关键词: 上市公司, 融资结构, 宏观因素, 协整, VAR

Abstract: On the basis of summarizing the relevant literature and material home and abroad,the paper conducted empirical research of macro economic factors affecting financing structure of Chinese listed companies from macro and dynamic perspective. It found that there was cointegration relation among asset-liability ratio of Chinese listed companies,inflation rate and real interest rate,which indicated that the relation between asset-liability ratio of Chinese listed companies and macro-economic factors was not spurious regression,but a long-term equilibrium one A VAR econometric model was established based on the above result to make dynamic analysis. The result showed that the positive impact of inflation would affect debtratio of Chinese listed companies in the same way. While the positive impact of real interest rate would lower its debt level,and the change of macro-economic indexes had obviously differentimpact on debt level of Chinese listed companies as the industries were different.