金融危机国际传导渠道的再检验——基于韩国制造业企业的数据分析

发布时间：2018-03-26 20:27

本文选题：金融危机　切入点：传导渠道　出处：《国际贸易问题》2017年11期

【摘要】：本文以25373家韩国制造业企业为样本,重新考察了2008年金融危机通过贸易渠道、金融渠道和商业周期渠道对非美国企业经营绩效产生的影响,通过辨别危机前企业的内在属性是否会对危机期间企业经营业绩产生影响的方法识别此次金融危机国际传播的主要渠道。企业层面的实证研究与理论预期相一致,我们发现三种传播渠道均对韩国企业的经营绩效造成了显著的影响,但随着危机的不断深化,最主要的传播渠道由2008年商业周期渠道变为2009年金融渠道,贸易渠道产生的影响最小。本文进一步的研究还发现企业受危机影响的程度随着企业规模的扩大而减小;烟草、服装纺织等行业所受冲击小于电子、交通运输设备等支柱性行业;而基于行业的回归分析显示仅金融渠道的影响有效。
[Abstract]:Taking 25373 Korean manufacturing enterprises as a sample, this paper re-examines the impact of the 2008 financial crisis on the performance of non-US enterprises through trade channels, financial channels and business cycle channels. The main channels of international communication of the financial crisis are identified by the method of identifying whether the internal attributes of the enterprises before the crisis will have an impact on the business performance during the crisis. The empirical research at the enterprise level is consistent with the theoretical expectation. We find that the three communication channels have a significant impact on the performance of Korean enterprises, but with the deepening of the crisis, the most important channels of communication have changed from the 2008 business cycle channel to the 2009 financial channel. The impact of trade channels is the least. Further research in this paper also found that the extent of enterprises affected by the crisis decreases with the expansion of the size of the enterprise, and the impact on tobacco, clothing and textile industries is smaller than that of electronics. Transportation equipment and other pillar industries, while industry-based regression analysis shows that only the impact of financial channels is effective.
【作者单位】：东北财经大学国际经济贸易学院;
【基金】：国家自然科学青年基金项目“全球价值链体系重构对新兴经济体工资收入的影响”(71303036) 辽宁省教育厅一般项目“中国对外直接投资与全球价值链布局”(LN2016YB022)
【分类号】：F431.26;F831.59

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