经济周期与融资约束
发布时间：2018-12-16 14:21
【摘要】：融资约束一直是金融领域的一个重要概念。主流的财务研究一般认为代理问题、信息不对称以及不完善的资本市场会导致融资约束的产生。但是学术界对融资约束的研究大都集中在微观领域,本文试图从宏观经济的视角对企业的融资约束问题进行研究。经济体中的个体企业要受到经济周期的影响,经济周期波动其实就是企业经营环境的变化。因此,研究经济周期对融资约束的影响具有重要意义。 为了把宏观经济与个体企业连接起来,本文利用了金融加速器理论作为理论依据。根据金融加速器理论,首先,任何金融市场的缺陷,都会因为经济周期的波动而放大。其次,经济周期对于规模不同的企业具有不同的效应。 本文采用了比较分析和GMM方法,利用德国、中国、巴西、日本、英国五国从1996年至2012年的28102条数据记录进行实证检验。跨国研究的意义在于,跨国数据可以提供较多的样本。因为经济周期是经济体长期上下往返波动的体现,如果利用一国的数据进行研究,可供考虑的经济周期的阶段十分有限,并不能充分证明经济周期的影响。 检验发现,经济周期影响企业融资约束程度。经济低增长时期,企业的融资约束程度较大；经济高增长时期,企业的融资约束较小。另外,经济周期对企业融资约束的影响具有不对称性,小规模企业受到经济周期的影响更大,在经济低增长期更容易陷入融资约束中。
[Abstract]:Financing constraint has always been an important concept in the field of finance. Mainstream financial research generally thinks that agency problem, information asymmetry and imperfect capital market will lead to financing constraints. However, the academic research on financing constraints is mostly focused on the micro field. This paper attempts to study the financing constraints of enterprises from the perspective of macro economy. The individual enterprises in the economy are affected by the economic cycle, which is actually the change of the business environment. Therefore, it is of great significance to study the impact of business cycle on financing constraints. In order to connect macro-economy with individual enterprises, this paper uses the theory of financial accelerator as the theoretical basis. According to the accelerator theory, first of all, any financial market defects will be magnified by the fluctuations of the economic cycle. Second, business cycles have different effects on firms with different scales. This paper uses comparative analysis and GMM method to make an empirical test using 28102 data records from 1996 to 2012 in Germany, China, Brazil, Japan and Britain. The significance of transnational research is that transnational data can provide more samples. Because the economic cycle is the manifestation of the long-term fluctuation of the economy, if we use the data of a country to carry on the research, the period of the economic cycle available for consideration is very limited, and the impact of the economic cycle cannot be fully proved. The test found that the business cycle affects the degree of financing constraints. In the period of low economic growth, the degree of financing constraint is larger, and in the period of high economic growth, the financing constraint of enterprise is relatively small. In addition, the influence of the economic cycle on the financing constraints of enterprises has asymmetry, small enterprises are more affected by the economic cycle, and they are more likely to fall into the financing constraints in the period of low economic growth.
【学位授予单位】：厦门大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F113.7;F275
本文编号：2382496
[Abstract]:Financing constraint has always been an important concept in the field of finance. Mainstream financial research generally thinks that agency problem, information asymmetry and imperfect capital market will lead to financing constraints. However, the academic research on financing constraints is mostly focused on the micro field. This paper attempts to study the financing constraints of enterprises from the perspective of macro economy. The individual enterprises in the economy are affected by the economic cycle, which is actually the change of the business environment. Therefore, it is of great significance to study the impact of business cycle on financing constraints. In order to connect macro-economy with individual enterprises, this paper uses the theory of financial accelerator as the theoretical basis. According to the accelerator theory, first of all, any financial market defects will be magnified by the fluctuations of the economic cycle. Second, business cycles have different effects on firms with different scales. This paper uses comparative analysis and GMM method to make an empirical test using 28102 data records from 1996 to 2012 in Germany, China, Brazil, Japan and Britain. The significance of transnational research is that transnational data can provide more samples. Because the economic cycle is the manifestation of the long-term fluctuation of the economy, if we use the data of a country to carry on the research, the period of the economic cycle available for consideration is very limited, and the impact of the economic cycle cannot be fully proved. The test found that the business cycle affects the degree of financing constraints. In the period of low economic growth, the degree of financing constraint is larger, and in the period of high economic growth, the financing constraint of enterprise is relatively small. In addition, the influence of the economic cycle on the financing constraints of enterprises has asymmetry, small enterprises are more affected by the economic cycle, and they are more likely to fall into the financing constraints in the period of low economic growth.
【学位授予单位】：厦门大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F113.7;F275
【参考文献】
相关期刊论文 前1条
1 余明桂;潘红波;;政治关系、制度环境与民营企业银行贷款[J];管理世界;2008年08期
，本文编号：2382496
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