The Study Of Macroeconomic Policy,ownership Structure And The Dynamic Adjustment Of Capital Structure

Capital structure is the core issue in the field of enterprise financing.Reviewing the development of capital structure,we can see that the research of capital structure theory has changed from static theory to dynamic adjustment theory.In the empirical research,the paper studies the development of capital structure from the static capital structure,including the dynamic adjustment of capital structure and the adjustment cost.At the same time,influence on the capital structure adjustment factors from the single enterprise internal factors to the development of the external macroeconomic factors,one of the most cutting-edge research problem is to adjust the capital structure in the framework of macro and micro linkage under.In this paper,through the collection and collation of relevant literature in the field of capital structure,we find that the dynamic theory of capital structure has a better explanatory power than the static theory,and is the frontier of the research in the field of capital structure.The research on the dynamic theory of capital structure has made a lot of research results,including the existence of the target capital structure,the study of the factors affecting the dynamic adjustment of capital structure.At the same time,this paper also found that there are some deficiencies in the existing research.First of all,most of the existing research is limited to study single factors on capital structure adjustment research,such as the only research firm characteristics affect capital structure adjustment,or only study the macro environment on the impact of the adjustment of capital structure.Secondly,there is little research on the speed of capital structure adjustment in the present research.At last,there is less research on the adjustment of capital structure from the macro-micro perspective.Therefore,this paper based on the above analysis to determine the research ideas.The problem to study and solve in this paper is:(1)how does macro economic policy affect the dynamic adjustment of capital structure of Listed Companies in China?(2)is there any difference in the effect of macro economic policy on the speed of capital structure adjustment for firms with different ownership structure characteristics?Macro economic policy is the important macro environment for the survival and development of enterprises.The financing environment of enterprises is affected by macroeconomic policies.On the one hand,macroeconomic policy parameters affecting the overall economic performance at the macro level,on the other hand,at the micro level by regulating the social supply and demand affect the behavior of enterprises.In the different economic policy,enterprise's financial condition,business investment opportunities will be different.In the special institutional background in China,different enterprises of different ownership structure on macroeconomic policy response.This paper selects two listed companies in Shanghai and Shenzhen stock market as the research sample,and selects the data of A during 2003-2015.Firstly,on the basis of summarizing and analyzing the related literatures,the fitting model of target capital structure is constructed.Secondly,the paper constructs a dynamic adjustment model of capital structure to measure the speed of capital structure adjustment,and we introduce the monetary policy substitution variable generalized money growth rate M 2and fiscal policy fiscal variables instead of annual expenditure growth rate of FE into the model,and use Stata software to carry on the panel data regression analysis,finally draw the conclusion.Empirical results show that:(1)there is a significant positive correlation between the money supply and the dynamic adjustment of the capital structure,and the positive monetary policy can speed up the adjustment of the capital structure of the enterprise;(2)The speed of capital structure adjustment of non state owned enterprises is more sensitive to monetary policy changes;and whatever monetary policy is adopted,the adjustment speed of capital structure of non-state-owned enterprises is greater than that of state-owned enterprises;(3)The capital structure adjustment speed of the equity concentration enterprise is more sensitive to the change of monetary policy;and whatever monetary policy is adopted,the capital structure adjustment speed of the equity concentration enterprise is greater than that of the equity dispersed enterprise;(4)There is a significant positive correlation between the expenditure and the dynamic adjustment of capital structure of finance;active fiscal policy to accelerate the speed of adjustment of the capital structure of enterprises;(5)The speed of adjustment of capital structure of non state-owned enterprises with higher sensitivity to changes in fiscal policy;regardless of how fiscal policy,capital structure adjustment speed is higher than the non state-owned enterprises state-owned enterprises;(6)The capital structure adjustment speed of the equity concentration enterprise is more sensitive to the change of fiscal policy;no matter what kind of fiscal policy is adopted,the equity ownership is dispersed and the capital structure adjustment speed of the enterprise is greater than that of the equity concentration enterprise.In order to provide some suggestions for China's macro policy formulation,enterprise reform and enterprise development,this paper studies the dynamic adjustment of capital structure from the perspective of macro and micro perspective according to the market characteristics and the characteristics of our country.