货币政策、上市公司资本结构与超额价值—中国2006~2010

Monetary Policy, Capital Structure of Listed Companies and Excess Corporate Value—China 2006-2010

摘要: 近年来货币政策放松容易收缩困难，在平抑经济的波动性方面效果不甚理想。我们以A股市场的上市公司(2006~2010)为样本实证研究货币政策对这些公司资本结构以及由此对公司超额价值所产生的影响。研究发现，货币政策显著影响不同类别公司的资本结构，而公司资本结构的调整导致小公司的超额价值损失比大公司大、市场竞争强的公司超额价值损失比竞争弱的公司大、融资约束大的公司的超额价值损失比融资约束小的公司大、民营控股公司超额价值的损失比国有控股公司大。究其原因，以总量控制为手段的货币政策调整偏离了市场的要求，中国需要发挥利率杠杆作用机制的货币政策。

Abstract: In the past few years, monetary policies have been adjusted abnormally, but failed to make role to iron economic growth path. Using a sample of A-share listed corporate in China from 2006 to 2010, this paper studies the effect of monetary policy on capital structure adjustment, and tests the excess value changes under the capital structure adjustment in this period, we find that firms with small scale suffered greater losses than that of large scale, highly competitive firms suffered greater losses than that of less competitive, highly financing distressed firms suffered greater losses than that of less financing distress, and private-owned firms suffered greater losses than that of state-owned. Investigating its reason, the current monetary policy featured by total control deviates from the market requirements, therefore China is in urgent need of monetary policy characterized by interest rate leverage.