本文選題：貨幣政策 + 金融行為�。� 參考：《復旦大學》2013年博士論文

【摘要】：貨幣政策最終是通過影響微觀公司行為來達成其預期政策效果的,然而預期效果的達成程度與影響發(fā)生的過程密切相關(guān)。近年來我國貨幣政策頻繁調(diào)整,結(jié)果是產(chǎn)生了宏觀上的結(jié)構(gòu)性偏差。針對這一現(xiàn)象,本文充分立足已有的文獻,從微觀公司層面出發(fā),在控制資本需求方因素的基礎上,研究貨幣政策這一外生變量對公司金融行為的影響,進而分析這種變化對公司超額價值的影響,以此揭示宏觀政策發(fā)揮作用的機理,并為相關(guān)的政策決策提供理論與實證的支持。 具體來說,本文以A股市場的上市公司(2002-2011)為樣本,首先檢驗貨幣政策對不同特質(zhì)公司資本結(jié)構(gòu)調(diào)整進而對其超額價值的影響。結(jié)果發(fā)現(xiàn),貨幣政策的變化直接導致公司資本結(jié)構(gòu)調(diào)整,調(diào)整的結(jié)果是公司超額價值的損失。細分公司特質(zhì)后發(fā)現(xiàn),貨幣政策顯著影響不同特質(zhì)公司的資本結(jié)構(gòu)調(diào)整調(diào)整,而調(diào)整的結(jié)果是導致小公司的超額價值損失比大公司大、市場競爭強的公司超額價值損失比競爭弱的公司大、融資約束大的公司的超額價值損失比融資約束小的公司大、民營控股公司超額價值的損失比國有控股公司大。 其次,本文檢驗不同貨幣政策下不同特質(zhì)公司投資行為的差異性,進而檢驗投資變化對公司超額價值的影響。結(jié)果發(fā)現(xiàn),公司投資不僅受現(xiàn)金流和托賓Q的影響,還受貨幣政策的影響,貨幣放松期相比貨幣緊縮期,公司投資對現(xiàn)金流的依賴下降,而對成長性的依賴上升。公司投資有助于提升公司超額價值,貨幣放松期相比貨幣緊縮期,公司投資帶來更高的公司超額價值。細分公司特質(zhì)后發(fā)現(xiàn),市場化程度越高的公司投資對現(xiàn)金流的依賴越大；貨幣放松期相比貨幣緊縮期,市場化程度越高的公司投資對現(xiàn)金流依賴下降越明顯,而對成長性的依賴上升也越明顯；貨幣放松期相比貨幣緊縮期,投資給市場化程度高的公司所帶來的超額價值反而下降。此外,公司治理越好的公司,投資對現(xiàn)金流.的依賴下降,對成長性的依賴上升,并且不論在何種條件下,公司治理越好,投資所帶來的公司超額價值始終越高。 最后,本文以中國A股上市公司(2002-2011)為樣本,實證檢驗貨幣政策對公司債務結(jié)構(gòu)進而對公司信息披露的影響。研究發(fā)現(xiàn),貨幣政策越寬松,公司債務增加,債權(quán)人在公司治理中的影響力上升,公司信息披露傾向于短期確定性信息,即信息披露質(zhì)量下降。為了聚焦這一特性,我們分別考慮管理層薪酬與持股、股東性質(zhì)以及公司信用等級差異這些因素,發(fā)現(xiàn)結(jié)論仍然成立。當然,信息披露的質(zhì)量下降背后是公司的超額價值下降。 本文多維度的研究表明,上市公司的運營需要一個穩(wěn)定且結(jié)構(gòu)性比較均衡的金融市場環(huán)境,否則效率不高。貨幣政策要穩(wěn)定,就需要重構(gòu)具有市場特點的銀行體系,即大力發(fā)展市場化的銀行服務體系,讓它們按市場機制來完成貨幣政策的傳導；需要完善貨幣市場和資本市場體系,提供更多直接融資的途徑,緩解總量控制的方法對市場帶來的沖擊；需要呼喚利率機制,發(fā)揮利率的杠桿調(diào)節(jié)功能。此外,就公司自身而言,為了減少貨幣政策調(diào)節(jié)所帶來的不利影響,公司應當制定長遠的公司發(fā)展目標,密切關(guān)注公司的外部環(huán)境,積極主動提高自身融資能力,提高投資效率,同時改善治理水平,提高決策效率。只有不斷完善公司的內(nèi)外部環(huán)境,才能真正培育市場化的主體,提高貨幣政策的有效性和穩(wěn)定性,提高公司的決策效率,從根本上推進市場經(jīng)濟的建設。這兩個方面缺一不可,需要互相補充,互為加強。
[Abstract]:In the end, monetary policy achieved its expected effect by influencing the behavior of micro companies. However, the achievement of the expected effect is closely related to the process of the impact. In recent years, the monetary policy of our country has been adjusted frequently and the result has produced a macro structural deviation. On the basis of controlling the demand side factors of capital, this paper studies the influence of the external variables of monetary policy on the corporate financial behavior, and then analyzes the effect of this change on the excess value of the company, in order to reveal the mechanism of the macro policy function and provide theoretical and empirical support for the policy decision.
