货币政策对公司金融行为影响及其效果的研究

发布时间：2018-06-29 05:17

本文选题：货币政策 + 金融行为　；参考：《复旦大学》2013年博士论文

【摘要】：货币政策最终是通过影响微观公司行为来达成其预期政策效果的,然而预期效果的达成程度与影响发生的过程密切相关。近年来我国货币政策频繁调整,结果是产生了宏观上的结构性偏差。针对这一现象,本文充分立足已有的文献,从微观公司层面出发,在控制资本需求方因素的基础上,研究货币政策这一外生变量对公司金融行为的影响,进而分析这种变化对公司超额价值的影响,以此揭示宏观政策发挥作用的机理,并为相关的政策决策提供理论与实证的支持。具体来说,本文以A股市场的上市公司(2002-2011)为样本,首先检验货币政策对不同特质公司资本结构调整进而对其超额价值的影响。结果发现,货币政策的变化直接导致公司资本结构调整,调整的结果是公司超额价值的损失。细分公司特质后发现,货币政策显著影响不同特质公司的资本结构调整调整,而调整的结果是导致小公司的超额价值损失比大公司大、市场竞争强的公司超额价值损失比竞争弱的公司大、融资约束大的公司的超额价值损失比融资约束小的公司大、民营控股公司超额价值的损失比国有控股公司大。其次,本文检验不同货币政策下不同特质公司投资行为的差异性,进而检验投资变化对公司超额价值的影响。结果发现,公司投资不仅受现金流和托宾Q的影响,还受货币政策的影响,货币放松期相比货币紧缩期,公司投资对现金流的依赖下降,而对成长性的依赖上升。公司投资有助于提升公司超额价值,货币放松期相比货币紧缩期,公司投资带来更高的公司超额价值。细分公司特质后发现,市场化程度越高的公司投资对现金流的依赖越大；货币放松期相比货币紧缩期,市场化程度越高的公司投资对现金流依赖下降越明显,而对成长性的依赖上升也越明显；货币放松期相比货币紧缩期,投资给市场化程度高的公司所带来的超额价值反而下降。此外,公司治理越好的公司,投资对现金流.的依赖下降,对成长性的依赖上升,并且不论在何种条件下,公司治理越好,投资所带来的公司超额价值始终越高。最后,本文以中国A股上市公司(2002-2011)为样本,实证检验货币政策对公司债务结构进而对公司信息披露的影响。研究发现,货币政策越宽松,公司债务增加,债权人在公司治理中的影响力上升,公司信息披露倾向于短期确定性信息,即信息披露质量下降。为了聚焦这一特性,我们分别考虑管理层薪酬与持股、股东性质以及公司信用等级差异这些因素,发现结论仍然成立。当然,信息披露的质量下降背后是公司的超额价值下降。本文多维度的研究表明,上市公司的运营需要一个稳定且结构性比较均衡的金融市场环境,否则效率不高。货币政策要稳定,就需要重构具有市场特点的银行体系,即大力发展市场化的银行服务体系,让它们按市场机制来完成货币政策的传导；需要完善货币市场和资本市场体系,提供更多直接融资的途径,缓解总量控制的方法对市场带来的冲击；需要呼唤利率机制,发挥利率的杠杆调节功能。此外,就公司自身而言,为了减少货币政策调节所带来的不利影响,公司应当制定长远的公司发展目标,密切关注公司的外部环境,积极主动提高自身融资能力,提高投资效率,同时改善治理水平,提高决策效率。只有不断完善公司的内外部环境,才能真正培育市场化的主体,提高货币政策的有效性和稳定性,提高公司的决策效率,从根本上推进市场经济的建设。这两个方面缺一不可,需要互相补充,互为加强。
[Abstract]:In the end, monetary policy achieved its expected effect by influencing the behavior of micro companies. However, the achievement of the expected effect is closely related to the process of the impact. In recent years, the monetary policy of our country has been adjusted frequently and the result has produced a macro structural deviation. On the basis of controlling the demand side factors of capital, this paper studies the influence of the external variables of monetary policy on the corporate financial behavior, and then analyzes the effect of this change on the excess value of the company, in order to reveal the mechanism of the macro policy function and provide theoretical and empirical support for the policy decision.
Specifically, this paper takes the listed company (2002-2011) of the A share market as the sample to test the influence of the monetary policy on the capital structure adjustment of different trait companies and the excess value. The result shows that the change of monetary policy directly leads to the adjustment of the capital structure of the company. The result of the adjustment is the loss of the company's excess value. It is found that monetary policy significantly affects the adjustment and adjustment of the capital structure of different companies, and the result of the adjustment is that the excess value loss of the small companies is larger than that of the big companies. The excess value loss of the companies with strong market competition is larger than the weak companies, and the excess value loss of the companies with large financing constraints is larger than the smaller companies with the financing constraints. The loss of excess value of private holding companies is larger than that of state holding companies.
Secondly, this paper examines the difference in investment behavior of different characteristics of companies under different monetary policies, and then tests the influence of investment change on the excess value of the company. The result shows that the company investment is not only influenced by cash flow and Tobin Q, but also influenced by monetary policy. The time of monetary relaxation is more dependent on the cash flow than the monetary tightening period. Falling, and increasing dependence on growth. Company investment helps to increase the value of the company. Compared with the monetary tightening period, the company investment brings higher value to the company. After subdividing the company's characteristics, the higher the market level, the greater the dependence on cash flow; the period of monetary relaxation is compared with the monetary tightening period. The higher the degree of marketization, the more obvious the dependence of the company's investment on cash flow, and the more obvious dependence on growth; the excess value of the companies with high market level in the period of monetary relaxation is less than that in the monetary tightening period. In addition, the better corporate governance is, the dependence of investment on cash flow is reduced. Growth depends on the rise, and no matter what conditions, the better corporate governance, the higher the company's excess value brought by investment.
Finally, this paper takes China's A stock listed company (2002-2011) as a sample to test the effect of monetary policy on the corporate debt structure and the company's information disclosure. The study finds that the more loose the monetary policy, the increase of the company's debt, the increase of the influence of the creditor in the corporate governance, the information disclosure of the company is inclined to the short-term certainty information, that is, the information. In order to focus on this feature, we consider the factors such as management salary and stock ownership, shareholder nature and company credit grade difference, and the findings are still established. Of course, behind the quality decline of information disclosure is the decrease of the excess value of the company.
The multi-dimensional study shows that the operation of the listed companies needs a stable and structural and balanced financial market environment, otherwise the efficiency is not high. If the monetary policy is stable, it is necessary to reconstruct the banking system with market characteristics, that is, to develop the market-oriented banking service system and let them complete the monetary policy according to the market mechanism. It needs to perfect the monetary market and the capital market system, provide more direct financing ways, alleviate the impact of the total amount control method on the market, and call the interest rate mechanism to play the leverage adjustment function of the interest rate. In addition, the company itself, in order to reduce the adverse effects of the regulation of monetary policy, the company should In order to make a long-term development goal of the company, pay close attention to the external environment of the company, actively improve its financing ability, improve the efficiency of investment, improve the level of governance and improve the efficiency of decision-making. Only by improving the internal and external environment of the company, can we truly cultivate the main body of the market, improve the effectiveness and stability of the monetary policy. The efficiency of the high company's decision making fundamentally promotes the construction of the market economy. These two aspects are indispensable and complement each other and reinforce each other.
【学位授予单位】：复旦大学
【学位级别】：博士
【学位授予年份】：2013
【分类号】：F822.0;F271;F275

【参考文献】