An Empirical Study On The Impact Of Interest Rate Fluctuation On Financing Structure Of Listed Companies

In recent years,with the deepening of financial market reform and the advancement of interest rate marketization,interest rate plays a more and more important role in the macroeconomic environment,affecting the financing cost of enterprises.For enterprises,the choice of reasonable financing decisions,weigh the proportion of debt financing,help enterprises to achieve the optimal capital structure,in order to maximize the value of enterprises.The 18th CPC National Congress made it clear that science and technology should be fully integrated with the economy to promote the healthy development of the high-tech industry.The financing structure is very important for the technology enterprise to keep high speed development.In this context,this study focuses on the relationship between interest rate fluctuations and finance structures of technological corporate,and to make recommendations based on research findings.Firstly,this paper summarizes the relevant research situation of scholars from the aspects of enterprise financing structure theory,reasons of corporate finance preference,the impact of interest rate changes on corporate financing structure.Combining with the process of interest rate marketization Interest rate changes,the current situation of financing structure of listed companies in China and the financing of science and technology enterprises,to explore the current corporate financing structure and the relationship between the interest rate system.Then,it analyzes the various factors which affect the financing structure of the enterprise,including the interest rate,and then selects 112 science and technology listed companies as the research sample,and intercepts the data from 2007 to 2015 as the observation value.Using the econometric theory to make comparative analysis between two groups:the state-owned listed companies and the private listed companies.According to the results of the analysis,we get the following conclusions:First,the market interest rates on the science and technology listed companies is significant Secondly,the private listed companies are less sensitive than state-owned listed companies on the official interest rate changes;Thirdly,among all the control variables,the asset size has a positive correlation with the debt level,and the impact on the state-owned listed companies is more significant than that of the private listed companies,and the non-debt tax shield has negative correlation with the financing structure,other control variables were not significant.Finally,according to the conclusion of this paper,the following suggestions are put forward:the implementation of interest rate marketization requires a good market environment and perfect supporting measures;enterprises need to adopt the decision-making of financing according to their own situation and external environment;government departments need to further strengthen the financial support of science and technology enterprises.