貨幣政策與上市公司信用資源配置研究
發(fā)布時(shí)間：2019-06-03 01:55
【摘要】：貨幣政策是國(guó)家宏觀經(jīng)濟(jì)調(diào)控最重要的手段之一,然而貨幣政策是否能夠真正發(fā)揮作用還需要結(jié)合其在微觀實(shí)體經(jīng)濟(jì)中的傳導(dǎo)效用。我國(guó)尚處于非強(qiáng)勢(shì)有效的資本市場(chǎng),金融發(fā)展水平并不發(fā)達(dá),因此結(jié)合我國(guó)的基本國(guó)情更適用于貨幣政策的信貸傳導(dǎo)渠道,貨幣政策通過(guò)對(duì)信貸供應(yīng)量水平以及信貸利率的調(diào)節(jié)來(lái)控制經(jīng)濟(jì)市場(chǎng)流通中的貨幣總量,進(jìn)而調(diào)控微觀實(shí)體經(jīng)濟(jì)的發(fā)展。銀行借款作為受貨幣政策影響頗深的信貸資源同時(shí)也是微觀企業(yè)個(gè)體一項(xiàng)重要的信用資源。在信息不對(duì)稱的金融系統(tǒng)中,企業(yè)過(guò)去的信用記錄是銀行貸前審查的重要方面,企業(yè)的信用也決定著銀行借款融資的數(shù)量與期限結(jié)構(gòu)；而另一方面,企業(yè)與上游供應(yīng)商經(jīng)濟(jì)活動(dòng)交往密切,隨著交易時(shí)間的延續(xù)能夠建立起一定的信任度,企業(yè)借此所獲得的商業(yè)信用也是另一種融資方式。本文將銀行信貸與商業(yè)信用稱之為企業(yè)的“信用資源”進(jìn)行研究。 回顧以往學(xué)術(shù)界對(duì)貨幣政策的研究都集中于宏觀經(jīng)濟(jì)層面,少有文獻(xiàn)能夠?qū)⒑暧^政策與微觀個(gè)體行為相結(jié)合進(jìn)行研究。事實(shí)上,面對(duì)宏觀貨幣政策的波動(dòng),微觀企業(yè)個(gè)體如何應(yīng)對(duì)外界所提供信用資源的變化,企業(yè)自身會(huì)采取何種會(huì)計(jì)行為來(lái)緩解貨幣政策帶來(lái)的沖擊,企業(yè)信用資源配置的改變會(huì)對(duì)其自身未來(lái)業(yè)績(jī)與市場(chǎng)價(jià)值有何影響以及不同所有制企業(yè)表現(xiàn)出的差異等等,都是微觀企業(yè)財(cái)務(wù)會(huì)計(jì)研究的新方向,而且對(duì)以上問(wèn)題的研究都有助于未來(lái)宏觀經(jīng)濟(jì)政策的制定與維護(hù)。本文受到“宏觀經(jīng)濟(jì)政策與微觀企業(yè)行為”學(xué)術(shù)研討會(huì)上各位著名學(xué)者討論話題的啟示,對(duì)宏觀貨幣政策與微觀經(jīng)濟(jì)個(gè)體信貸資源配置以及會(huì)計(jì)政策選擇與經(jīng)濟(jì)后果進(jìn)行理論與實(shí)證分析。鑒于此,本文立足于我國(guó)宏觀貨幣政策的大背景,結(jié)合貨幣政策的信貸傳導(dǎo)機(jī)制、銀行信貸與商業(yè)信用互動(dòng)關(guān)系機(jī)理、信號(hào)傳遞理論、微觀企業(yè)會(huì)計(jì)穩(wěn)健性政策以及信貸配給與信貸歧視等理論展開(kāi)研究,將宏觀政策與微觀企業(yè)行為相結(jié)合,通過(guò)實(shí)證分析力求于拓展現(xiàn)有微觀企業(yè)會(huì)計(jì)研究范式,探尋宏觀貨幣政策在微觀企業(yè)中的傳導(dǎo)機(jī)制,通過(guò)考察微觀企業(yè)應(yīng)對(duì)行為的表現(xiàn)來(lái)衡量貨幣政策的實(shí)施效果,從而為未來(lái)宏觀政策的制定與維護(hù)做出有效建議。 本文的核心內(nèi)容可以歸納為以下幾個(gè)方面： 首先,本文對(duì)貨幣政策與上市公司信用資源配置、信用資源與會(huì)計(jì)穩(wěn)健性政策以及信用資源對(duì)上市公司經(jīng)濟(jì)后果影響相關(guān)文獻(xiàn)研究進(jìn)行了梳理和述評(píng)。在肯定信貸傳導(dǎo)機(jī)制適用于我國(guó)經(jīng)濟(jì)市場(chǎng)的前提下,結(jié)合我國(guó)銀行信貸配給與信貸歧視理論、商業(yè)信用融資動(dòng)因理論以及產(chǎn)權(quán)性質(zhì)理論,闡述了在宏觀貨幣政策調(diào)控下,我國(guó)微觀上市公司信用資源配置的互動(dòng)關(guān)系機(jī)理、上市公司信用資源配置與會(huì)計(jì)穩(wěn)健性政策選擇相關(guān)關(guān)系以及信用資源配置對(duì)上市公司業(yè)績(jī)與市場(chǎng)價(jià)值的影響。 其次,本文對(duì)制度背景與概念的界定以及文章總體理論思路框架進(jìn)行了闡述。從貨幣政策的定義、調(diào)控手段、中介目標(biāo)以及傳導(dǎo)機(jī)制方面對(duì)貨幣政策制度背景進(jìn)行梳理與論述,并指出我國(guó)是通過(guò)信貸傳導(dǎo)機(jī)制來(lái)進(jìn)行貨幣政策的實(shí)施。其后明確定義本文所研究的主題“信用資源”的概念范圍是指銀行信貸與商業(yè)信用。在闡明以上概念的基礎(chǔ)上,論述文章的總體思路。 再次,對(duì)我國(guó)貨幣政策與上市公司信用資源配置問(wèn)題展開(kāi)實(shí)證研究分析,結(jié)合我國(guó)上市公司產(chǎn)權(quán)性質(zhì)的區(qū)分,從銀行信貸與商業(yè)信用互動(dòng)關(guān)系、銀行信貸資源與上市公司會(huì)計(jì)穩(wěn)健性以及信用資源對(duì)上市公司未來(lái)業(yè)績(jī)與市場(chǎng)價(jià)值方面進(jìn)行深入研究。結(jié)果表明貨幣政策緊縮時(shí)期,上市公司銀行信貸量減少,貸款成本顯著提高,相反商業(yè)信用的使用顯著增多,會(huì)計(jì)穩(wěn)健性提高,且在民企中更加顯著；貨幣政策支持的行業(yè),獲得更多的銀行信貸量,其信貸成本也顯著較低,且在國(guó)企中更加顯著；非貨幣政策支持的行業(yè),會(huì)使用更多的商業(yè)信用,會(huì)計(jì)穩(wěn)健性更高,且在民企中更加顯著；會(huì)計(jì)穩(wěn)健性的提高有助于企業(yè)獲得更多的銀行信貸資源且在國(guó)企中更加顯著；而且在貨幣政策緊縮時(shí)期與非政策扶持行業(yè)中的上市公司,其銀行信貸資源的獲得有助于其未來(lái)業(yè)績(jī)與市場(chǎng)價(jià)值的增長(zhǎng),但此時(shí)商業(yè)信用的過(guò)多使用不利于其未來(lái)業(yè)績(jī)與市場(chǎng)價(jià)值的提升。 最后,總結(jié)各章主要結(jié)論,提出啟示、創(chuàng)新點(diǎn)與政策建議,并指出文章的不足之處與后續(xù)研究建議。微觀上市公司在面對(duì)不利于自身發(fā)展的宏觀貨幣政策時(shí)會(huì)做出相應(yīng)的防御行為,其中商業(yè)信用的使用以及會(huì)計(jì)穩(wěn)健性的提升都會(huì)在一定程度上抵消貨幣政策在微觀實(shí)體經(jīng)濟(jì)中的傳導(dǎo)作用,因此貨幣政策的制定者不僅僅需要關(guān)注信貸供應(yīng)量以及利率的調(diào)節(jié),還應(yīng)關(guān)注微觀實(shí)體經(jīng)濟(jì)的其他方面對(duì)貨幣政策效用的影響作用。并且我國(guó)信貸資源配置效率較低,未來(lái)貨幣政策的制定還需重點(diǎn)加強(qiáng)信貸資源配置的合理性與高效性。
