The Empirical Research Of Credit Policy Impact On Capital Structure Of Private Listed Companies

Capital structure has been researched from the microcosmic influence factors to the macroeconomic factors. In 1990s, scholars'researches had changed from microcosmic to macroeconomic, because enterprises'capital structure are affected from two aspects-supply and demand. Through the adjustment of macroeconomic policy, the government changes the fund supply and demand, then company's financing decisions can be changed.Private companies have a long-term problem in the development of private enterprises, that is financing difficulty. There are two reasons for the problem, one is the credit policy, the other is the companies themselves. This article uses private listed company as research samples from 2010 to 2014. With the aid of our country's credit policy conduction mechanism and its impact on the private financing behavior of listed companies which choose the theoretical analysis, we find the impact of the credit policy and capital structure of private listed companies. The paper choose RMB loans growth rates, interest spreads of deposit and loan, the commercial bank capital adequacy ratio as the interpretation of credit policy, using empirical research method---Hausman Test to choose fixed effects model. The research results show that the RMB loans is related with capital structure of private listed company, short term spreads are positively related with liabilities rate and short term debt ratio, while long term spreads has no significant influence on capital structure, and the commercial bank capital is positive. At the same time, aiming at these companies capital structure problems, we put forward four policy suggestion, for example, broadening the financing channel, the implementation of differentiated credit policy, interest rate marketization reform and strengthen the enterprise accounting information disclosure. We hope that through the above suggestion to optimize the capital structure of listed private companies, improve the value of enterprises and help private enterprises to solve financing difficulties.