经济周期、投资者情绪对企业融资影响分析

发布时间：2017-12-27 11:29

本文关键词：经济周期、投资者情绪对企业融资影响分析　出处：《证券市场导报》2016年02期 　论文类型：期刊论文

【摘要】：本文对不同经济周期阶段以及投资者情绪变化条件下,企业投资支出及融资规模对投资机会以及现金流的敏感性进行了检验。研究发现经济周期波动和投资者情绪变化会对企业融资约束和融资规模产生影响。经济上升期,随着经济增长率和投资者情绪的提升,企业融资约束降低,但是融资难度加大,表现为投资对现金流敏感性的降低和融资规模对现金流敏感性的增加。经济下行期,随着经济增长率和投资者情绪的下降,企业的融资约束增加,但是融资难度下降,表现为投资对现金流敏感性的增加和融资规模对现金流敏感性的下降。
[Abstract]:This paper examines the sensitivity of investment and financing scale to investment opportunities and cash flow under different economic cycles and investor sentiment. It is found that the fluctuation of the economic cycle and the change of investor sentiment will affect the financing constraints and the size of the financing. During the economic growth period, with the increase of economic growth rate and investor sentiment, corporate financing constraints have been reduced, but financing difficulty has increased. It shows that the sensitivity of investment to cash flow and the sensitivity of financing scale to cash flow are increasing. During the economic downturn, with the decrease of the economic growth rate and investor sentiment, the financing constraints of enterprises increase, but the difficulty of financing decreases. It shows that the sensitivity of investment to cash flow and the sensitivity of financing scale to cash flow are decreasing.
【作者单位】：东北财经大学会计学院;山东大学商学院;
【基金】：山东省自然科学基金一般项目“融资约束、风险与资产定价研究”(项目号:ZR2015GM003) 中国博士后科学基金面上资助项目““A+H”上市公司股票流动性差异之谜研究”(项目号:2014M551104)的资助
【分类号】：F832.51;F275
【正文快照】： 引言经济周期性波动一直是宏观经济研究的重点领域,当前的经济周期理论正在向两个方面延伸,一个是探寻经济周期波动的微观基础,另一个是考虑金融约束和金融摩擦在经济周期波动中的作用。20世纪90年代以后出现的新凯恩斯主义动态随机一般均衡(DSGE)模型,通过对家庭、厂商行为的

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