本文關(guān)鍵詞：貨幣政策對(duì)不同產(chǎn)權(quán)性質(zhì)上市公司融資行為的影響　出處：《東華大學(xué)》2014年碩士論文　論文類(lèi)型：學(xué)位論文

  更多相關(guān)文章： 貨幣政策 產(chǎn)權(quán)性質(zhì) 融資行為

【摘要】：自金融危機(jī)后我國(guó)股票市場(chǎng)走勢(shì)疲軟,2012年12月上證指數(shù)一度跌破2000點(diǎn)大關(guān),目前仍徘徊在2200點(diǎn)左右,導(dǎo)致股權(quán)融資成本的上升。2011年第一季度,中國(guó)人民銀行按照中央經(jīng)濟(jì)工作會(huì)議精神和國(guó)務(wù)院統(tǒng)一部署,開(kāi)始實(shí)施穩(wěn)健趨緊的貨幣政策,而我國(guó)企業(yè)以間接融資為主要融資渠道,銀行貸款是企業(yè)融資依賴(lài)的主要對(duì)象,已有學(xué)者研究發(fā)現(xiàn)不同產(chǎn)權(quán)性質(zhì)企業(yè)面臨著“信貸歧視”問(wèn)題,這在后金融危機(jī)時(shí)代是否會(huì)使民營(yíng)企業(yè)的融資決策產(chǎn)生被動(dòng)調(diào)整,比如債務(wù)積壓采用商業(yè)信用進(jìn)行替代融資?雖然目前關(guān)于貨幣政策對(duì)不同產(chǎn)權(quán)性質(zhì)公司融資的影響研究已經(jīng)比較完善,但主要集中于銀行借款中存在的信貸歧視,對(duì)其他融資方式的影響研究較少,以及較少涉及貨幣政策對(duì)不同產(chǎn)權(quán)性質(zhì)公司融資中的銀行借款、商業(yè)信用和各種股權(quán)融資方式的綜合性影響,經(jīng)濟(jì)現(xiàn)實(shí)和大量證據(jù)表明,貨幣政策對(duì)不同產(chǎn)權(quán)性質(zhì)公司的不同融資來(lái)源會(huì)產(chǎn)生連鎖效應(yīng),但當(dāng)貨幣政策趨緊時(shí)它們之間會(huì)互補(bǔ)還是同時(shí)收縮并不明確。 本文以貨幣政策對(duì)上市公司融資行為的影響為研究對(duì)象,通過(guò)理論和實(shí)證分析,研究了貨幣政策的傳導(dǎo)效應(yīng)。理論部分全面分析了我國(guó)上市公司面臨的融資制度和融資狀況以及不同產(chǎn)權(quán)性質(zhì)公司的融資約束差異,實(shí)證部分根據(jù)理論分析提出的研究假設(shè),秉承探討式的實(shí)證思路,利用T檢驗(yàn)方法、Logit回歸和多元線性回歸的方法,檢驗(yàn)了貨幣政策對(duì)我國(guó)不同所有權(quán)性質(zhì)公司的銀行借款和商業(yè)信用融資的具體影響,觀察貨幣政策對(duì)不同企業(yè)資本結(jié)構(gòu)的微觀影響,在此基礎(chǔ)上推測(cè)對(duì)權(quán)益融資的影響并進(jìn)一步進(jìn)行檢驗(yàn),最后對(duì)實(shí)證結(jié)果的原因進(jìn)行了分析檢驗(yàn),由此系統(tǒng)地完成了關(guān)于貨幣政策對(duì)公司融資影響的實(shí)證分析。 通過(guò)研究得出結(jié)論：在2009—2012年的后金融危機(jī)時(shí)代,當(dāng)人民銀行將貨幣政策由適度寬松調(diào)整為穩(wěn)健時(shí),我國(guó)民營(yíng)上市公司仍面臨著信貸歧視的問(wèn)題,并且不能通過(guò)商業(yè)信用進(jìn)行替代性籌資,外部權(quán)益融資能力也相較國(guó)有上市公司較弱,由此導(dǎo)致以比率指標(biāo)——資產(chǎn)負(fù)債率衡量,此番貨幣政策的趨緊調(diào)整對(duì)不同產(chǎn)權(quán)性質(zhì)公司的資本結(jié)構(gòu)影響結(jié)果并無(wú)差異,但是以?xún)?nèi)部融資絕對(duì)指標(biāo)衡量的話(huà),可以認(rèn)為當(dāng)貨幣政策趨緊時(shí),民營(yíng)上市公司的融資行為受到的沖擊要大于國(guó)有上市公司,資本市場(chǎng)的傳導(dǎo)渠道增強(qiáng)了緊縮型貨幣政策對(duì)民營(yíng)上市公司的傳導(dǎo)效果。此外,通過(guò)對(duì)公司規(guī)模與其融資能力的實(shí)證分析和不同產(chǎn)權(quán)性質(zhì)公司的規(guī)模差異T檢驗(yàn)結(jié)果結(jié)合分析,表明貨幣政策的松緊調(diào)整對(duì)兩種公司融資的影響差異除了因?yàn)楝F(xiàn)有研究中認(rèn)為的“父愛(ài)主義”人為干預(yù)導(dǎo)致的政策型融資約束差異作用外,還有金融機(jī)構(gòu)(信息不對(duì)稱(chēng)時(shí))自身利益驅(qū)動(dòng)的市場(chǎng)型融資約束差異的影響�？傮w而言,我國(guó)金融體制中存在著較大的摩擦,國(guó)有與民營(yíng)上市公司之間存在信貸歧視現(xiàn)象,尤其是短期信貸,而且后者不能通過(guò)商業(yè)信用緩解融資難的問(wèn)題,其融資行為受貨幣政策松緊調(diào)整的沖擊較大,國(guó)有上市公司無(wú)論是在銀行體系還是商業(yè)關(guān)系中均具有債務(wù)融資和外部權(quán)益融資的優(yōu)勢(shì)。研究結(jié)論對(duì)于解釋我國(guó)貨幣政策效應(yīng)及企業(yè)的融資摩擦現(xiàn)狀,改善宏觀調(diào)控均具有借鑒意義。
[Abstract]:Since the financial crisis in China's stock market weak trend, in December 2012 the Shanghai Composite Index fell below the 2000 point mark, is still hovering around 2200 points, resulting in the cost of equity financing increased by.2011 in the first quarter, the people's Bank of China in accordance with the spirit of the central economic work Conference and the State Council unified deployment, began to implement a prudent monetary policy tightening. While Chinese enterprises with indirect financing as the main financing channels, bank loans are the main object of the enterprise financing dependence, some scholars study found that the different nature of the property enterprise is faced with "credit discrimination", in the post financial crisis era will make private enterprises financing decision making passive adjustment, such as debt by commercial credit substitutes although the current monetary policy on financing? The study of different property rights affect the nature of the company financing has been more perfect, but mainly concentrated in the bank In the presence of loan credit discrimination, of less influence on other ways of financing, and less involved in monetary policy on different property rights of corporate financing, bank loans, commercial credit and the comprehensive impact of a variety of equity financing, economic reality and a lot of evidence that will have a ripple effect of monetary policy on different properties of different companies the sources of financing, but when monetary policy tightening will be complementary between them or the contraction is not clear.
