基于宏观经济政策视角的我国企业负债融资研究

发布时间：2018-05-15 17:44

本文选题：财政政策 + 货币政策　；参考：《中国管理科学》2016年05期

【摘要】：本文主要研究宏观经济政策作为政府调控宏观经济的手段,对微观企业融资行为所产生的显著影响。鉴于我国金融机构对国有和非国有企业存在的信贷歧视,本文剔除了产权性质的影响,把国有上市企业作为研究对象,以2003-2013年的数据为样本。首先研究宏观经济政策对国有企业负债融资行为的影响,证明了财政政策的扩张和货币政策的紧缩都能促进国有企业负债融资的增加。然后进一步研究宏观经济政策的外部因素和股权结构的内部因素对负债融资与企业业绩之间关系的影响,研究结果表明扩张性财政政策下,负债融资与国有企业绩效正相关;紧缩性货币政策下,负债融资与国有企业绩效负相关;股权结构分散程度的增加,有利于促进负债融资对国有企业绩效的正效应。
[Abstract]:This paper mainly studies the significant influence of macroeconomic policy on the financing behavior of micro enterprises as a means of government regulation and control of macro economy. In view of the credit discrimination of Chinese financial institutions against state-owned and non-state-owned enterprises, this paper takes state-owned listed enterprises as the research object and takes the data from 2003 to 2013 as a sample. Firstly, the influence of macroeconomic policy on the debt financing behavior of state-owned enterprises is studied. It is proved that the expansion of fiscal policy and the tightening of monetary policy can promote the increase of debt financing of state-owned enterprises. Then it further studies the influence of external factors of macroeconomic policy and internal factors of equity structure on the relationship between debt financing and enterprise performance. The results show that debt financing is positively related to the performance of state-owned enterprises under expansionary fiscal policy. Under the tight monetary policy, debt financing is negatively correlated with the performance of state-owned enterprises, and the increase of the degree of dispersion of equity structure is conducive to promoting the positive effect of debt financing on the performance of state-owned enterprises.
【作者单位】：中国海洋大学管理学院;中国海洋大学经济学院;
【基金】：教育部人文社科基金资助项目(11YJA790156)
【分类号】：F275

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