Specifically, this paper takes the listed company (2002-2011) of the A share market as the sample to test the influence of the monetary policy on the capital structure adjustment of different trait companies and the excess value. The result shows that the change of monetary policy directly leads to the adjustment of the capital structure of the company. The result of the adjustment is the loss of the company's excess value. It is found that monetary policy significantly affects the adjustment and adjustment of the capital structure of different companies, and the result of the adjustment is that the excess value loss of the small companies is larger than that of the big companies. The excess value loss of the companies with strong market competition is larger than the weak companies, and the excess value loss of the companies with large financing constraints is larger than the smaller companies with the financing constraints. The loss of excess value of private holding companies is larger than that of state holding companies.
Secondly, this paper examines the difference in investment behavior of different characteristics of companies under different monetary policies, and then tests the influence of investment change on the excess value of the company. The result shows that the company investment is not only influenced by cash flow and Tobin Q, but also influenced by monetary policy. The time of monetary relaxation is more dependent on the cash flow than the monetary tightening period. Falling, and increasing dependence on growth. Company investment helps to increase the value of the company. Compared with the monetary tightening period, the company investment brings higher value to the company. After subdividing the company's characteristics, the higher the market level, the greater the dependence on cash flow; the period of monetary relaxation is compared with the monetary tightening period. The higher the degree of marketization, the more obvious the dependence of the company's investment on cash flow, and the more obvious dependence on growth; the excess value of the companies with high market level in the period of monetary relaxation is less than that in the monetary tightening period. In addition, the better corporate governance is, the dependence of investment on cash flow is reduced. Growth depends on the rise, and no matter what conditions, the better corporate governance, the higher the company's excess value brought by investment.
Finally, this paper takes China's A stock listed company (2002-2011) as a sample to test the effect of monetary policy on the corporate debt structure and the company's information disclosure. The study finds that the more loose the monetary policy, the increase of the company's debt, the increase of the influence of the creditor in the corporate governance, the information disclosure of the company is inclined to the short-term certainty information, that is, the information. In order to focus on this feature, we consider the factors such as management salary and stock ownership, shareholder nature and company credit grade difference, and the findings are still established. Of course, behind the quality decline of information disclosure is the decrease of the excess value of the company.
The multi-dimensional study shows that the operation of the listed companies needs a stable and structural and balanced financial market environment, otherwise the efficiency is not high. If the monetary policy is stable, it is necessary to reconstruct the banking system with market characteristics, that is, to develop the market-oriented banking service system and let them complete the monetary policy according to the market mechanism. It needs to perfect the monetary market and the capital market system, provide more direct financing ways, alleviate the impact of the total amount control method on the market, and call the interest rate mechanism to play the leverage adjustment function of the interest rate. In addition, the company itself, in order to reduce the adverse effects of the regulation of monetary policy, the company should In order to make a long-term development goal of the company, pay close attention to the external environment of the company, actively improve its financing ability, improve the efficiency of investment, improve the level of governance and improve the efficiency of decision-making. Only by improving the internal and external environment of the company, can we truly cultivate the main body of the market, improve the effectiveness and stability of the monetary policy. The efficiency of the high company's decision making fundamentally promotes the construction of the market economy. These two aspects are indispensable and complement each other and reinforce each other.
【學位授予單位】：復旦大學
【學位級別】：博士
【學位授予年份】：2013
【分類號】：F822.0;F271;F275

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本文編號：2081018