中国短期资本流动对企业债发行的影响——基于2008-2015年月度数据的计量分析

发布时间：2018-04-05 00:21

本文选题：股票市场　切入点：短期资本流动　出处：《经济问题》2017年05期

【摘要】：通过定义、测算2008-2015年中国的进出口伪报和金融账户中的非直接投资数量,度量这一时期中国的短期国际资本流动,进而建立VAR模型分析其对中国企业债发行的影响。计量结果显示,短期资本流入使得企业债发行先增加后减少,影响时间持续2~3个月,总体解释力度约在15%左右;进出口伪报和非直接投资两个组分对企业债发行的影响在幅度、方向与动态性质上存在差异。
[Abstract]:Through the definition, this paper measures the amount of indirect investment in China's import and export bogus and financial accounts from 2008 to 2015, measures the short-term international capital flow of China in this period, and then establishes the VAR model to analyze its impact on the issuance of Chinese corporate bonds.The measurement results show that the short-term capital inflow makes the issuance of corporate bonds increase first and then decrease, and the impact time lasts for 2 to 3 months, and the overall explanation is about 15%, and the influence of the two components of import and export false report and indirect investment on the issuance of corporate bonds is in the range.There are differences in direction and dynamic properties.
【作者单位】：北京大学经济学院;
【分类号】：F832.6

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