摘要
将经济周期和金融周期的变化同时纳入杠杆率模型,分别建立中国上市公司的衰退模型和扩张模型,结合企业融资约束,研究经济周期、金融周期的周期异步性对企业杠杆率的直接效应和间接效应。研究发现:周期异步性对企业杠杆率的直接效应呈逆周期性特征,间接效应呈顺周期性;衰退期时,再融资企业杠杆率对周期性变动比融资受限企业更为敏感。研究对于监管当局综合经济周期、金融周期,制定、调整、完善企业债务融资政策,帮助企业深入理解债务融资环境,提升债务融资能力具有参考和借鉴意义。
Considering the changes of business cycle and financial cycle into the leverage ratio model,the recession model and expansion model of China's listed companies are established respectively.Combining the financing constraints of enterprises,we analyzed the direct and indirect effects of cycle asynchronality on the leverage ratio of enterprises.The findings are as follows:the direct effect of cycle asynchronality on the leverage ratio of enterprises is counter-cyclical,while the indirect effect is pro-cyclical.Considering the financing constraints of enterprises,it is found that during the recession period,the leverage ratio of refinancing enterprises is more sensitive than enterprises with limited financing.It has reference significance for the regulatory authorities'to analyze the micro impact,combining business cycle and financial cycle.They can formulate,adjust and improve the corporate debt financing policies.Enterprises can improve the debt financing capacity.
作者
王琳
赵登攀
冯婧
WANG Lin;ZHAO Dengpan;FENG Jing(School of Finance,Shanxi University of Finance and Economics,Taiyuan,Shanxi030006,China)
出处
《财经理论与实践》
CSSCI
北大核心
2020年第6期10-17,共8页
The Theory and Practice of Finance and Economics
基金
国家社会科学基金一般项目(20BJY258)。
关键词
金融周期
经济周期
融资约束
杠杆率
financial cycle
business cycle
financing constraints
leverage ratio
