货币政策与上市公司信用资源配置研究

发布时间：2019-06-03 01:55

【摘要】：货币政策是国家宏观经济调控最重要的手段之一,然而货币政策是否能够真正发挥作用还需要结合其在微观实体经济中的传导效用。我国尚处于非强势有效的资本市场,金融发展水平并不发达,因此结合我国的基本国情更适用于货币政策的信贷传导渠道,货币政策通过对信贷供应量水平以及信贷利率的调节来控制经济市场流通中的货币总量,进而调控微观实体经济的发展。银行借款作为受货币政策影响颇深的信贷资源同时也是微观企业个体一项重要的信用资源。在信息不对称的金融系统中,企业过去的信用记录是银行贷前审查的重要方面,企业的信用也决定着银行借款融资的数量与期限结构；而另一方面,企业与上游供应商经济活动交往密切,随着交易时间的延续能够建立起一定的信任度,企业借此所获得的商业信用也是另一种融资方式。本文将银行信贷与商业信用称之为企业的“信用资源”进行研究。回顾以往学术界对货币政策的研究都集中于宏观经济层面,少有文献能够将宏观政策与微观个体行为相结合进行研究。事实上,面对宏观货币政策的波动,微观企业个体如何应对外界所提供信用资源的变化,企业自身会采取何种会计行为来缓解货币政策带来的冲击,企业信用资源配置的改变会对其自身未来业绩与市场价值有何影响以及不同所有制企业表现出的差异等等,都是微观企业财务会计研究的新方向,而且对以上问题的研究都有助于未来宏观经济政策的制定与维护。本文受到“宏观经济政策与微观企业行为”学术研讨会上各位著名学者讨论话题的启示,对宏观货币政策与微观经济个体信贷资源配置以及会计政策选择与经济后果进行理论与实证分析。鉴于此,本文立足于我国宏观货币政策的大背景,结合货币政策的信贷传导机制、银行信贷与商业信用互动关系机理、信号传递理论、微观企业会计稳健性政策以及信贷配给与信贷歧视等理论展开研究,将宏观政策与微观企业行为相结合,通过实证分析力求于拓展现有微观企业会计研究范式,探寻宏观货币政策在微观企业中的传导机制,通过考察微观企业应对行为的表现来衡量货币政策的实施效果,从而为未来宏观政策的制定与维护做出有效建议。本文的核心内容可以归纳为以下几个方面：首先,本文对货币政策与上市公司信用资源配置、信用资源与会计稳健性政策以及信用资源对上市公司经济后果影响相关文献研究进行了梳理和述评。在肯定信贷传导机制适用于我国经济市场的前提下,结合我国银行信贷配给与信贷歧视理论、商业信用融资动因理论以及产权性质理论,阐述了在宏观货币政策调控下,我国微观上市公司信用资源配置的互动关系机理、上市公司信用资源配置与会计稳健性政策选择相关关系以及信用资源配置对上市公司业绩与市场价值的影响。其次,本文对制度背景与概念的界定以及文章总体理论思路框架进行了阐述。从货币政策的定义、调控手段、中介目标以及传导机制方面对货币政策制度背景进行梳理与论述,并指出我国是通过信贷传导机制来进行货币政策的实施。其后明确定义本文所研究的主题“信用资源”的概念范围是指银行信贷与商业信用。在阐明以上概念的基础上,论述文章的总体思路。再次,对我国货币政策与上市公司信用资源配置问题展开实证研究分析,结合我国上市公司产权性质的区分,从银行信贷与商业信用互动关系、银行信贷资源与上市公司会计稳健性以及信用资源对上市公司未来业绩与市场价值方面进行深入研究。结果表明货币政策紧缩时期,上市公司银行信贷量减少,贷款成本显著提高,相反商业信用的使用显著增多,会计稳健性提高,且在民企中更加显著；货币政策支持的行业,获得更多的银行信贷量,其信贷成本也显著较低,且在国企中更加显著；非货币政策支持的行业,会使用更多的商业信用,会计稳健性更高,且在民企中更加显著；会计稳健性的提高有助于企业获得更多的银行信贷资源且在国企中更加显著；而且在货币政策紧缩时期与非政策扶持行业中的上市公司,其银行信贷资源的获得有助于其未来业绩与市场价值的增长,但此时商业信用的过多使用不利于其未来业绩与市场价值的提升。最后,总结各章主要结论,提出启示、创新点与政策建议,并指出文章的不足之处与后续研究建议。微观上市公司在面对不利于自身发展的宏观货币政策时会做出相应的防御行为,其中商业信用的使用以及会计稳健性的提升都会在一定程度上抵消货币政策在微观实体经济中的传导作用,因此货币政策的制定者不仅仅需要关注信贷供应量以及利率的调节,还应关注微观实体经济的其他方面对货币政策效用的影响作用。并且我国信贷资源配置效率较低,未来货币政策的制定还需重点加强信贷资源配置的合理性与高效性。
[Abstract]:Monetary policy is one of the most important means of the national macro-economic regulation, but whether the monetary policy can play a real role needs to be combined with its conduction in the micro-entity economy. China is still in a non-strong and effective capital market, and the level of financial development is not developed, so it is more suitable for the credit conduction channel of monetary policy in combination with our country's basic national conditions. The monetary policy controls the total amount of money in the circulation of the economic market by adjusting the level of credit supply and the adjustment of the credit rate, so as to control the development of the micro-entity economy. The bank loan is a very deep credit resource which is influenced by the monetary policy, and is also an important credit resource of the micro-enterprise. In the information-asymmetric financial system, the past credit record of the enterprise is an important aspect of the pre-loan review of the bank, and the credit of the enterprise also determines the number and duration structure of the bank loan financing; on the other hand, the enterprise is closely related to the upstream supplier's economic activity, As the continuation of the transaction time can establish a certain degree of trust, the business credit obtained by the enterprise is another way of financing. This paper studies the "credit resources" of bank credit and commercial credit as the enterprise. In the past, the research of monetary policy is focused on the macro-economic level in the past academic circles. There are few literatures that can combine the macro-policy with the micro-individual behavior. In fact, in the face of the fluctuation of the macro-monetary policy, how the micro-enterprise should deal with the change of the credit resource provided by the outside world, what kind of accounting behavior the enterprise can take to ease the impact of the monetary policy The impact of the change of the enterprise credit resource allocation on the future performance and market value of the enterprise and the difference between the different ownership enterprises, etc., are the new party of the financial accounting research of the micro-enterprise The study of the above problems is helpful to the formulation and the dimension of the future macroeconomic policy This paper is inspired by the discussion of the topic by the famous scholars at the "Macroeconomic policy and micro-enterprise behavior" symposium, and the theoretical and empirical analysis of the macro-monetary policy and the micro-economic individual's credit resource allocation and the choice of the accounting policy and the economic consequences In view of this, this paper is based on the big background of China's macro-monetary policy, combined with the credit-conduction mechanism of monetary policy, the interaction mechanism between the bank credit and the commercial credit, the signal transmission theory, the micro-enterprise accounting conservatism policy and the credit rationing and the credit