金融危机、公司特征及调控政策效果——来自中国上市公司的证据

发布时间：2018-03-08 18:27

本文选题：金融危机　切入点：财政政策　出处：《经济学动态》2014年05期 　论文类型：期刊论文

【摘要】：本文以2008年全球金融危机为研究背景,以中国上市公司为研究样本,从公司层面研究公司微观特征对于公司在金融危机中表现的影响,并进一步从股票回报率和财务业绩两方面考察货币政策和财政政策是否起到了预期的效果。我们发现:就金融危机冲击作用而言,行业特征、公司偿债能力,尤其是短期偿债能力,对于公司的表现有显著的影响,而且危机前扩张速度快、估值水平高的公司更容易受到危机的负面冲击。与已有的针对其他国家的研究结论不同,我们并没有发现公司治理对公司在危机中的表现有显著影响的证据。就政策效果而言,货币政策没有起到纾缓公司流动性困难和财务困境的作用;4万亿财政政策仅在短期内对其重点支持的行业起到了显著的正向作用,但就长期而言没有获得预期的效果。
[Abstract]:This paper takes the global financial crisis in 2008 as the research background and Chinese listed companies as the research sample to study the influence of the microcosmic characteristics of companies on the performance of companies in the financial crisis from the corporate level. We also further examine whether monetary policy and fiscal policy have the expected effect from the stock return and financial performance. We find that: as far as the impact of the financial crisis is concerned, the characteristics of the industry, the ability of the company to pay its debts, In particular, short-term solvency has a significant impact on the performance of companies, and companies with rapid pre-crisis expansion and high valuation levels are more vulnerable to the negative impact of the crisis. We have found no evidence that corporate governance has had a significant impact on corporate performance during the crisis. Monetary policy has not helped ease corporate liquidity difficulties and financial distress. The $4 trillion fiscal policy has only played a significant positive role in the short term for the industries it focuses on, but in the long run it has not had the desired effect.
【作者单位】：中央财经大学金融学院;复旦大学经济学院;
【基金】：国家自然科学基金项目(项目批准号“71003113”、“70973003”) 教育部“新世纪优秀人才支持计划”项目 “中央财经大学青年科研创新团队支持计划” 中央财经大学金融学院“卓越学术人才培养项目”资助
【分类号】：F832.51;F276.6

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