中文摘要：

以1996—2012年上市公司为样本，运用固定效应法，实证检验融资约束和货币政策对企业资本结构调整速度的影响。研究结果表明：不同融资约束企业的资本结构调整速度存在差异，融资约束企业的资本结构调整速度低于非融资约束企业；在宽松货币政策下，非融资约束企业资本结构的调整速度大于融资约束企业。融资约束企业资本结构的调整速度对货币供应的增加更为敏感；非融资约束企业资本结构的调整速度对利率的升高更为敏感。

英文摘要：

By using fixed effect model and taking the listed companies during 1996 to 2012 as samples, to Study the impact of financial constrain and monetary policy on the capital structure adjustment spead. Research results show that the adjustment speed of capital structure is different in enterprises with different financing constraints, and the speed of the enterprises with financing constraints is slower than those without financing constraints; under the easy monetary policy, the adjustment speed of capital structure in non - financing constraints companies is faster than financing constraint companies. However, the adjustment speed of capital structure in financing constraint companies is more sensitive to the increase of money supply, while the adjustment speed of capital structure in non- financing constraint companies is more sensitive to the rise of interest rate.