[Abstract]:Monetary policy is one of the most important means of the national macro-economic regulation, but whether the monetary policy can play a real role needs to be combined with its conduction in the micro-entity economy. China is still in a non-strong and effective capital market, and the level of financial development is not developed, so it is more suitable for the credit conduction channel of monetary policy in combination with our country's basic national conditions. The monetary policy controls the total amount of money in the circulation of the economic market by adjusting the level of credit supply and the adjustment of the credit rate, so as to control the development of the micro-entity economy. The bank loan is a very deep credit resource which is influenced by the monetary policy, and is also an important credit resource of the micro-enterprise. In the information-asymmetric financial system, the past credit record of the enterprise is an important aspect of the pre-loan review of the bank, and the credit of the enterprise also determines the number and duration structure of the bank loan financing; on the other hand, the enterprise is closely related to the upstream supplier's economic activity, As the continuation of the transaction time can establish a certain degree of trust, the business credit obtained by the enterprise is another way of financing. This paper studies the "credit resources" of bank credit and commercial credit as the enterprise. In the past, the research of monetary policy is focused on the macro-economic level in the past academic circles. There are few literatures that can combine the macro-policy with the micro-individual behavior. In fact, in the face of the fluctuation of the macro-monetary policy, how the micro-enterprise should deal with the change of the credit resource provided by the outside world, what kind of accounting behavior the enterprise can take to ease the impact of the monetary policy The impact of the change of the enterprise credit resource allocation on the future performance and market value of the enterprise and the difference between the different ownership enterprises, etc., are the new party of the financial accounting research of the micro-enterprise The study of the above problems is helpful to the formulation and the dimension of the future macroeconomic policy This paper is inspired by the discussion of the topic by the famous scholars at the "Macroeconomic policy and micro-enterprise behavior" symposium, and the theoretical and empirical analysis of the macro-monetary policy and the micro-economic individual's credit resource allocation and the choice of the accounting policy and the economic consequences In view of this, this paper is based on the big background of China's macro-monetary policy, combined with the credit-conduction mechanism of monetary policy, the interaction mechanism between the bank credit and the commercial credit, the signal transmission theory, the micro-enterprise accounting conservatism policy and the credit rationing and the credit discrimination. In this paper, the macro-policy and the micro-enterprise's behavior are combined, and the empirical analysis is aimed at expanding the existing micro-enterprise accounting research paradigm, exploring the conduction mechanism of the macro-monetary policy in the micro-enterprise, and measuring the implementation effect of the monetary policy by examining the behavior of the micro-enterprise. Fruit, so as to make effective construction for the formulation and maintenance of the macro-policy in the future The core content of this paper can be summarized as follows First of all, the paper makes a study on the influence of the monetary policy and the credit resource allocation of the listed company, the credit resource and the accounting conservatism policy and the credit resource on the economic consequences of the listed company In the light of the theory of bank credit rationing and credit discrimination, the theory of the motivation of commercial credit financing and the theory of property right, the paper expounds the macro-currency in the light of the theory of bank credit rationing and credit discrimination, the theory of commercial credit financing and the theory of property right. The Relationship between the Credit Allocation of the Listed Companies and the Policy of the Accounting