【摘要】 利用协整理论对中国3个月期同业拆借利率与上市公司资本结构之间的关系进行了分析.首先采用ADF检验法发现同业拆借利率和资本结构序列均为2阶单整.然后采用Engel-Granger两步法进行协整检验,结果表明同业拆借利率与资本结构之间存在长期稳定的关系.Granger因果检验则表明资产负债率受利率因素的影响.更多还原

【Abstract】 By applying the co-integration theory,this paper analyzed the relation between 3 month’s interest rate of inter-bank market and the capital structure of listed company.Firstly,the use of the augmented Dickey-Fuller method discovered that the two step difference sequences of the interest rate of inter-bank market and the capital structure were the steady sequences.Secondly,the use of the Engel-Granger two step method involved a co-integration examination.The result indicated that there was a long and steady relation between the interest rate of inter-bank market and the capital structure of listed company.The Granger examination indicated that the interest rate influenced the capital structure of listed company.更多还原