Monetary Policy, Capital Structure of Listed Companies and Excess Corporate Value—China 2006-2010
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.
文章引用: 孔爱国 , 张轶凡 (2012) 货币政策、上市公司资本结构与超额价值—中国2006~2010。 金融， 2， 59-75. doi: 10.12677/fin.2012.22007
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