The Impact Of Monetary Policy On Capital Structure

In recent years,housing prices have continued to rise,and the growth rate of housing prices is significantly higher than the growth rate of per capita income.The problem of housing difficulties has seriously affected people's quality of life.High housing prices have seriously distorted the allocation of social resources.The government began to crack down on real estate speculation and curb the excessive rise in housing prices."The house is used to live,not for speculation." Since the establishment of the "household not to speculate" position,the relevant government departments have issued a large number of policies for the real estate industry,the management of the real estate industry is becoming more and more strict,the financing situation of real estate enterprises is not optimistic,and the capital structure of real estate enterprises is unreasonable.The highly leveraged and highly indebted operating model has greatly increased the risk of bankruptcy of enterprises,so it is necessary to conduct research on the real estate industry.This paper mainly studies the impact of monetary policy on the capital structure of real estate enterprises.Firstly,it sorts out the theory of capital structure,sorts out the relevant literatures on the factors affecting the capital structure,expounds the theoretical mechanism of monetary policy affecting capital structure and proposes hypotheses,then conducts empirical tests,and finally analyzes the conclusions and proposes policy recommendations.This paper selects the A-share listed real estate company as a research sample.Since the real estate industry is different from other industries,the characteristics of the real estate industry and the financing status are separately described in one chapter.In addition,according to the nature of the enterprise,it is divided into two categories:private real estate enterprises and state-owned real estate enterprises,and the heterogeneity of private enterprises and state-owoned enterprises is analyzed in the first chapter of the fifth chapter.It is mainly divided into three parts:the first part studies the impact of monetary policy on the capital structure of real estate enterprises from a static perspective;the second part studies the impact of monetary policy on the speed of capital structure adjustment from a dynamic perspective;the third part studies monetary policy on real estate corporate debt the impact of financing methods.The first part of the paper concludes that the factors that significantly affect the capital structure of real estate companies are total return on assets(profitability),working capital turnover(capital operating capacity),current ratio(solvency),and total assets(The scale of the enterprise)also shows that the price-based monetary policy(interest rate)has a significant impact on the capital structure of the enterprise.In the second part of the construction of the model,the first part of the enterprise characteristics factor that significantly affects the capital structure of real estate enterprises as a control variable,using the monetary policy agent index as an explanatory variable to study the relationship between monetary policy and the adjustment speed of corporate capital structure.The study found that when the monetary policy is loose,the capital structure adjustment of enterprises is faster,and when the monetary policy is tightened,the adjustment of the capital structure of enterprises is slow.Compared with private real estate companies,the state-owned real estate enterprises have a faster adjustment of the capital structure and are more sensitive to changes in monetary policy.In the third part,the paper first studies the impact of monetary policy on the financing of bank credit channels in real estate enterprises.The study found that the ratio of interest rates to bank loans(bank borrowings/total assets)is significantly positively correlated.Therefore,when the interest rate rises,real estate companies are more inclined to raise funds through bank credit channels,and then empirically account for the proportion of bank credit channels raised by real estate companies.The relationship between the new borrowings/quarters of debt financing in this quarter,the bond financing ratio(the amount of bond financing issued this quarter/the debt financing this quarter)and the interest rate.The results show that companies are more inclined to finance through bank credit channels when rates rise.