Fiscal Policy、Accounting Information Comparability And Dynamic Adjustment Of Capital Structure Structure

In recent years,more and more scholarship begin to pay attention to the impact of macroeconomic policies on microenterprises.However,judging from the existing literature,most of the research focuses on how macroeconomic affects the adjustment of capital structure and what role the quality of accounting information plays in the adjustment of capital structure.A small portion of the literature has studied its impact on the adjustment of the capital structure in terms of fiscal policy in the macroeconomic context alone,and at the same time,the research on the influence of fiscal policy and accounting information comparability on the adjustment of capital structure lacks relevant literature.Therefore,this paper attempts to use some of the public data of listed enterprises,in order to study the influence of fiscal policy in macroeconomic on the micro-economic behavior of enterprises,and to clarify the role of accounting information comparability in macroeconomic policy transmission to microeconomic behavior.For the above reasons,based on samples from 2007 to 2015,this paper examines the effects of accounting information comparability on the capital structure and dynamic adjustments under different fiscal policies.The study indicates that it is helpful to enhance the speed of capital structure adjustment by improving the accounting information comparability during tight fiscal policies.The paper also found that influence of bank loan and credit transmission mechanism is the substitute relation;and this alternative relationship during tight fiscal policies is more significant.And High-quality accounting information can help to improve the rate of bank debt adjustment,but it can significantly reduce the rate of commercial rate debt.Therefore,understanding the connection between the macroeconomic policies and corporate behavior and the role of accounting information comparability should help policy-makers find more appropriate fiscal policy intermediate target,so as to better adjust economic development.