摘要
在企业资本结构动态调整对不同货币政策的敏感度的前提下,又以市场竞争程度对行业进行了划分,讨论了在不同类型的行业中敏感度是否存在差异。论文以2003—2015年A股主板上市公司为研究样本,通过固定效应模型证明货币政策和市场竞争程度对资本结构动态调整的影响。实证表明紧缩的货币政策会抑制资本结构动态调整。在紧缩的货币政策下,竞争程度更大的企业其资本结构动态调整将变得更加敏感,速度也将更慢。
In the premise of different sensitivity of monetary policy, industries were divided according to their market compe-tition degree. The paper discussed whether there are differences in different types of industry ,which enriched the research on the dynamic adjustment of the field of enterprise capital structure. And the listed companies of the main board of A stock in 2003-2015 are taken as the research sample,and the fixed effect model is used to investigate the impact of monetary policyand market competition on the dynamic adjustment of capital structure. The research shows that tight monetary policy willslow down the dynamic adjustment of capital structure. Under the tight monetary policy,the dynamic adjustment of ital structure of the monopoly enterprise will be more sensitive.
出处
《技术与创新管理》
2018年第1期82-86,共5页
Technology and Innovation Management
关键词
货币政策
市场竞争程度
资本结构动态调整
目标资本结构
monetary policy
the degree of market competition
the dynamic adjustment of enterprise capital structure
target capital structure
