The Impact Of Monetary Policy On The Dynamic Adjustment Of Capital Structure Of Manufacturing Companies

The difficulty and high cost of financing of manufacturing enterprises hinder the sustainability of China's economic development and undermine the stability of China's economic growth.Therefore,in the critical stage of economic growth in trouble,the way and frequency of monetary policy regulation are changing.From the past monetary incremental control to the mixed monetary policy control with both price and quantity,under the frequent monetary policy control and the policy tool conversion,the dynamic behavior of China's manufacturing enterprises' capital structure also responds to the policy change with the financing environment.Therefore,in the context of this change,the study of the impact of monetary policy regulation on the speed of dynamic adjustment of manufacturing enterprises' capital structure can further understand the dynamic relationship between the impact of monetary policy regulation on manufacturing enterprises' capital structure.This can provide meaningful policy suggestions for China's manufacturing transformation and capital structure adjustment.This paper also studies the controlling effect of monetary policy regulation on the dynamic adjustment of capital structure of manufacturing enterprises,financial regulation effect,and asymmetry.This will help us to realize the other characteristics of the impact of monetary policy regulation on the dynamic behavior of manufacturing enterprises' capital structure.Based on the theory and practice to test the conclusion,and considering the participation of listed manufacturing enterprises in the financial market and the transformation background of monetary policy adjustment,this paper selects the basic data of China's A-share listed manufacturing enterprises,with a time span of2009-2018.On the basis of "dynamic trade-off theory" of capital structure,a dynamic adjustment model of capital structure is constructed,which is estimated by system generalized matrix estimation(sys-gmm).On the basis of relevant statistical tests,the following conclusions are drawn:(1)whether the monetary policy of "price type" or "quantity type" is loose,the speed of dynamic adjustment of capital structure of manufacturing enterprises in China is accelerated;(2)grouping the manufacturing industry according to the types of actual controllers,it is found that the speed of capital structure adjustment of private manufacturing enterprises is more affected by monetary policy,while that of state-owned enterprises Based on the "Fan Gang financial liberalization index",it is found that although financial development does not change the basic relationship between monetary policy and the speed of dynamic adjustment of capital structure of manufacturing enterprises,it has a positive regulatory effect on the "price" monetary policy;(4)monetary policy regulation has a positive regulatory effect on manufacturing The influence of dynamic adjustment speed of capital structure of manufacturing enterprises is asymmetric,and the influence of monetary policy is more significant in the lower group.At the end of this paper,based on the relevant conclusions of this paper,the corresponding policy recommendations are put forward.