In this paper, the impact of monetary policy on the financing behavior of the listed company as the research object, through theoretical and empirical analysis, studies the transmission effect of monetary policy. The theory part analyzes the differences of financing constraints of listed companies financing system and financing conditions and corporate property rights is different, the empirical part according to the theoretical analysis hypotheses an empirical study of ideas, adhering to the use of T test, Logit regression and multiple linear regression test, the specific impact of monetary policy on different ownership, bank loans and commercial credit financing, microscopic observation of the impact of monetary policy on capital structure of different enterprises, on the basis of speculation on the impact of equity financing and further inspection, the last of the empirical results and analyzed the causes of the completion of the test, the system of currency policy An empirical analysis of the impact of the policy on corporate financing.
The study shows that in 2009, 2012 after the financial crisis, when the people's Bank will loose monetary policy by adjustment for steady, private listed companies in China is still facing the problem of credit discrimination, and cannot substitute through commercial credit financing, external equity financing ability compared with the state-owned listed companies is weak. This leads to the ratio of debt to asset ratio index measure, the monetary policy tightening to adjust the capital structure of different company's property rights affect the results there is no difference, but the absolute measure of the internal financing, can be considered when tightening monetary policy, by the financing behavior of listed companies is greater than the impact of state-owned listed companies, conduction capital market channel to enhance the transmission effect of tight monetary policy on the private listed companies. In addition, the company scale and its financing The analysis results of scale difference of T to test the ability of the empirical analysis and the different nature of the property of the company, that the tightness of monetary policy adjustment on the impact of two kinds of company financing differences except for the policy type financing that existing in the "paternalism" human intervention lead to differences about beam effect, as well as financial institutions (asymmetric information) effect of market financing constraints of their different interest driven. Overall, there are high friction of China's financial system, the existence of credit discrimination between state-owned and private listed companies, especially short-term credit, and the latter can not alleviate the financing problem of commercial credit, its financing behavior is influenced by adjusting the tightness of monetary policy. The impact of the state-owned listed companies have both debt financing and external equity financing advantage in the banking system or business relationship. The research results The theory is of reference to the explanation of the effect of monetary policy in China and the current situation of the financing friction of the enterprises and the improvement of macro control.

【學(xué)位授予單位】：東華大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F275;F822.0

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