宏观经济政策、融资约束与企业融资结构调整——基于我国上市公司的经验数据

财经论丛 ›› 2017, Vol. 33 ›› Issue (1): 58-66.

宏观经济政策、融资约束与企业融资结构调整——基于我国上市公司的经验数据

马红¹, 王元月²

1.中国海洋大学管理学院,山东青岛 266100;
2.中国海洋大学经济学院,山东青岛 266100

收稿日期:2016-02-27 出版日期:2017-01-10 发布日期:2017-01-10
作者简介:马红(1985-),女,山东济南人,中国海洋大学管理学院博士生;王元月(1965-),男,辽宁朝阳人,中国海洋大学经济学院教授。
基金资助:
广义虚拟经济研究专项(GX2015-1010(Y));教育部人文社科基金资助项目(11YJA790156)

Macroeconomic Policies, Financial Constrains and Dynamics Adjustment of Capital Structure——Evidence from Listed Firms of China

MA Hong¹, WANG Yuanyue²

1.School of Business,Ocean University of China,Qingdao 266100,China;
2.School of Economics,Ocean University of China,Qingdao 266100,China

Received:2016-02-27 Online:2017-01-10 Published:2017-01-10

摘要/Abstract

摘要： 本文主要研究宏观经济政策与微观特征因素对企业融资结构调整所产生的联合效应,在理论分析基础上,以我国上市公司为样本进行实证分析,得出如下结论:从宏观经济政策因素看,财政政策和货币政策的扩张都加快了企业融资结构的调整速度,且这种影响对国有与非国有企业存在差异;企业所受的融资约束显著降低了企业的融资结构调整速度;与非融资约束企业相比,扩张性宏观经济政策对融资约束企业的融资结构调整速度所起到的促进作用更为显著。

关键词: 财政政策, 货币政策, 融资约束, 融资结构调整

Abstract: By using fixed effect model and taking the listed companies as samples,this paper mainly studies the combined effects of macroeconomic policies and micro factors on the dynamic adjustment of capital structure. Research results show that under the easy fiscal policy and the easy monetary policy, the adjustment speed of capital structure is faster ,and under the same easy macroeconomic policies, the adjustment speed of capital structure is different in State-owned enterprises and non-state-owned enterprises; the adjustment speed of capital structure is different in enterprises with different financing constraints,and the adjustment speed in enterprises with financing constraints is slower than that in those enterprises without financing constraint; under the same easy macroeconomic policies, the adjustment speed of capital structure is different in enterprises with different financing constraints.

Key words: fiscal policy, monetary policy, financial constraints, dynamic adjustment of capital structure

中图分类号:

F276.6

马红, 王元月. 宏观经济政策、融资约束与企业融资结构调整——基于我国上市公司的经验数据[J]. 财经论丛, 2017, 33(1): 58-66.

MA Hong, WANG Yuanyue. Macroeconomic Policies, Financial Constrains and Dynamics Adjustment of Capital Structure——Evidence from Listed Firms of China[J]. , 2017, 33(1): 58-66.

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