宏观货币政策和区域金融发展程度对企业投资及其融资约束的影响

发布时间：2018-06-05 16:24

本文选题：企业融资约束 + 金融生态环境　；参考：《金融研究》2014年11期

【摘要】：本文以2002~2010年期间深沪上市公司季度数据为基础,从区域金融发展的角度评估了宏观货币政策对企业融资约束的缓解效应,从企业投资层面考察了宏观货币政策的传导机制。文章的实证研究结果显示:(1)企业投资支出显著依赖于内部现金流,即企业投资内部现金流敏感显著为正,这一发现支持了传统的融资约束理论。(2)宽松的货币政策促进了企业投资扩张,通过降低企业投资内部现金流敏感性缓解了企业融资约束,改善了企业金融生态环境。(3)区域金融市场的发展营造了良好的企业金融生态环境,从而有效缓解了企业的融资约束压力。(4)区域金融市场的发展强化了宏观货币政策对企业融资约束的缓解效应,优化了宏观货币政策的传导机制。本文的研究发现为宏观货币政策及其区域效应的传导机制提供了企业投融资层面的微观证据。
[Abstract]:Based on the quarterly data of Shenzhen-Shanghai listed companies from 2002 to 2010, this paper evaluates the mitigation effect of macro-monetary policy on corporate financing constraints from the perspective of regional financial development, and examines the transmission mechanism of macro-monetary policy from the perspective of enterprise investment. The empirical results of this paper show that the enterprise's investment expenditure is significantly dependent on the internal cash flow, that is, the sensitivity of the firm's internal cash flow is significantly positive. This finding supports the traditional financing constraint theory. The loose monetary policy promotes the enterprise investment expansion, and alleviates the corporate financing constraint by reducing the sensitivity of the internal cash flow of the enterprise investment. The development of regional financial markets has created a good financial ecological environment for enterprises. Therefore, the development of regional financial market strengthens the mitigation effect of macro-monetary policy on enterprise financing constraint, and optimizes the transmission mechanism of macro-monetary policy. The findings of this paper provide micro evidence for the transmission mechanism of macro monetary policy and its regional effects.
【作者单位】：华南理工大学工商管理学院会计学系;南京大学商学院会计系;
【基金】：国家自然科学基金:“宏观经济政策、公司治理对企业创新的影响研究”(71372029) 广东自然科学基金项目(S2011040001810) 广东省软科学项目(2012B070300051)的资助
【分类号】：F822.0;F832.7;F275;F224

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