通货膨胀对资本结构的影响：理论模型与实证检验

利率管制下具有股权融资偏好的企业融资模型表明,通货膨胀会增大公司的债务融资比重,并且利率管制带来的利率刚性和公司税率都会放大通货膨胀的这种作用。同时,以中国30家上市公司25个季度的财务面板数据为基础进行的实证研究发现,通货膨胀对中国上市公司的债务—权益比率具有非常显著的正向作用,货币对于公司的资本结构是非中性的。另外固定资产比率非常显著的正向作用于债务—权益比率。

The Effect of Inflation on Capital Structure: Theoretical Model and Empirical Analyses

A finance model under rate regulation to study the effect of inflation on capital structure shows that inflation increases the debt of companies,and the regulation as well as cooperator tax enhance the affection.The empirical research tests the effect of inflation on capital structure by pooling data from 30 listed companies in China,finds that inflation affects the capital structure positively on a highly significant level,the higher the inflation,the higher the debt-to-equity ratio.To some degree,money is not neutral in capital structure.In addition to inflation,the fixed-to-total asset ratio also affects the capital structure positively on a highly significant level.The model finds that the non-marketability of rate and the special financial preference of companies in China are the most important reasons.