摘要
作为国家宏观调控重要工具之一,货币政策调整会影响企业融资行为进而影响企业经营业绩。运用我国上市企业数据研究发现,货币政策紧缩时期,企业面临较强的融资约束,银行借款减少,转而寻求商业信用。由于商业信用净额增加小于银行借款减少,货币政策紧缩导致企业融资不足使得企业业绩增长放缓,且外部融资依赖程度越高的企业受到的影响越大,但该影响只存在于非国有企业。研究结论有助于理解货币政策对企业业绩的传导机制,对处于三期叠加时期的我国企业与我国经济都具有一定的实践意义。
As one of the macro-control instruments, adjustment of monetary policy influences the financing and performance of enterprises. Based on the data of listed firms, the research finds that firms face strong financing constraint when the monetary policy tightens, which causes bank loan decreasing and trade credit increasing. However, as the increasing rate of trade credit is low- er than the decreasing rate of bank loan, there is financing gap, which reduces the increase of firm performance. The higher dependence on external financing, the more significant of influ- ence, but the phenomenon only exists in the non-state-owned enterprises. The conclusion con tributes to understanding Meanwhile, evaluation of the function channel from the monetary policy to the firm performance. efficiency of the monetary policy from the view of micro-structure puts forward suggestions to relevant departments.
出处
《财经理论与实践》
CSSCI
北大核心
2016年第5期31-37,共7页
The Theory and Practice of Finance and Economics
基金
贵州省教育厅高校人文社会科学研究项目(2016gh02)
贵州财经大学2015教学质量与教学改革工程项目
贵州财经大学重点学科专项建设经费资助
关键词
货币政策
外部融资依赖
商业信用
企业业绩
monetary policy
dependence on external financing
trade credit
firm performance