Robustness, the Relationship between the Credit Allocation of the Listed Companies and the Policy of the Accounting Robustness, and the Performance and the Market of the Listed Companies under the Regulation of the Policy Secondly, this paper is about the definition of the system background and the concept and the general theory of the article. The framework is described. The background of the monetary policy system is analyzed from the definition of the monetary policy, the regulation means, the intermediary objective and the conduction mechanism, and it is pointed out that our country is through the credit conduction mechanism. The implementation of monetary policy is followed by a clear definition of the concept of the subject "credit resources" studied in this article to refer to a bank On the basis of clarifying the above concepts, the paper discusses the credit and commercial credit. The general idea of the article is to make an empirical study on the policy of China's monetary policy and the credit allocation of listed companies, and to distinguish the property of the listed companies from the bank credit in the light of the distinction between the property of the listed companies in our country The Relationship between the Interaction of the Commercial Credit, the Bank's Credit Resources and the Accounting Robustness of the Listed Company and the Performance of the Listed Company and the Market Price of the Listed Companies The results show that in the period of monetary policy tightening, the credit of the bank of listed companies is reduced, the cost of the loan is obviously improved, the use of the opposite commercial credit is increased, the accounting robustness is improved, and it is more significant in the private enterprises; and the industries supported by the monetary policy are More bank credit is needed, and its credit costs are also significantly lower and more pronounced in state-owned enterprises; more commercial credit will be used in the industry that is not supported by monetary policy, with higher accounting robustness, And it is more significant in the private enterprise; the improvement of the accounting conservatism can help the enterprises to obtain more bank credit resources and become more prominent in the state-owned enterprises; and in the monetary policy tightening period and the non-policy support industry, the acquisition of the bank credit resources can help the future industry The growth of performance and market value, but the use of commercial credit at this time is not conducive to its future industry In the end, the main conclusions of the chapters are summarized, the inspiration, the innovation points and the policy suggestions are put forward, and the article is pointed out In the face of the macro-monetary policy that is not conducive to the development of self-development, the micro-listed company will make corresponding defensive behavior, in which the use of commercial credit and the improvement of the accounting robustness will offset the monetary policy to a certain extent. In view of the conduction in the real economy, the policymakers of the monetary policy need not only pay attention to the supply of credit and the adjustment of the interest rate, but also pay attention to the other aspects of the micro-entity economy. The effect of the utility of monetary policy is that the efficiency of credit allocation in China is low, and the development of future monetary policy should also focus on strengthening the credit capital.
【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2014
【分類號(hào)】：F822.0;F276.6;F832.4
本文編號(hào)：2491582
