本文選題：貨幣政策 + 產(chǎn)權(quán)性質(zhì)��； 參考：《東南大學(xué)》2017年碩士論文

【摘要】：金融風(fēng)暴后,"現(xiàn)金為王"、"現(xiàn)金是企業(yè)的血液"等觀念再次回歸,企業(yè)管理人員也更加重視了對(duì)企業(yè)現(xiàn)金流的管理,尤其是對(duì)現(xiàn)金流風(fēng)險(xiǎn)的識(shí)別與防范�，F(xiàn)金流不僅滲透于企業(yè)日常經(jīng)營(yíng)的全過(guò)程,是企業(yè)財(cái)務(wù)狀況的綜合表現(xiàn),更與企業(yè)的投融資決策息息相關(guān),其大小及其波動(dòng)在一定程度上決定著企業(yè)的支付能力和抵御風(fēng)險(xiǎn)的能力(趙亦軍[1],2014)。因此,識(shí)別與防范企業(yè)現(xiàn)金流風(fēng)險(xiǎn)具有不可替代的意義。上世紀(jì)90年代,中國(guó)貨幣政策體系逐步建立。近年來(lái),為了應(yīng)對(duì)國(guó)際金融危機(jī)的影響,中央銀行頻繁調(diào)整貨幣政策以適應(yīng)新局勢(shì)的變化。事實(shí)上,根據(jù)貨幣政策的機(jī)構(gòu)傳導(dǎo)機(jī)制,貨幣政策的作用力會(huì)逐步向企業(yè)滲透,影響企業(yè)日�；顒�(dòng),而這些影響因素最終都會(huì)反映在企業(yè)現(xiàn)金流風(fēng)險(xiǎn)上。宏觀貨幣政策的變化會(huì)影響企業(yè)融資渠道和融資規(guī)模,而由于資本市場(chǎng)的信息不對(duì)稱性等金融摩擦的存在,企業(yè)的融資能力往往決定了企業(yè)的投資決策。宏觀貨幣政策的變化所帶來(lái)的企業(yè)融資、投資等方面的變化最終會(huì)給企業(yè)的現(xiàn)金流帶來(lái)較大的波動(dòng),影響企業(yè)的現(xiàn)金流風(fēng)險(xiǎn)。同時(shí),我國(guó)目前正處于社會(huì)主義市場(chǎng)經(jīng)濟(jì)體制轉(zhuǎn)型階段,盡管多種所有制經(jīng)濟(jì)并存,但在未來(lái)一段時(shí)期內(nèi),國(guó)有經(jīng)濟(jì)仍然占主導(dǎo)地位,政府對(duì)國(guó)有企業(yè)的眷顧依舊明顯。相比于民營(yíng)企業(yè),國(guó)有企業(yè)承擔(dān)著更多的社會(huì)和政治功能,在貨幣政策寬松時(shí)期,更容易獲得外部貸款,其投資將更頻繁、規(guī)模將更大,最終企業(yè)現(xiàn)金流隨之發(fā)生較大的波動(dòng)。因此,產(chǎn)權(quán)性質(zhì)在宏觀政策對(duì)企業(yè)現(xiàn)金流風(fēng)險(xiǎn)的傳導(dǎo)機(jī)制中起著不可忽視的作用。本文深入分析了宏觀貨幣政策的著眼點(diǎn),以企業(yè)現(xiàn)金流風(fēng)險(xiǎn)為落腳點(diǎn),對(duì)貨幣政策的作用機(jī)理進(jìn)行了拓展性的探討。在此基礎(chǔ)上,本文將研究樣本分為國(guó)有企業(yè)組和民營(yíng)企業(yè)組,探究針對(duì)不同產(chǎn)權(quán)性質(zhì)的企業(yè),貨幣政策的影響效果有何不同。根據(jù)實(shí)證結(jié)果顯示,在貨幣政策對(duì)微觀企業(yè)現(xiàn)金流風(fēng)險(xiǎn)的影響過(guò)程中,企業(yè)的債務(wù)籌資水平和投資規(guī)模扮演著重要的調(diào)節(jié)作用。具體表現(xiàn)為:在貨幣政策寬松年份,由于受到大規(guī)模融資和投資的影響,企業(yè)現(xiàn)金流會(huì)出現(xiàn)較大的波動(dòng),企業(yè)此刻積累了現(xiàn)金流風(fēng)險(xiǎn)。同時(shí)本文還發(fā)現(xiàn),由于貨幣政策的非對(duì)稱性,貨幣政策對(duì)不同產(chǎn)權(quán)性質(zhì)企業(yè)的影響效果呈現(xiàn)不同的特征。具體而言:相對(duì)于民營(yíng)企業(yè),貨幣政策對(duì)國(guó)有企業(yè)現(xiàn)金流風(fēng)險(xiǎn)的影響效果更為強(qiáng)烈。
[Abstract]:After the financial storm, the concepts of "cash is the king" and "cash is the blood of the enterprise" return again. Enterprise managers pay more attention to the management of cash flow, especially the identification and prevention of cash flow risk. Cash flow not only permeates the whole process of the enterprise's daily operation, but also is the comprehensive performance of the enterprise's financial situation, and is closely related to the enterprise's investment and financing decision. To a certain extent, its size and fluctuation determine the ability to pay and the ability to resist risks. Therefore, it is of irreplaceable significance to identify and prevent the cash flow risk of enterprises. In the 1990 s, China's monetary policy system was gradually established. In recent years, in order to cope with the impact of the international financial crisis, the central bank frequently adjusts monetary policy to adapt to the changes of the new situation. In fact, according to the transmission mechanism of monetary policy, the force of monetary policy will gradually infiltrate into enterprises and affect the daily activities of enterprises, and these factors will eventually be reflected in the risk of corporate cash flow. The change of macro-monetary policy will affect the financing channel and financing scale of enterprises. However, due to the existence of financial frictions such as information asymmetry in the capital market, the financing ability of enterprises often determines the investment decisions of enterprises. The changes in financing and investment brought about by the change of macro-monetary policy will eventually bring greater fluctuations to the cash flow of the enterprise and affect the cash flow risk of the enterprise. At the same time, our country is in the transition stage of the socialist market economy system at present. Although the multi-ownership economy coexists, the state-owned economy still occupies the leading position in the future period, and the government's favor to the state-owned enterprises is still obvious. Compared with private enterprises, state-owned enterprises undertake more social and political functions. In the period of monetary policy easing, it is easier to obtain external loans, and its investment will be more frequent and its scale will be larger, and the cash flow of enterprises will fluctuate accordingly. Therefore, the nature of property rights plays an important role in the transmission mechanism of corporate cash flow risk. This paper deeply analyzes the starting point of the macro-monetary policy, taking the cash flow risk of the enterprise as the foothold, and probes into the mechanism of the monetary policy's action. On this basis, the research sample is divided into state-owned enterprise group and private enterprise group, to explore the different effects of monetary policy on different enterprises with different property rights. According to the empirical results, the level of debt financing and the scale of investment play an important role in regulating the influence of monetary policy on the cash flow risk of micro enterprises. The concrete manifestation is: in the monetary policy loose year, because of the large-scale financing and the investment influence, the enterprise cash flow will appear the big fluctuation, the enterprise has accumulated the cash flow risk at the moment. At the same time, it is found that due to the asymmetry of monetary policy, the effect of monetary policy on enterprises with different property rights shows different characteristics. Specifically, compared with private enterprises, the effect of monetary policy on cash flow risk of state-owned enterprises is stronger.
【學(xué)位授予單位】：東南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F275;F822.0

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