货币政策、信贷渠道与资本结构

我国金融市场以银行体系为主,在企业融资研究中,考察货币政策的影响具有重要的现实意义。依据"信贷观"下的贷款渠道及信贷配给理论,分析表明,当货币政策变化影响到信贷供给时,未受约束企业的资本结构在政策紧缩时受影响较小,而受约束企业的杠杆率随着政策的紧缩(宽松)而减小(增大)。考察我国2003-2009年的非金融类上市公司的资本结构,在政策紧缩时经验证据与理论分析一致;但在政策宽松时资本结构的调整与"信贷观"并不一致,受约束企业的杠杆仍然较小,未受约束企业的权益及债务均较大。研究结论对于解释我国货币政策效应及企业融资决策,改进金融监管均具有重要的借鉴。

Monetary Policy,Credit Channel and Capital Structure

Bank system plays an important role in thefinancial market of China.Under this background,Paying more attention to money policy' change is significant when researching on "capital structure".About "credit channel",the bank lending channel theory could explain the influence of money supply.When the money policy changes,the change of constrained firms' capital structure is consistent with it,while the changes is active for unconstrained firms.Through empirical analysis of data during 2003-2009,we find that credit frictions affect the capital structure,indeed.The adjustment of capital structure provide proof that the bank lending channel theory and quantity rationing work reasonably well when tighten money policy executed.However,credit analysis is not supported when policy is loose.This research would have pragmatic implication to explain financing decision,to enforce the monetary policy,and to regulate financial systems.