货币政策冲击、金融市场化改革与企业风险承担

发布时间：2018-04-14 19:03

本文选题：货币政策 + 企业风险承担　；参考：《世界经济》2017年10期

【摘要】：本文以企业风险承担为研究视角,考察了中国银行主导型金融体系背景下,货币政策对企业风险承担产生的影响,以及这种影响随金融市场化改革推进存在的差异。我们利用2004-2015年中国A股上市公司季度数据和动态面板广义矩法,对基准和拓展模型提出的假说进行了验证。研究发现,宽松的货币政策会增大企业风险承担,金融市场的发展会弱化上述关系。企业所有权、技术类型和外部融资依赖决定了风险承担机制的有效程度。这说明随着企业融资渠道的拓宽,外部货币政策环境应被视为影响企业风险承担行为的关键因素。此外,本文还证明了货币政策可以通过改变企业的风险投资行为推动经济的长期发展。
[Abstract]:From the perspective of enterprise risk-taking, this paper examines the influence of monetary policy on enterprise risk-taking under the background of bank-dominated financial system of China, and the differences of this effect with the promotion of financial marketization reform.Using the quarterly data of Chinese A-share listed companies from 2004 to 2015 and the dynamic panel generalized moment method, we verify the hypothesis proposed by the benchmark and the extended model.The study found that loose monetary policy increases corporate risk-taking and the development of financial markets weakens these relationships.Ownership, technology types and external financing dependence determine the effectiveness of the risk-taking mechanism.This shows that with the widening of financing channels, the external monetary policy environment should be regarded as a key factor affecting the risk-taking behavior of enterprises.In addition, this paper also proves that monetary policy can promote the long-term economic development by changing the venture capital behavior of enterprises.
【作者单位】：西南财经大学中国金融研究中心;
【基金】：国家社会科学基金重大项目(13&ZD030) 中央高校基本科研业务费专项资金(JBK1607021)的资助
【分类号】：F272.3;F822.0;F832.5

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