetary policy,increasing the number of long-term loans and reducing the number of short-term borrowing,while the large scale corporates show a less sensitive for debt maturity structure configuration.In the period of tight monetary policy,the total amount of short-term borrowing has a significant change,and compared with the small scale enterprises,large-scale enterprises are more sensitive to the change of interest rates.This thesis applies empirical method to study the impact of financial constrain and monetary policy on the capital structure adjustment speed.The results show that:Capital structure adjustment speed of financial constraint corporates is less than non-financial constraint corporates.Under the time of easy monetary policy,The speed of financial constraint corporates is also less than non-financial constraint corporates.However,Capital structure adjustment speed of financial constraint corporates are more sensitive to the increase of money supply;non-financial constraint corporates are more sensitive to the rise of the level of interest rate.Under the time of tight monetary policy,when target capital structure is greater than the actual capital structure,two kinds of enterprises don't tend to raise the debt ratio,they are more willing to remain below the target of capital leverage,and financing constraints enterprises' performance is more stronger;When the target capital structure is less than the actual capital structure,two kinds of enterprises are more willing to decrease the enterprise debt ratio.Under the time of tight monetary policy with the high interest rate,if the target capital structure is greater than the actual capital structure,financial constraint corporates will slow down their adjustment speed,while non-financial constraint corporates will speed up their adjustment speed.If the target capital structure is less than the actual capital structure,they both speed up the adjustment speed and decrease the leverage ratio,they are more sensitive to change of interest rate,which indicates that enterprises present an asymmetric response to macro level of interest rates,and enterprises are more sensitive to the rising of interest rates rather than dropping.Especially in the leverage ratio is higher than the target leverage ratio,the speed of adjustment is more quickly,and the motivation of decreasing leverage is more obvious;non-financial constraint corporates's reaction is more intense,which also confirms that non-financial constraint firms are more sensitive to rising of interest rates.Using the stochastic frontier model,we empirically test the relation between the monetary policy and capital source structure and its economic consequences.With the change of internal and external Financing structure,its focus is on the enterprise capital allocation ability and the prospective risk of capital allocation.At the same time,under the impact of monetary policy,is there any different characters for the the ability of capital allocation and risk of future capital allocation?The result shows that:compared with prudent monetary policy,tight monetary policy will subdue the current capital allocation capability of enterprises,the loose monetary policy will enhance the current capital allocation capability of enterprise.Considering the future uncertainty,loose monetary policy will raise the enterprise future financing risk;this effect is particularly significant from 2012q1 to 2013q4,which shows that with the interest rate liberalization step by step,the capital cost of firms is highly fluctuated.Although monetary policy can enhance the ability of current financing allocation,but it also makes the enterprise face a future greater risk of financing.With the different ranges of monetary policy,debt financing structure subdivision indexes show heterogeneity for above effects.In the analysis of economic consequence,there is a slowly rising trend for corporation investment efficiency,compared with state-owned enterprises;investment output of private enterprises is more efficient.Considering the impact of monetary policy,tight monetary policy will inhibit the financing efficiency of enterprises,and then reduce investment of enterprises.Compared with enterprises in the area of low marketization,enterprises in the area of high marketization have a greater investment efficiency,which indirectly indicates that enterprises in the area of low marketization are more restrained for financing,enterprise capital allocation ability is lower.In the two loose monetary policy periods,investment efficiency is higher than the crunch time;tight monetary policy will restrain enterprise effective financing,and then affect the enterprise investment.Finally,Comparing the the two loose periods,we find the enterprises are more cautious funds using and more efficiency oriented in the period of interest rate liberalization intensified.With the study of regional spatio-temporal correlation of enterprises,we also find that there exists certain spatial agglomeration characteristics which slowly revealing the agglomeration of three regional areas in the three respective monetary policy periods.Form the views of the logical structure,this paper shows a gradually deepening process:first it tries to link the macro and meso level,then it tends to link macro and micro level,in the end it tries to find out the economic consequences on the intersection between the macro and the micro.Based on the research,we enrich mechanism and theoretical basis of the monetary policy effects on the corporate capital structure change and its configuration behavior,to a certain extent,enriches the study on the correlation between monetary policy and total financial amount in the meso level.And we construct three different monetary policy intervals to make the research fit the external economic operation of enterprises,which makes analysis demonstrate more heterogeneity in the relationship between monetary policy and capital source structure.Especially since 2012,the interest rate marketization process is accelerating,loan interest rates substantially liberalized,Yu Ebao and other financial products make the deposit interest rates also increase,the cost of capital become more expensive.Under this situation,what is the impact of monetary policy on corporate capital structure configuration and change?The conclusions of the paper have certain enlightenment and reference.Combined with China's institutional environment and the enterprise's internal financial characteristics,we also expand total amount change of capital structure,dynamic adjustment speed of capital structure,capital allocation ability,capital allocation venture,spatial coupling relations and so on.In a word,this paper is in accordance with the reality and has some certain theoretical and practical significance... |
PDF Full Text Request