discrimination. In this paper, the macro-policy and the micro-enterprise's behavior are combined, and the empirical analysis is aimed at expanding the existing micro-enterprise accounting research paradigm, exploring the conduction mechanism of the macro-monetary policy in the micro-enterprise, and measuring the implementation effect of the monetary policy by examining the behavior of the micro-enterprise. Fruit, so as to make effective construction for the formulation and maintenance of the macro-policy in the future The core content of this paper can be summarized as follows First of all, the paper makes a study on the influence of the monetary policy and the credit resource allocation of the listed company, the credit resource and the accounting conservatism policy and the credit resource on the economic consequences of the listed company In the light of the theory of bank credit rationing and credit discrimination, the theory of the motivation of commercial credit financing and the theory of property right, the paper expounds the macro-currency in the light of the theory of bank credit rationing and credit discrimination, the theory of commercial credit financing and the theory of property right. The Relationship between the Credit Allocation of the Listed Companies and the Policy of the Accounting Robustness, the Relationship between the Credit Allocation of the Listed Companies and the Policy of the Accounting Robustness, and the Performance and the Market of the Listed Companies under the Regulation of the Policy Secondly, this paper is about the definition of the system background and the concept and the general theory of the article. The framework is described. The background of the monetary policy system is analyzed from the definition of the monetary policy, the regulation means, the intermediary objective and the conduction mechanism, and it is pointed out that our country is through the credit conduction mechanism. The implementation of monetary policy is followed by a clear definition of the concept of the subject "credit resources" studied in this article to refer to a bank On the basis of clarifying the above concepts, the paper discusses the credit and commercial credit. The general idea of the article is to make an empirical study on the policy of China's monetary policy and the credit allocation of listed companies, and to distinguish the property of the listed companies from the bank credit in the light of the distinction between the property of the listed companies in our country The Relationship between the Interaction of the Commercial Credit, the Bank's Credit Resources and the Accounting Robustness of the Listed Company and the Performance of the Listed Company and the Market Price of the Listed Companies The results show that in the period of monetary policy tightening, the credit of the bank of listed companies is reduced, the cost of the loan is obviously improved, the use of the opposite commercial credit is increased, the accounting robustness is improved, and it is more significant in the private enterprises; and the industries supported by the monetary policy are More bank credit is needed, and its credit costs are also significantly lower and more pronounced in state-owned enterprises; more commercial credit will be used in the industry that is not supported by monetary policy, with higher accounting robustness, And it is more significant in the private enterprise; the improvement of the accounting conservatism can help the enterprises to obtain more bank credit resources and become more prominent in the state-owned enterprises; and in the monetary policy tightening period and the non-policy support industry, the acquisition of the bank credit resources can help the future industry The growth of performance and market value, but the use of commercial credit at this time is not conducive to its future industry In the end, the main conclusions of the chapters are summarized, the inspiration, the innovation points and the policy suggestions are put forward, and the article is pointed out In the face of the macro-monetary policy that is not conducive to the development of self-development, the micro-listed company will make corresponding defensive behavior, in which the use of commercial credit and the improvement of the accounting robustness will offset the monetary policy to a certain extent. In view of the conduction in the real economy, the policymakers of the monetary policy need not only pay attention to the supply of credit and the adjustment of the interest rate, but also pay attention to the other aspects of the micro-entity economy. The effect of the utility of monetary policy is that the efficiency of credit allocation in China is low, and the development of future monetary policy should also focus on strengthening the credit capital.
【学位授予单位】：西南财经大学
【学位级别】：博士
【学位授予年份】：2014
【分类号】：F822.0;F276.6;F832.4

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