我国中小上市企业杠杆率与风险承担关系研究

发布时间：2018-04-05 18:22

本文选题：中小上市企业　切入点：企业杠杆率　出处：《华侨大学》2017年硕士论文

【摘要】：本文以我国货币政策和经济周期因素为视角,分析了我国中小上市企业杠杆率与企业风险承担的关系。研究样本为深交所中小板和创业板上市企业2005-2014年的年度财务数据。首先,本文以货币政策为切入点,依次分析了企业杠杆率和货币政策单独作用对中小上市企业风险承担水平的影响,接着分析企业杠杆率与货币政策两者的交互作用与中小上市企业风险承担水平的关系。研究发现:企业杠杆率与中小上市的企业风险承担水平呈正相关关系;货币政策会对企业风险承担水平产生非对称性影响:紧缩的货币政策会提高中小上市企业的风险承担水平,宽松的货币政策会降低中小上市企业的风险承担水平;对比于宽松的货币政策,紧缩的货币政策对企业风险承担的影响更大;货币政策可以与企业杠杆率交互作用,从而对中小上市企业的风险承担水平产生影响,其中一年期贷款利率的影响最显著。其次,本文在上述研究的基础上加入经济周期因素再次探讨:先是研究经济周期对中小上市企业风险承担的影响;接着考察企业杠杆率与经济周期交互作用对中小上市企业风险承担的影响;最后分析了不同经济周期背景下,企业杠杆率和货币政策两者的交互作用与中小上市企业风险承担水平的关系。研究显示:经济周期会对中小上市企业风险承担水平产生非对称性影响,经济收缩期会提高企业风险承担水平,经济扩张期会减少其风险承担水平,且前者带来的影响要大于后者;经济周期对企业风险承担造成影响并非通过企业杠杆的传导实现;经济周期状态改变时,货币政策和企业杠杆率交互作用对企业风险承担的影响效果也发生改变,当政策工具为一年期贷款利率时,若企业处于经济周期收缩期,不论紧缩或宽松的货币政策都会增加企业风险承担,若企业处于经济周期扩张期,紧缩的货币政策会增加其风险承担,宽松的货币政策会减少其风险承担。最后,得出相关政策启示:中小上市企业要有充分的杠杆风险意识,可适当提高股权融资比例;中央银行在制定货币政策时要重视一年期贷款利率调整对中小上市企业风险承担的影响;企业在进行决定生产、经营策略时,要从微观和宏观两个方面考虑风险承担问题,要时刻关注政府政策动态,理解其深刻内涵。
[Abstract]:From the perspective of monetary policy and economic cycle, this paper analyzes the relationship between leverage ratio and risk assumption of small and medium-sized listed enterprises in China.The research sample is the annual financial data of small and medium sized and gem listed enterprises in Shenzhen Stock Exchange from 2005 to 2014.First of all, this paper analyzes the influence of leverage ratio and monetary policy alone on the risk-bearing level of small and medium-sized listed enterprises.Then it analyzes the relationship between leverage ratio and monetary policy and the risk-bearing level of small and medium-sized listed enterprises.It is found that the leverage ratio is positively correlated with the risk-bearing level of the small and medium-sized listed enterprises.Monetary policy will have an asymmetric effect on the risk-bearing level of enterprises: tight monetary policy will increase the risk-bearing level of small and medium-sized listed enterprises, and loose monetary policy will reduce the risk-bearing level of small and medium-sized listed enterprises;Compared with the loose monetary policy, the tight monetary policy has a greater impact on the risk bearing of the enterprise, and the monetary policy can interact with the leverage ratio of the enterprise, thus having an impact on the risk bearing level of the small and medium-sized listed enterprises.One year loan interest rate is the most significant impact.Secondly, this paper adds the business cycle factors to the above research: firstly, it studies the impact of the business cycle on the risk bearing of the small and medium-sized listed enterprises;Then it examines the impact of leverage ratio and business cycle interaction on the risk assumption of small and medium-sized listed enterprises. Finally, it analyzes the different business cycle background,The relationship between leverage ratio and monetary policy and risk bearing level of small and medium-sized listed enterprises.The study shows that the business cycle will have an asymmetric impact on the risk-bearing level of the small and medium-sized listed enterprises, and the economic contraction will increase the risk-bearing level of the enterprises, and the economic expansion period will reduce the risk-bearing level of the small and medium-sized listed enterprises.The influence of the former is greater than that of the latter; the influence of the economic cycle on the risk bearing of the enterprise is not realized through the transmission of the enterprise leverage; when the state of the economic cycle changes,The effect of the interaction between monetary policy and corporate leverage on corporate risk-taking is also changed. When the policy instrument is one-year loan rate, if the enterprise is in a period of contraction of the economic cycle,Both tight and loose monetary policy will increase the risk bearing of the enterprise. If the enterprise is in the expansion period of the economic cycle, the tight monetary policy will increase its risk bearing, and the loose monetary policy will reduce its risk bear.Finally, the relevant policy implications: small and medium-sized listed enterprises should have sufficient awareness of leverage risk, can appropriately increase the proportion of equity financing;When formulating monetary policy, the central bank should attach importance to the impact of the one-year adjustment of loan interest rates on the risk-bearing of small and medium-sized listed enterprises. When enterprises decide on their production and operation strategies, they should consider the issue of risk-taking from both micro and macro aspects.We should always pay attention to the government policy development and understand its profound connotation.
【学位授予单位】：华侨大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F276.3;F832.51

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