Study of Capital Structure of Listed Companies under the Influence of Policy Support—An Empirical Study Based on Money Supply Policy
DOI:
https://doi.org/10.54097/hbem.v20i.12355Keywords:
Money supply; capital structure; gearing ratio; financing constraints.Abstract
In order to explore the impact of money supply on the capital structure of listed companies with different levels of financing constraints, we take Chinese A-share listed companies from 2007 to 2011 as the research samples, and test the impact of money supply on the capital structure of listed companies based on the perspective of financing constraint. The results show that money supply has a significant positive impact on the capital structure of listed companies. At the same time, the influence of money supply on the capital structure of listed companies with different levels of financing constraints is different: the influence of money supply on the capital structure of listed companies with higher degree of financing constraint is significantly stronger than that of listed companies with lower degree of financing constraint. Macroeconomic environment and policies provide directions for the optimization of capital structure of companies.
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