[Abstract]:Monetary policy is one of the most important means of the national macro-economic regulation, but whether the monetary policy can play a real role needs to be combined with its conduction in the micro-entity economy. China is still in a non-strong and effective capital market, and the level of financial development is not developed, so it is more suitable for the credit conduction channel of monetary policy in combination with our country's basic national conditions. The monetary policy controls the total amount of money in the circulation of the economic market by adjusting the level of credit supply and the adjustment of the credit rate, so as to control the development of the micro-entity economy. The bank loan is a very deep credit resource which is influenced by the monetary policy, and is also an important credit resource of the micro-enterprise. In the information-asymmetric financial system, the past credit record of the enterprise is an important aspect of the pre-loan review of the bank, and the credit of the enterprise also determines the number and duration structure of the bank loan financing; on the other hand, the enterprise is closely related to the upstream supplier's economic activity, As the continuation of the transaction time can establish a certain degree of trust, the business credit obtained by the enterprise is another way of financing. This paper studies the "credit resources" of bank credit and commercial credit as the enterprise. In the past, the research of monetary policy is focused on the macro-economic level in the past academic circles. There are few literatures that can combine the macro-policy with the micro-individual behavior. In fact, in the face of the fluctuation of the macro-monetary policy, how the micro-enterprise should deal with the change of the credit resource provided by the outside world, what kind of accounting behavior the enterprise can take to ease the impact of the monetary policy The impact of the change of the enterprise credit resource allocation on the future performance and market value of the enterprise and the difference between the different ownership enterprises, etc., are the new party of the financial accounting research of the micro-enterprise The study of the above problems is helpful to the formulation and the dimension of the future macroeconomic policy This paper is inspired by the discussion of the topic by the famous scholars at the "Macroeconomic policy and micro-enterprise behavior" symposium, and the theoretical and empirical analysis of the macro-monetary policy and the micro-economic individual's credit resource allocation and the choice of the accounting policy and the economic consequences In view of this, this paper is based on the big background of China's macro-monetary policy, combined with the credit-conduction mechanism of monetary policy, the interaction mechanism between the bank credit and the commercial credit, the signal transmission theory, the micro-enterprise accounting conservatism policy and the credit rationing and the credit discrimination. In this paper, the macro-policy and the micro-enterprise's behavior are combined, and the empirical analysis is aimed at expanding the existing micro-enterprise accounting research paradigm, exploring the conduction mechanism of the macro-monetary policy in the micro-enterprise, and measuring the implementation effect of the monetary policy by examining the behavior of the micro-enterprise. Fruit, so as to make effective construction for the formulation and maintenance of the macro-policy in the future The core content of this paper can be summarized as follows First of all, the paper makes a study on the influence of the monetary policy and the credit resource allocation of the listed company, the credit resource and the accounting conservatism policy and the credit resource on the economic consequences of the listed company In the light of the theory of bank credit rationing and credit discrimination, the theory of the motivation of commercial credit financing and the theory of property right, the paper expounds the macro-currency in the light of the theory of