摘要
企业交易性金融资产配置行为可能是出于投机性动机也可能是出于资金储备动机。为此,本文分别从货币政策、股市周期与企业交易性金融资产配置之间的关系,及对企业投资行为的影响来识别企业配置交易性金融资产的动因。检验结果显示:当货币政策趋于宽松时,企业会显著提高交易性金融资产的配置水平,且民营企业增持交易性金融资产水平受货币政策变更影响更显著,而不同股市周期对企业交易性金融资产配置水平的影响并不存在显著差异。进一步检验发现,交易性金融资产配置显著缓解了民营企业面临的融资约束程度,主要表现为降低了民营企业的投资现金流敏感性,缓解了民营企业投资不足,并有效提升了民营企业研发费用支出的持续性。本文的实证结果表明,企业交易性金融资产配置具有资金储备的动机,这进一步拓展了我国货币政策冲击对微观企业投资行为的传导机制,此外还从企业交易性金融资产配置行为角度解释了货币政策调控效果不佳的可能原因。
Companies may allocate their trading financial assets for speculative purpose or capital reserve purpose. To identify the two purposes,this paper makes a research into the relationships between monetary policies,stock market cycles and companies＇ trading financial asset allocations,and impacts on companies＇ investment behaviors. The results show that： when monetary policy tends to be loose,companies will significantly improve the levels of trading financial asset allocations,and private companies＇ holding level of trading financial assets are significantly affected by monetary policy changes. However,there is no significant difference in the allocation level of trading financial assets when a company is involved in different stock market cycles. Further results also prove that trading financial asset allocations significantly help private companies reduce the investment cash flow sensitivity,ease the lack of investment,and effectively improve the continuity of RD expenses,so as to ease their financing constraints. The empirical results of this paper not only confirm the capital reservation motivations of companies＇ trading financial asset allocations,and further expand the transmission mechanism of monetary policies impacting on the micro companies＇ investment and financing behaviors,but also,from the perspective of companies＇ financial asset allocation behaviors,explain potential reasons for monetary policies＇ poor regulatory effects.
出处
《管理评论》
CSSCI
北大核心
2017年第2期13-25,34,共14页
Management Review
关键词
货币政策
交易性金融资产配置
资金储备动机
投机动机
融资约束
monetary policies
financial asset allocations
capital reserve purpose
speculative purpose
financing constraints
