The Heterogeneous Impact Of Monetary Policy On The Speed Of Corporate Capital Restructure

The capital structure reflects the proportional relationship of various sources of funds of the enterprise,which not only affects the value of the enterprise,but also affects the business activities and investment and financing behavior of the enterprise.Due to the continuous changes in the macro environment and economic policies,the capital structure of enterprises has always been in the process of dynamic adjustment.The speed of capital structure adjustment is very important for enterprises,and enterprises that adjust too slowly are difficult to adapt to the rapidly changing external environment,and may face operational risks or even bankruptcy risks when monetary policy changes.On the other hand,the implementation of monetary policy must recognize the diversity of market entities,enterprises with different characteristics will make different decisions in the face of the same policy,if the implementation of monetary policy ignores the differences in market entities,it may lead to deviations from monetary policy objectives.In summary,it is of great theoretical and practical significance to explore the impact of macro monetary policy on corporate capital restructuring,and to study the heterogeneity effect from the perspective of enterprise differences.After recognizing the impact of asset structure on the operational efficiency,mortgage capacity and solvency of enterprises,this paper attempts to explore the heterogeneity effect from different asset structures.Taking 1318 companies in 17 industries in Chinese stock market from 2011 to 2021 as research samples,this paper constructs the dynamic capital structure adjustment model on the basis of the partial capital structure adjustment model,and adopts the systematic GMM estimation method to effectively avoid endogenous problems.Using tangible assets,land use rights,non-land use rights and current assets as group indicators for group regression and comparison,we concludes that(1)loose monetary policy can accelerate the speed of enterprise capital restructuring.For enterprises with different asset structures,the impact of monetary policy is not the same;(2)Tangible assets,land use rights and current assets increase the speed of enterprise capital restructuring by improving mortgage capacity and debt repayment ability,while intangible assets such as non-land use rights have no significant impact;(3)The improvement of tangible assets and land use rights can reduce the sensitivity of the capital restructuring speed to monetary policy,while non-land use rights and current assets have no significant impact on this;(4)In the tightening stage of monetary policy,the capital structure of enterprises with high levels of tangible assets and land use rights is adjusted faster.The research results are of great significance.On the one hand,enterprises should fully recognize the importance of asset management,optimize asset structure,reduce sensitivity to macro changes,and strengthen their ability to respond to changes in the external environment.On the other hand,in terms of policy formulation,monetary policy should pay attention to the differences of market entities,rationally use structural monetary policy tools,and strengthen the pertinence and effectiveness of monetary policy.The innovation of this paper lies in:(1)innovatively studying the heterogeneous impact of monetary policy on the speed of capital restructuring from the perspective of asset structure differences;(2)Innovatively distinguish intangible assets into land use rights and non-land use rights for separate testing and research;(3)The method of coefficient difference significance test between group regression groups was used to improve the reliability of the research results.