预期通货膨胀与企业资产结构

发布时间：2018-03-17 08:22

本文选题：预期通货膨胀　切入点：资产结构　出处：《北京理工大学》2015年硕士论文　论文类型：学位论文

【摘要】：本文旨在研究预期通货膨胀对企业资产结构的影响。由于宏观经济的变化必然反映在微观个体行为之上，对微观企业的深入研究有利于我们更好地理解通货膨胀的作用，同时也帮助企业经营者更好地应对通货膨胀波动，本文以企业资产结构调整行为作为切入点，考察通货膨胀率波动对微观主体的行为影响。本文采用实证研究与规范研究相结合，并偏重于实证分析的研究方法。研究结果认为预期高通货膨胀时期企业持有的经营资产水平上升而金融资产水平下降，预期低通货膨胀时期，，企业持有的经营资产水平下降而金融资产水平上升；预期通货膨胀对非国有控股公司的金融资产水平影响更大，而对国有控股公司的金融资产水平影响相对较小；针对预期通货膨胀主动调整资产结构的企业未来经营业绩会更好（主动是增加经营资产）；预期通货膨胀率较高的情况下，融资约束公司比非融资约束公司持有的金融资产水平更高；通货膨胀和企业资本结构共同影响资产结构，通货膨胀和资本结构之间存在互补作用；通货膨胀和企业盈利能力共同影响资产结构，通货膨胀和企业盈利能力之间存在替代关系。并对通货膨胀与企业资产结构进行了内生性检验。本研究试图把通货膨胀对企业行为的影响纳入宏观经济与微观主体行为互动关系的研究框架中，显性化通货膨胀对企业行为的影响，也拓展了企业资产结构调整方面的研究，进而为企业经营者更好的应对通货膨胀波动的影响、提高经营业绩甚至改进资产负债表提供有益的参考。
[Abstract]:The purpose of this paper is to study the impact of expected inflation on the asset structure of enterprises. Since the change of macro-economy must be reflected in the micro-individual behavior, the in-depth study of micro-enterprises will help us to better understand the role of inflation. At the same time, it also helps business operators to cope with inflation fluctuations better. This paper takes the adjustment of enterprise assets structure as the starting point. To investigate the effect of inflation rate fluctuation on the behavior of micro subjects, this paper combines empirical research with normative research. The results show that the level of operating assets held by enterprises will rise while the level of financial assets will decrease during the period of high inflation, and the level of financial assets will decrease in the period of low inflation. The level of operating assets held by enterprises decreases while the level of financial assets rises, and the expected inflation has a greater impact on the level of financial assets of non-state-owned holding companies than on the level of financial assets of state-owned holding companies. Enterprises that actively adjust their asset structure in response to expected inflation will perform better in the future (the initiative is to increase operating assets; when the expected inflation rate is high, The level of financial assets held by financing constrained companies is higher than that of non-financing constrained companies, inflation and capital structure of enterprises jointly affect the asset structure, and there are complementary roles between inflation and capital structure. Inflation and profitability together affect the structure of assets, There is a substitution relationship between inflation and profitability, and an endogenous test of inflation and enterprise asset structure is made. This study attempts to incorporate the effect of inflation on firm behavior into the macro-economic and micro-economic context. In the framework of the research on the interaction of physical behavior, The influence of dominant inflation on enterprise behavior has also expanded the research on the adjustment of enterprise asset structure, thus providing a better response to inflation fluctuations for business operators. Improving operating performance and even improving balance sheet provides useful reference.
【学位授予单位】：北京理工大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F822.5;F275

【参考文献】