Proceedings of the 2018 3rd International Conference on Politics, Economics and Law (ICPEL 2018)

Money Supply and the Dynamic Adjustment Speed of Capital Structure —Based on Unbalanced Panel Data in China

Authors
Wenju Kong, Qinfeng Xu
Corresponding Author
Wenju Kong
Available Online October 2018.
DOI
https://doi.org/10.2991/icpel-18.2018.110How to use a DOI?
Keywords
Capital structure, Money supply, The dynamic adjustment speed
Abstract
Over the past years, capital structure has been one of the most important subjects in financial management. Our study aims to study the influence of macro factors on the dynamic adjustment speed of capital structure over the period of 2000 to 2015. Considering the traits of debt, this article classifies the capital structure into four categories, and then we develop a dynamic capital structure model to measure the adjustment speed of different kinds of capital structure and the effects of money supply. The results found that:(1) Different kinds of capital structure have different dynamic adjustment speed, the adjustment speed of the short-term capital structure is more sensitive than the adjustment speed of long-term capital structure; (2) Money supply will affect the adjustment speed significantly, loose monetary supply will speed up the adjustment;(3) Determinants of firm-specific will have influence on the capital structure.
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Proceedings
2018 3rd International Conference on Politics, Economics and Law (ICPEL 2018)
Part of series
Advances in Social Science, Education and Humanities Research
Publication Date
October 2018
ISBN
978-94-6252-605-1
ISSN
2352-5398
DOI
https://doi.org/10.2991/icpel-18.2018.110How to use a DOI?
Open Access
This is an open access article distributed under the CC BY-NC license.

Cite this article

TY  - CONF
AU  - Wenju Kong
AU  - Qinfeng Xu
PY  - 2018/10
DA  - 2018/10
TI  - Money Supply and the Dynamic Adjustment Speed of Capital Structure —Based on Unbalanced Panel Data in China
BT  - 2018 3rd International Conference on Politics, Economics and Law (ICPEL 2018)
PB  - Atlantis Press
SN  - 2352-5398
UR  - https://doi.org/10.2991/icpel-18.2018.110
DO  - https://doi.org/10.2991/icpel-18.2018.110
ID  - Kong2018/10
ER  -