摘要
本文以2008—2022年A股上市企业为研究对象,采用交互效应模型回归进行分析,结果发现,在债务违约风险和流动性风险影响下,货币政策对资本结构具有逆周期调节效应;货币政策对国有企业资本结构的周期性调节并不受债务违约风险和流动性风险的影响,而货币政策对非国有企业资本结构的周期性调节不受流动性风险影响。结果表明,扩张性货币政策对资本结构具有逆周期性调节效应,并且受债务违约风险和流动性风险的影响,这对党的二十大提出的“质的有效提升和量的合理增长”和“把发展的着力点放在实体经济上”系列改革有重要启示。
The paper takes A-share listed companies from 2008 to 2022 as the research subject and adopts an interactive effect model for analysis.The results reveal that under the influence of default risk and liquidity risk,monetary policy exhibits a countercyclical regulatory effect on the capital structure;the cyclical regulation of monetary policy on the capital structure of state-owned enterprises is not affected by default risk or liquidity risk,while the cyclical regulation of monetary policy on the capital structure of non-state-owned enterprises is not affected by liquidity risk.The results also show that expansionary monetary policy has a countercyclical regulatory effect on the capital structure and is influenced by default risk and liquidity risk.Thesefindings hold significant implications for the reforms highlighted during the 20th National Congress of the Communist Party of China,including“effectively upgrading and appropriately expanding China's economic output”and“focusing on the real economy”.
作者
张毓芝
白仲林
Zhang Yuzhi;Bai Zhonglin(School of Finance,Tianjin University of Finance and Economics;School of Statistics,Tianjin University of Finance and Economics,Tianjin 300221)
出处
《中国商论》
2024年第7期161-164,共4页
China Journal of Commerce
关键词
债务违约
经营风险
货币政策
资本结构
周期性
国有企业
debt default
operational risks
monetary policy
capital structure
cyclical
state-owned enterprises
