Monetary Policy,Ownership Structure And Dynamic Adjustment Of Capital Structure

The capital structure of the enterprise has an important influence on the enterprises' business strategy.It is not only what the capital structure focus about the enterprises,the study of capital structure has been further developed,and has gradually changed from static research to dynamic research.On the study of dynamic capital structure,scholars at home and abroad mainly study its internal change mechanism from adjustment speed,adjustment path,adjustment cost and so on.As for the influencing factors of the dynamic adjustment of capital structure,the scholars' research perspective has gradually shifted from the internal characteristics of enterprises to the external macro-environment.As far as the dynamic adjustment is concerned,the development of capital structur e involves many factors,which can be divided into two categories: macro-environment factor and enterprise internal characteristic factor.After reading a large number of documents,this paper combines macro-environmental factors with enterprise micro-feature factors,selects macro-monetary policy and micro-enterprise equity structure,and dynamically analyzes the adjustment of capital structure.As one of the important means of national macro-economic adjustment,monetary policy plays an important role in national economy,social development and enterprise operation.The ownership structure of a company mainly refers to the nature and concentration of ownership,and the sensitivity of different ownership structure to monetary policy varies greatly.In the research of this paper,the measurement index of monetary policy is quantitative monetary policy M2 and price monetary policy R,in which M2 refers to the growth rate of money supply,and R refers to the real interest rate of loan from 6 months to 1 year.The ownership structure of an enterprise is measured by the nature of equity and the degree of ownership concentration,in which the ownership concentration is measured by the proportion of the top five shareholders.This paper uses 3780 annual data of 378 listed manufacturing companies from 2008 to 2017 in Shanghai and Shenzhen Stock Exchange,uses EViews and EXCEL software,adopts panel data,and carries out Hausmann test first.Then the fixed effect model is used to test the influence of monetary policy on the dynamic adjustment of enterprise capital structure and the sensitivity of capital structure adjustment speed to the change of monetary policy under different equity structure.Finally,the conclusion is drawn.And put forward relevant suggestions.This paper uses the literature research method and the empirical research method to carry on the research,the final research result shows:(1)when the country implements expansionary or active monetary policy,that is to say,the money supply is increased or the loan interest rate is lowered.The adjustment speed of capital structure of enterprises will be accelerated significantly;When the country implements tight monetary policy,that is,reduce the money supply or raise the interest rate of loan,the speed of capital structure adjustment of enterprises will slow down.Therefore,it can be concluded that during the period of monetary policy easing,the dynamic adjustment rate of corporate capital structure is faster than that of monetary policy tightening period.(2)the speed of capital structure adjustment of non-state-owned enterprises is more sensitive to the change of monetary policy than that of state-owned enterprises.(3)the speed of capital structure adjustment of non-state-owned enterprises is more sensitive to the change of monetary policy than that of centralized enterprises.