货币政策、融资约束与企业债务水平

发布时间：2018-03-10 01:34

本文选题：货币政策　切入点：融资约束　出处：《广东财经大学》2016年硕士论文　论文类型：学位论文

【摘要】：本文结合公司融资约束异质性,研究货币政策对企业债务水平的影响。并且采用1998年至2014年我国A股上市企业的数据为样本,实证分析在宽松与紧缩的货币政策时期不同融资约束企业的债务表现。此外,本文将采取一种基于中国货币政策实践的新方法泰勒规则拟合出我国的货币政策的名义目标利率,以达到准确划分货币政策区间的目的。同时以我国上市企业为样本,构造一个适用于我国上市企业的融资约束指数。本文实证结果如下:首先,相对于货币政策宽松时期,企业在货币政策紧缩时期显著降低了企业的银行信贷,而增加了企业的商业信用,最终总负债水平降低;其次,在宽松货币政策时期,融资约束大的企业相对融资约束小的企业,银行信贷增加幅度较少;最后,在紧缩货币政策时期,融资约束大的企业相对融资约束小的企业银行信贷下降的幅度更大,使得融资约束大的企业不得不使用成本较高的商业信用。结果表明,货币政策的信贷传导机制在我国是存在的,但企业融资约束的差异显著影响了企业的债务水平,也一定程度上影响了我国货币政策的效力。即融资约束大的企业在宽松货币政策下融资约束没有得到有效的缓解,而在紧缩的货币政策下受到的冲击又是最大的。本文的研究证据有助于从公司企业债务水平调整的角度来评价宏观经济政策对微观实体的影响,为决策者制定更为合适的经济政策提供依据和建议。
[Abstract]:Based on the heterogeneity of corporate financing constraints, this paper studies the influence of monetary policy on corporate debt level, and uses the data of A-share listed companies from 1998 to 2014 as a sample. This paper empirically analyzes the debt performance of enterprises with different financing constraints during the period of loose and tight monetary policy. In addition, this paper will adopt a new method based on the practice of China's monetary policy, Taylor's rule, to fit the nominal target interest rate of China's monetary policy. In order to achieve the purpose of dividing the monetary policy interval accurately. At the same time, taking the listed enterprises of our country as a sample, we construct a financing constraint index suitable for the listed enterprises in China. The empirical results of this paper are as follows: first, relative to the period of monetary policy easing, During the period of monetary policy tightening, enterprises significantly reduced their bank credit, but increased their business credit, and eventually the total debt level decreased. Secondly, during the period of loose monetary policy, In the period of tightening monetary policy, the enterprises with large financing constraints have a greater decline in bank credit than those with small financing constraints. The results show that the credit transmission mechanism of monetary policy exists in China, but the difference of financing constraints has a significant impact on the debt level of enterprises. To some extent, it also affects the effectiveness of China's monetary policy. That is, the financing constraints of enterprises with large financing constraints have not been effectively alleviated under the loose monetary policy. The evidence in this paper is helpful to evaluate the impact of macroeconomic policy on micro-entities from the perspective of corporate debt level adjustment. Provide basis and advice for policy makers to formulate more appropriate economic policies.
【学位授予单位】：广东财经大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F275;F822.0

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