利息是否侵蚀利润:基于上市公司的实证分析
发布时间：2019-03-04 09:16
【摘要】：利率如何影响利润率,是经济运行的一个关键问题。文章以上市公司为样本,证实利息对利润的侵蚀作用。实证结果表明,A股中小企业板民营企业的加权利润率受利率的影响较为明显,而国有性质企业受影响较小;A股主板工业、医疗保健和信息技术的板块利润率受利率的影响显著,工业受到的负向作用程度最大,持续时间最长;贷款基准利率对A股上市企业的超额收益率存在明显的抑制作用。
[Abstract]:How the interest rate affects the profit margin is a key problem in the economic operation. Taking listed companies as samples, this paper confirms the erosive effect of interest on profits. The empirical results show that the weighted profit margin of A-share small and medium-sized enterprises is significantly affected by interest rate, while the state-owned enterprises are less affected. The profit margin of A-share main board industry, health care and information technology is significantly affected by the interest rate, the negative effect of industry is the largest, and the duration is the longest; The benchmark interest rate on the A-share listed enterprises has an obvious inhibitory effect on the excess yield.
【作者单位】： 暨南大学经济学院;
【分类号】：F275;F832.51
[Abstract]:How the interest rate affects the profit margin is a key problem in the economic operation. Taking listed companies as samples, this paper confirms the erosive effect of interest on profits. The empirical results show that the weighted profit margin of A-share small and medium-sized enterprises is significantly affected by interest rate, while the state-owned enterprises are less affected. The profit margin of A-share main board industry, health care and information technology is significantly affected by the interest rate, the negative effect of industry is the largest, and the duration is the longest; The benchmark interest rate on the A-share listed enterprises has an obvious inhibitory effect on the excess yield.
【作者单位】： 暨南大学经济学院;
【分类号】：F275;F832.51
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