摘要
基于对金融供给侧改革稳步推进与货币政策框架转型的分析,本文分析了我国数量型货币政策与价格型货币政策在金融发展背景下对企业资本结构动态调整的影响;同时,本文以2009—2017年我国1302家A股上市公司的非平衡面板数据和构建资本结构动态调整模型,采用GMM估计法进行实证检验。理论与实证结果均表明:我国金融发展水平的提升加快了企业资本结构动态调整速度,削弱了数量型货币政策对企业资本结构动态调整速度的影响效应,强化了价格型货币政策对企业资本结构调整速度的影响效应;金融发展有助于完善价格型货币政策传导机制而不利于数量型货币政策传导机制,并从微观行为与政策调整之间的关系揭示了货币政策转型是对金融生态调整的适应。
With the steady progress of financial supply side reform policy and the transformation of monetary policy framework,this paper analyzes the impact of quantitative monetary policy and price monetary policy on the dynamic adjustment of enterprise capital structure under the background of financial development.Based on the unbalanced panel data of 1302 A-share listed companies in China from 2009 to 2017,a dynamic adjustment model of capital structure is constructed,and GMM estimation method is used for empirical test.Theoretical and empirical results show that the improvement of China’s financial development level accelerates the speed of dynamic adjustment of corporate capital structure,weakens the effect of quantitative monetary policy on the speed of dynamic adjustment of corporate capital structure,and strengthens the effect of price monetary policy on the speed of adjustment of corporate capital structure.It shows that financial development is helpful to improve the transmission mechanism of price monetary policy,but not conducive to the transmission mechanism of quantitative monetary policy.From the relationship between micro behavior and policy adjustment,it reveals that the transformation of monetary policy is the adaptation to financial ecological adjustment.
出处
《金融发展评论》
2019年第9期107-121,共15页
Financial Development Review
关键词
金融发展
价格型货币政策
数量型货币政策
资本结构调整速度
Financial Development
Price-based Monet-ary Policy
Quantitative Monetary Policy
Speed of Capital Structure Adjustment
