金融—货币政策,上市公司资本结构与超额价值.pdfVIP

Finance 金融, 2012, 2, 59-75 doi:10.4236/fin.2012.22007 Published Online April 2012 (/journal/fin) Monetary Policy, Capital Structure of Listed Companies * and Excess Corporate Value ——China 2006-2010 Aiguo Kong, Yifan Zhang School of Management, Fudan University, Shanghai Email: {agkong, 091025006}@ Received: Jan. 12th, 2012; revised: Jan. 26th; 2012; accepted: Feb. 5th, 2012 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. Keywords: Monetary Policy; Capital Structure; Excess Corporate Value; Empirical Studies 货币政策、上市公司资本结构与超额价值* ——中国2006~2010 孔爱国，