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Study On The Effect Of Interest Rate Marketization On Capital Structure Of Listed Companies

Posted on:2018-03-07Degree:MasterType:Thesis
Country:ChinaCandidate:Q M XueFull Text:PDF
GTID:2359330512485402Subject:Accounting
Abstract/Summary:PDF Full Text Request
Capital structure as a "mainstream of financial theory" has attracted much attention.Capital structure is in the common effect of macro-system and their own characteristics,interest rate market-oriented reform is an important action of macro monetary policy,directly affected the financing environment and financing decisions of enterprises.The Reforms opened since 1996,the People 's Bank of China completely release the interest rates control of financial institutions by 2015,has made substantial achievements.With the advance of interest rate marketization step by step,its impact on capital structure of listed companies has become increasingly prominent,not only on the static debt,but also on the dynamic adjustment of capital structure.Due to the special background of " dual track financing system " and government intervene the enterprise in China,Interest rates marketization reform has differences in the effect of different characteristic listed companies.The paper using all A-shares listed companies in Shanghai and Shenzhen as the study sample,in the 20 years when the interest rate marketization reform was carried out in 1996-2015,eventually obtain the unbalanced panel data of 2,481 enterprises after a series of elimination.First,build capital structure dynamic and static models,In order to fully analyze and measure the current situation of market-oriented interest rate reform in china,construct the measurement index system by Euler number index function and fuzzy comprehensive evaluation method(FCE).Secondly,with the core variable of interest rate marketization index,study how interest rate liberalization and property rights affect the adjustment speed of capital structure and debt level by using fixed effects model and OLS.In order to ensure a firm result,a series of substitute variables were used for robustness test.Results show that:(1)The marketization of interest rate has a significant effect on the adjustment speed of enterprise capital structure.The pace of corporate capital structure adjustment is accelerating with the deepening of interest rate marketization reform.(2)Compared with state-owned enterprises,non-state-owned enterprises take a faster rate of capital structure adjustment with the advancement of interest rate marketization.(3)Interest rates market-oriented reform has different effect on debt level of different ownership of enterprise,with the increasing degree of interest rate marketization,debt ratio showed a significant downward trend in state-owned enterprises,while upward trend in non-state-owned enterprises.At last,based on the empirical results,this paper put forward specific recommendations,such as further reform of interest rate marketization,restructuring of state-owned enterprises and innovation of financial system aimed at improving the environment of capital market and relieving financing constraints,so as to improve capital utilization.The main value of the research manifested as follows: The use of more smooth Euler number index function and fuzzy comprehensive evaluation method(FCE)to build interest rate marketization index of China,optimizing quantitative metric method of interest rate marketization process;By combining dynamic and static models to research how the interest rate marketization affect the speed of enterprise capital structure and debt ratio;Considering the special conditions of " dual track financing system " in China,this paper research the common effect that macroeconomic environment and enterprise characteristics to capital structure,and get more comprehensive and detailed results on the truth of Chinese capital market.The quantitative method enriches theory system of interest rate marketization process,and has reference value for similar studies;The empirical results provide a evidence for further promoting the interest rate marketization and perfecting financial market system.
Keywords/Search Tags:Interest Rate Marketization, Capital Structure, Dynamic Adjustment, Nature of Property Right
PDF Full Text Request
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