货币政策、企业经营风险与资本结构调整

• 作者： 张毓芝 ¹ 白仲林 ²
• 作者单位：
  1.  天津财经大学金融学院

  2.  天津财经大学统计学院
• 提交时间：2024-10-14

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。

Abstract: The paper takes A-share listed companies from 2008 to 2022 as the research subject and adopts an interactive eff ect model for analysis. The results reveal that under the infl uence of default risk and liquidity risk, monetary policy exhibits a countercyclical regulatory eff ect on the capital structure; the cyclical regulation of monetary policy on the capital structure of state-owned enterprises is not aff ected by default risk or liquidity risk, while the cyclical regulation of monetary policy on the capital structure of non-state-owned enterprises is not aff ected by liquidity risk. The results also show that expansionary monetary policy has a countercyclical regulatory eff ect on the capital structure and is infl uenced by default risk and liquidity risk. These fi ndings hold signifi cant implications for the reforms highlighted during the 20th National Congress of the Communist Party of China, including “eff ectively upgrading and appropriately expanding China's economic output” and “focusing on the real economy”.

• 分类： 应用经济学 >> 金融学
• 稿件状态： 已在期刊出版
期刊名称： 《中国商论》 2024年 第7期
• 引用： PSSXiv:202410.01756 (或此版本 PSSXiv:202410.01756V1)
  DOI:10.19699/j.cnki.issn2096-0298.2024.07.161
  CSTR:32012.36.PSSXiv.202410.01756
• 推荐引用方式： 张毓芝,白仲林.货币政策、企业经营风险与资本结构调整.中国商论,2024(7).[DOI:10.19699/j.cnki.issn2096-0298.2024.07.161] (点此复制)