A Research Of Influence Of Monetary Policy In China To The Enterprise Capital Structure

Monetary policy adjustment will affect the external financing environment of enterprises,and affect the financing decision of enterprise,then affect the decision of capital structure level.In recent years,macroeconomic fluctuations of China is frequent,in order to maintain economic stability,frequent adjustments is being made to monetary policy accordingly.In the face of the frequent adjustment of monetary policy,corresponding adjustment need to be made to enterprise's capital structure.This paper studies the domestic and foreign research related to capital structure theory and empirical study,bases on the status of China's monetary policy transmission mechanism and the factors affecting the effects of policy,it analyzed the impact from monetary policy easing and tightening to enterprise capital structure firstly,and then based on the distinction of state-owned enterprises and non-state-owned enterprises,analyzed the impact from policy easing and tightening to these two kinds of enterprise capital structure and compares the differences of the impact.Then,using econometric software,using the capital structure of companies which listed in Shanghai and Shenzhen exchange between 2005 and 2014 as the explained variable,using micro level variables which represent the characteristics of enterprise(such as profit ability,growth ability) and loan interest,credit scale which represent the intermediate targets of monetary policy,execute multiple regression with panel data random effects.According to the research result,the credit scale and enterprise capital structure are positively correlated,the loan interest and enterprises capital structure are negatively correlated,due to the different nature of ownership led to the difference in the level of financing constraints,no matter monetary policy is eased or tight,the capital structure level of non-state-owned is lower than state-owned enterprises,but the speed of capital structure adjustment is faster than state-owned enterprises.In addition,according to the research result,the impact to capital structure by loan interest is bigger than credit scale,to find out its cause,the development of the financial disintermediation has caused the change of the social financing structure,the scale of direct financing is enlarging,it leads to a decline in the proportion of bank credit. Thus it can be seen that credit channel's conduction effect of monetary policy is subdued.