Empirical Analysis On The Impact Of Credit Policy On Capital Structure Of The Chinese Listed Companies

The research on the influence factors of the capital structure of listed companies mainly focuses on the micro level.From the perspective of macro-economic policy,the theoretical mechanism and effect of its influence on the capital structure of listed companies have become the focus of academic circles.With the deepening of market-oriented reform of China 'economy,From the perspective of credit policy,the micro mechanism of capital structure evolution of listed companies is seldom seen,From the perspective of credit policy,the micro mechanism of capital structure evolution of listed companies seldom seen.Therefore,this paper intends to combine macro policies with micro-enterprise financing decisions;to explore the theoretical mechanism of the 2005-2016 years' credit policy affecting the capital structure adjustment of 976 listed companies.The effect and characteristics of credit policy difference on the capital structure of listed companies is empirically tested.And based on this,advances the reform and adjust the different credit policy and its combination,improve the efficiency of listed companies financing decision and policy suggestions to promote the optimization of capital structure,financing market to the nation construction,choice of listed companies financing policy and provide empirical evidence.This paper firstly reviews the basic connotation and theoretical basis of credit policy and policy capital structure.Then,summarize the development course of Chinese enterprise financing mode;analyze the characteristics of credit policy and the capital structure of listed companies,and then deeply analyze the credit policy affecting the theoretical mechanism of capital structure of listed companies.In the analysis of China's credit policy changes and capital structure of listed companies,we find: First,credit has been on a steady upward trend,but the growth rate of credit is irregular.The second,Both short-term and medium-and long-term loan interest rates show the "M" trend characteristics of first rise and then decline after rising,and the medium and long-term loan interest rate is higher than the short-term lending rate.Third,both short-term and medium-and long-term deposit and loan spreads have shown a significant downward trend.However,the decrease is small,and short-term deposit and loan spreads are significantly higher than that of medium and long-term deposit and loan spreads.Fourthly,the capital structure of listed companies generally shows the trend of change after rising first.There are significant differences in the capital structure of listed companies in various industries,and the asset-liability ratio of non-state-owned listed companies is lower than that of state-owned listed companies.The main conclusions of this paper are: First,the easy credit policy will promote the listed companies to adjust the capital structure and increase the company's asset-liability ratio.The second,the effect of credit policy on the capital structure of listed companies shows obvious industry heterogeneity and ownership heterogeneity.Among them,the credit policy of the typical business depending on debt management capital structure influence is more obvious,and the effect of the capital structure of the non-state-owned listed companies significantly greater than state-owned listed companies.The effect of the capital structure of non-state-owned listed companies is significantly larger than that of state-owned listed companies.