Research On The Influence Of Monetary Policy On Capital Structure Of Power Listed Companies

At a time when our economy has been significantly affected by the epidemic,the Central Bank has formulated monetary policy in line with the actual situation.Taking advantage of its countercyclical adjustment,it has brought into full play the advantages of different monetary policy instruments,kept China’s liquidity abundant and reasonable,and strengthened its support to the real economy.Under the action of a series of policies,China’s economy has been relieved,which shows that monetary policy will indeed affect the behavior of micro-agents and macroeconomic regulation.As one of the pillar industries,electric power industry is closely connected with all walks of life.Whether it can develop healthily is related to our social and economic security.In a series of factors affecting the development of the company,the importance of capital can not be ignored,because capital is the vitality of a company’s development,without sufficient capital the company can not operate normally.Because the financing cost of different financing channels is not the same,so the source of capital is also very important,which is related to whether the company can achieve maximum benefits.All kinds of long-term capital sources and proportion constitute the capital structure of the company.Companies need to consider a series of factors when making capital structure decisions.Besides considering their own conditions,they should also take macro policies into consideration.Monetary policy is the first macro policy to consider,because the change of monetary policy will directly affect the financing cost of the company,thus affecting the company’s capital structure,so how to adjust its capital structure according to monetary policy change will directly influence the company development.Companies always want to maintain a most reasonable capital structure,but in the process of adjustment will be affected by various factors,so companies need to weigh and consider all kinds of factors,which often presents a dynamic adjustment process.According to the existing research results and theoretical analysis,monetary policy will also affect the adjustment speed of capital structure under the control of other factors.So is this effect positive or negative? How big is this effect in numerical terms?In this paper,the listed companies of electric power industry are taken as the object of study.Six factors,such as the shareholding proportion of major shareholders and the growth rate of operating income,are taken as the control variables in the model.The growth rate of money supply and three interest rates of short,medium and long term are taken as explanatory variables.And this paper divides monetary policy into price type and quantity type,the former refers to the interest rate,the latter is the growth rate of money supply.Through constructing different models,we study the influence of two monetary policies on corporate capital structure from static and dynamic aspects.According to the selected 550 samples,this paper firstly makes a descriptive analysis to the data and makes a preliminary understanding of the data in general.Then,we analyze the correlation between the data and whether it will influence the subsequent empirical research.By constructing different models,the influence of the two monetary policies on the capital structure of the company is studied from the static and dynamic aspects.After a series of analysis,this paper finally draws the following conclusions:(1)Among the monetary policy agent variables that affect the capital structure,the short-term,medium-term and long-term lending benchmark interest rate and M2 growth rate show significant positive correlation with capital structure.(2)In terms of the static impact on capital structure,the impact of price-type monetary policy is greater than that of quantitative monetary policy.(3)When other factors remain unchanged,the benchmark lending rate is inversely related to the rate of adjustment of the company’s capital structure,There is a positive correlation between the growth rate of M2 and the adjustment rate of corporate capital structure,which indicates that the easy monetary policy will accelerate the adjustment pace of capital structure.