bank credit rationing and credit discrimination, the theory of commercial credit financing and the theory of property right. The Relationship between the Credit Allocation of the Listed Companies and the Policy of the Accounting Robustness, the Relationship between the Credit Allocation of the Listed Companies and the Policy of the Accounting Robustness, and the Performance and the Market of the Listed Companies under the Regulation of the Policy Secondly, this paper is about the definition of the system background and the concept and the general theory of the article. The framework is described. The background of the monetary policy system is analyzed from the definition of the monetary policy, the regulation means, the intermediary objective and the conduction mechanism, and it is pointed out that our country is through the credit conduction mechanism. The implementation of monetary policy is followed by a clear definition of the concept of the subject "credit resources" studied in this article to refer to a bank On the basis of clarifying the above concepts, the paper discusses the credit and commercial credit. The general idea of the article is to make an empirical study on the policy of China's monetary policy and the credit allocation of listed companies, and to distinguish the property of the listed companies from the bank credit in the light of the distinction between the property of the listed companies in our country The Relationship between the Interaction of the Commercial Credit, the Bank's Credit Resources and the Accounting Robustness of the Listed Company and the Performance of the Listed Company and the Market Price of the Listed Companies The results show that in the period of monetary policy tightening, the credit of the bank of listed companies is reduced, the cost of the loan is obviously improved, the use of the opposite commercial credit is increased, the accounting robustness is improved, and it is more significant in the private enterprises; and the industries supported by the monetary policy are More bank credit is needed, and its credit costs are also significantly lower and more pronounced in state-owned enterprises; more commercial credit will be used in the industry that is not supported by monetary policy, with higher accounting robustness, And it is more significant in the private enterprise; the improvement of the accounting conservatism can help the enterprises to obtain more bank credit resources and become more prominent in the state-owned enterprises; and in the monetary policy tightening period and the non-policy support industry, the acquisition of the bank credit resources can help the future industry The growth of performance and market value, but the use of commercial credit at this time is not conducive to its future industry In the end, the main conclusions of the chapters are summarized, the inspiration, the innovation points and the policy suggestions are put forward, and the article is pointed out In the face of the macro-monetary policy that is not conducive to the development of self-development, the micro-listed company will make corresponding defensive behavior, in which the use of commercial credit and the improvement of the accounting robustness will offset the monetary policy to a certain extent. In view of the conduction in the real economy, the policymakers of the monetary policy need not only pay attention to the supply of credit and the adjustment of the interest rate, but also pay attention to the other aspects of the micro-entity economy. The effect of the utility of monetary policy is that the efficiency of credit allocation in China is low, and the development of future monetary policy should also focus on strengthening the credit capital.
【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2014
【分類號(hào)】：F822.0;F276.6;F832.4
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