货币政策对不同产权性质上市公司融资行为的影响

发布时间：2018-01-15 12:15

本文关键词：货币政策对不同产权性质上市公司融资行为的影响　出处：《东华大学》2014年硕士论文　论文类型：学位论文

【摘要】：自金融危机后我国股票市场走势疲软,2012年12月上证指数一度跌破2000点大关,目前仍徘徊在2200点左右,导致股权融资成本的上升。2011年第一季度,中国人民银行按照中央经济工作会议精神和国务院统一部署,开始实施稳健趋紧的货币政策,而我国企业以间接融资为主要融资渠道,银行贷款是企业融资依赖的主要对象,已有学者研究发现不同产权性质企业面临着“信贷歧视”问题,这在后金融危机时代是否会使民营企业的融资决策产生被动调整,比如债务积压采用商业信用进行替代融资?虽然目前关于货币政策对不同产权性质公司融资的影响研究已经比较完善,但主要集中于银行借款中存在的信贷歧视,对其他融资方式的影响研究较少,以及较少涉及货币政策对不同产权性质公司融资中的银行借款、商业信用和各种股权融资方式的综合性影响,经济现实和大量证据表明,货币政策对不同产权性质公司的不同融资来源会产生连锁效应,但当货币政策趋紧时它们之间会互补还是同时收缩并不明确。本文以货币政策对上市公司融资行为的影响为研究对象,通过理论和实证分析,研究了货币政策的传导效应。理论部分全面分析了我国上市公司面临的融资制度和融资状况以及不同产权性质公司的融资约束差异,实证部分根据理论分析提出的研究假设,秉承探讨式的实证思路,利用T检验方法、Logit回归和多元线性回归的方法,检验了货币政策对我国不同所有权性质公司的银行借款和商业信用融资的具体影响,观察货币政策对不同企业资本结构的微观影响,在此基础上推测对权益融资的影响并进一步进行检验,最后对实证结果的原因进行了分析检验,由此系统地完成了关于货币政策对公司融资影响的实证分析。通过研究得出结论：在2009—2012年的后金融危机时代,当人民银行将货币政策由适度宽松调整为稳健时,我国民营上市公司仍面临着信贷歧视的问题,并且不能通过商业信用进行替代性筹资,外部权益融资能力也相较国有上市公司较弱,由此导致以比率指标——资产负债率衡量,此番货币政策的趋紧调整对不同产权性质公司的资本结构影响结果并无差异,但是以内部融资绝对指标衡量的话,可以认为当货币政策趋紧时,民营上市公司的融资行为受到的冲击要大于国有上市公司,资本市场的传导渠道增强了紧缩型货币政策对民营上市公司的传导效果。此外,通过对公司规模与其融资能力的实证分析和不同产权性质公司的规模差异T检验结果结合分析,表明货币政策的松紧调整对两种公司融资的影响差异除了因为现有研究中认为的“父爱主义”人为干预导致的政策型融资约束差异作用外,还有金融机构(信息不对称时)自身利益驱动的市场型融资约束差异的影响。总体而言,我国金融体制中存在着较大的摩擦,国有与民营上市公司之间存在信贷歧视现象,尤其是短期信贷,而且后者不能通过商业信用缓解融资难的问题,其融资行为受货币政策松紧调整的冲击较大,国有上市公司无论是在银行体系还是商业关系中均具有债务融资和外部权益融资的优势。研究结论对于解释我国货币政策效应及企业的融资摩擦现状,改善宏观调控均具有借鉴意义。
[Abstract]:Since the financial crisis in China's stock market weak trend, in December 2012 the Shanghai Composite Index fell below the 2000 point mark, is still hovering around 2200 points, resulting in the cost of equity financing increased by.2011 in the first quarter, the people's Bank of China in accordance with the spirit of the central economic work Conference and the State Council unified deployment, began to implement a prudent monetary policy tightening. While Chinese enterprises with indirect financing as the main financing channels, bank loans are the main object of the enterprise financing dependence, some scholars study found that the different nature of the property enterprise is faced with "credit discrimination", in the post financial crisis era will make private enterprises financing decision making passive adjustment, such as debt by commercial credit substitutes although the current monetary policy on financing? The study of different property rights affect the nature of the company financing has been more perfect, but mainly concentrated in the bank In the presence of loan credit discrimination, of less influence on other ways of financing, and less involved in monetary policy on different property rights of corporate financing, bank loans, commercial credit and the comprehensive impact of a variety of equity financing, economic reality and a lot of evidence that will have a ripple effect of monetary policy on different properties of different companies the sources of financing, but when monetary policy tightening will be complementary between them or the contraction is not clear.
In this paper, the impact of monetary policy on the financing behavior of the listed company as the research object, through theoretical and empirical analysis, studies the transmission effect of monetary policy. The theory part analyzes the differences of financing constraints of listed companies financing system and financing conditions and corporate property rights is different, the empirical part according to the theoretical analysis hypotheses an empirical study of ideas, adhering to the use of T test, Logit regression and multiple linear regression test, the specific impact of monetary policy on different ownership, bank loans and commercial credit financing, microscopic observation of the impact of monetary policy on capital structure of different enterprises, on the basis of speculation on the impact of equity financing and further inspection, the last of the empirical results and analyzed the causes of the completion of the test, the system of currency policy An empirical analysis of the impact of the policy on corporate financing.
The study shows that in 2009, 2012 after the financial crisis, when the people's Bank will loose monetary policy by adjustment for steady, private listed companies in China is still facing the problem of credit discrimination, and cannot substitute through commercial credit financing, external equity financing ability compared with the state-owned listed companies is weak. This leads to the ratio of debt to asset ratio index measure, the monetary policy tightening to adjust the capital structure of different company's property rights affect the results there is no difference, but the absolute measure of the internal financing, can be considered when tightening monetary policy, by the financing behavior of listed companies is greater than the impact of state-owned listed companies, conduction capital market channel to enhance the transmission effect of tight monetary policy on the private listed companies. In addition, the company scale and its financing The analysis results of scale difference of T to test the ability of the empirical analysis and the different nature of the property of the company, that the tightness of monetary policy adjustment on the impact of two kinds of company financing differences except for the policy type financing that existing in the "paternalism" human intervention lead to differences about beam effect, as well as financial institutions (asymmetric information) effect of market financing constraints of their different interest driven. Overall, there are high friction of China's financial system, the existence of credit discrimination between state-owned and private listed companies, especially short-term credit, and the latter can not alleviate the financing problem of commercial credit, its financing behavior is influenced by adjusting the tightness of monetary policy. The impact of the state-owned listed companies have both debt financing and external equity financing advantage in the banking system or business relationship. The research results The theory is of reference to the explanation of the effect of monetary policy in China and the current situation of the financing friction of the enterprises and the improvement of macro control.

【学位授予单位】：东华大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F822.0

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