金融危机、企业投资波动及信贷刺激效果研究

发布时间：2018-03-04 22:03

本文选题：金融危机　切入点：经济周期　出处：《证券市场导报》2017年01期 　论文类型：期刊论文

【摘要】：本文对金融危机对我国上市公司投资的影响及信贷刺激政策的有效性进行了实证检验和分析。研究发现,金融危机主要通过市场需求冲击和提高投资者的预防性动机对企业投资支出产生负面影响,信贷供给冲击对我国上市公司的投资没有产生显著影响。金融危机期间所采取的信贷刺激政策对上市公司而言没有发挥显著作用。本文进一步对信贷政策的长期效果进行了检验,从一个完整的经济周期来看,良好的盈利前景和持续的信贷供给是增加企业投资水平的有效保证。但是经济下行期,企业投资对信贷刺激的敏感性降低,应避免采取过激的政策并诱发其他经济不良后果的可能性。
[Abstract]:This paper makes an empirical test and analysis of the impact of the financial crisis on the investment of listed companies in China and the effectiveness of the credit stimulus policy. The financial crisis has had a negative impact on corporate investment spending, mainly through market demand shocks and increasing investors' precautionary motivation. The credit supply shock has no significant impact on the investment of listed companies in China. The credit stimulus policy adopted during the financial crisis has not played a significant role in the listed companies. The effect was tested, From the perspective of a complete economic cycle, a good profit outlook and a sustained supply of credit are effective guarantees for increasing the level of enterprise investment. But during the economic downturn, the sensitivity of enterprise investment to credit stimulus is reduced. The possibility of extreme policies and other adverse economic consequences should be avoided.
【作者单位】：山东大学商学院;东北财经大学会计学院;
【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) 山东省社会科学规划一般项目“金融约束;金融改革与山东省企业出口行为研究”,(项目号:15CJJJ17) 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】：F832.4;F832.5;F275

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