货币政策调整与中小板上市公司资本结构--基于GMM估计的动态面板数据分析

摘要

Using panel data of SME listed companies from the first quarter of 2008 to the fourth quarter of 2011,the authors study the adjustment effect of monetary policy on capital structure of SME listed companies with the help of the GMM dynamic panel estimation method. The authors have found that monetary policy adjustments have a significant impact on capital structure of SME listed companies. Rises in interest rate will significantly reduce the debt ratio of SME listed companies and adjustment in interest rate will have less impact on the long-term debt of them;increase in money supply will make the proportion of debt financing of SME listed companies to be increased significantly.%利用2008年第1季度至2011年第4季度的中小板上市公司面板数据，本文采用GMM动态面板估计的方法，考察了货币政策调整对中小板上市公司资本结构的影响。研究发现，货币政策调整对于中小板上市公司的资本结构有着显著的影响，利率上调会明显地减少中小板上市公司负债比率，且利率调整对中小板上市公司长期负债影响较小，而货币供应量的增加也会使得中小板上市公司债务融资比例明显增加。