货币政策、企业生命周期与银行信用

发布时间：2018-05-19 10:23

本文选题：货币政策 + 企业生命周期　；参考：《南京审计大学学报》2017年03期

【摘要】：以2006—2015年A股上市公司为样本,采用筛选出的1225家公司10年期的面板数据,通过构建固定效应模型研究货币政策、企业生命周期与银行信用三者之间的关系,结果显示:(1)不同生命周期阶段的企业拥有不同的银行信用,其中成长期企业拥有最多的银行信用,衰退期次之,成熟期末之;(2)货币政策对不同生命周期阶段的企业银行信用产生的影响不同,具体为,衰退期企业和成熟期企业受货币政策的影响比较大,成长期企业受货币政策的影响比较小。研究结论对处于不同生命周期阶段的企业在货币政策变动的情况下如何进行银行信用融资具有一定的启示意义。
[Abstract]:Taking the A share listed companies from 2006 to 2015 as a sample, using the selected 10-year panel data of 1225 companies, this paper studies the relationship among monetary policy, enterprise life cycle and bank credit by constructing a fixed effect model. The results show that: (1) Enterprises with different life cycle stages have different bank credit, among which the growing enterprises have the most bank credit, followed by those in the recession. At the end of maturity, monetary policy has different effects on the credit of enterprise banks in different life cycle stages. In particular, enterprises in recession period and mature period are greatly influenced by monetary policy. Growth firms are less affected by monetary policy. The conclusion of the study has certain enlightenment significance to the enterprises in different life cycle stage how to carry on the bank credit financing under the situation of the monetary policy change.
【作者单位】：南京财经大学会计学院;
【基金】：国家自然科学基金项目(71671080;71272239) 江苏高校优势学科建设工程资助项目(PAPD) 江苏高校品牌专业建设工程资助项目南京财经大学研究生创新研究课题(2016-71)
【分类号】：F822.0;F832.4

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