本文選題：金融加速器　切入點(diǎn)：委托代理　出處：《寧波大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：20世紀(jì)90年代以來(lái),在經(jīng)濟(jì)虛擬化與金融全球化大背景下,金融因素在宏觀經(jīng)濟(jì)波動(dòng)中的重要性越來(lái)越顯著。由于金融市場(chǎng)存在信息不對(duì)稱,最初的外部沖擊會(huì)通過(guò)金融市場(chǎng)的傳導(dǎo)被強(qiáng)化和持續(xù)放大,導(dǎo)致實(shí)體經(jīng)濟(jì)出現(xiàn)劇烈波動(dòng)。Bernanke(1989)等人以銀行和企業(yè)之間因信息不對(duì)稱而產(chǎn)生的代理成本為切入點(diǎn),將金融摩擦引入分析框架,提出了金融加速器理論。該理論有力地解釋了宏觀經(jīng)濟(jì)運(yùn)行中的“小沖擊,大波動(dòng)”問(wèn)題。而事實(shí)上銀行并不像傳統(tǒng)金融加速器理論中假設(shè)的那樣完美,銀行自身會(huì)受到信貸約束的影響,銀行與家庭之間同樣會(huì)由于信息不對(duì)稱而產(chǎn)生委托代理問(wèn)題。本文從家庭與銀行、銀行與企業(yè)之間同時(shí)存在的委托代理問(wèn)題出發(fā),建立了一個(gè)雙重委托代理分析框架,分析金融加速器傳導(dǎo)的微觀機(jī)理。通過(guò)雙重委托代理信用契約最優(yōu)化求解,得出結(jié)論:企業(yè)投資與企業(yè)外部融資溢價(jià)負(fù)相關(guān);企業(yè)外部融資溢價(jià)不僅與企業(yè)凈資產(chǎn)負(fù)相關(guān),還與銀行凈資產(chǎn)負(fù)相關(guān)。此外,從動(dòng)態(tài)角度,分析了技術(shù)沖擊、風(fēng)險(xiǎn)沖擊、貨幣政策沖擊等不同外部沖擊通過(guò)金融加速器機(jī)制對(duì)實(shí)體經(jīng)濟(jì)產(chǎn)生的持續(xù)放大效應(yīng)。對(duì)2003-2012年我國(guó)A股836家上市公司微觀數(shù)據(jù)的實(shí)證研究表明,第一,企業(yè)資產(chǎn)負(fù)債率對(duì)企業(yè)投資具有顯著的負(fù)向影響,銀行業(yè)金融機(jī)構(gòu)資產(chǎn)負(fù)債率的變動(dòng)同樣會(huì)使企業(yè)投資產(chǎn)生顯著的負(fù)向變動(dòng)。不論是企業(yè)的資產(chǎn)負(fù)債狀況還是銀行的資產(chǎn)負(fù)債狀況都會(huì)通過(guò)影響企業(yè)的借款融資能力,從而影響到企業(yè)的投資行為。第二,貨幣政策的變動(dòng)能夠通過(guò)改變企業(yè)的資產(chǎn)負(fù)債狀況,影響企業(yè)信貸可得性從而影響企業(yè)投資。最后從建立健全信用評(píng)價(jià)和擔(dān)保體系,以及改變我國(guó)金融市場(chǎng)現(xiàn)狀兩方面提出建議,以減輕金融加速器引起實(shí)體經(jīng)濟(jì)劇烈波動(dòng)的負(fù)面影響。
[Abstract]:Since 1990s, under the background of economic virtualization and financial globalization, financial factors have become more and more important in macroeconomic fluctuations. The initial external shocks are reinforced and continuously amplified through the transmission of financial markets, leading to violent fluctuations in the real economy. Bernanke1989) et al., starting with agency costs between banks and firms due to asymmetric information. The financial friction is introduced into the analytical framework, and the theory of financial accelerator is put forward. This theory can explain the "small impact" in macroeconomic operation. The problem of big volatility. In fact, banks are not as perfect as the conventional accelerator theory assumes, and banks themselves are subject to credit constraints. The problem of principal-agent between bank and family is also caused by asymmetric information. This paper sets up a double principal-agent analysis framework based on the problem of principal-agent between family and bank and between bank and enterprise. The microcosmic mechanism of financial accelerator transmission is analyzed. By solving the double principal-agent credit contract optimally, the conclusion is drawn that the enterprise investment is negatively correlated with the external financing premium, and the external financing premium is not only negatively related to the net assets of the enterprise, but also to the external financing premium. In addition, from a dynamic point of view, we analyze the impact of technology, the impact of risk, The sustained amplification effect of different external shocks such as monetary policy shocks on the real economy through the financial accelerator mechanism. The empirical study on the microcosmic data of 836 A-share listed companies in China from 2003 to 2012 shows that: first, The ratio of assets to liabilities has a significant negative impact on enterprise investment. The change of asset-liability ratio of banking institutions will also cause a significant negative change in enterprise investment. Both the balance sheet of the enterprise and the balance sheet of the bank will affect the ability of the enterprise to borrow money. Second, the change of monetary policy can influence the enterprise's investment by changing the balance sheet of assets and liabilities and the availability of credit. Finally, from establishing and perfecting the credit evaluation and guarantee system, In order to mitigate the negative effects of the financial accelerator on the violent fluctuation of the real economy, this paper puts forward some suggestions on how to change the present situation of the financial market in China.
【學(xué)位授予單位】：寧波大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F822.0;F832.5

【參考文獻(xiàn)】

相關(guān)期刊論文 前5條

1 曹建珍;;房地產(chǎn)價(jià)格波動(dòng)對(duì)經(jīng)濟(jì)的影響及對(duì)策——基于金融加速器效應(yīng)的視角[J];金融經(jīng)濟(jì);2011年20期

2 杜清源,龔六堂;帶“金融加速器”的RBC模型[J];金融研究;2005年04期

3 黃志忠;謝軍;;宏觀貨幣政策、區(qū)域金融發(fā)展和企業(yè)融資約束——貨幣政策傳導(dǎo)機(jī)制的微觀證據(jù)[J];會(huì)計(jì)研究;2013年01期

4 張良貴;孫久文;王立勇;;銀行對(duì)金融加速器效應(yīng)的影響——來(lái)自1992-2010年中國(guó)數(shù)據(jù)的實(shí)證檢驗(yàn)[J];經(jīng)濟(jì)評(píng)論;2014年03期

5 李珂;徐湘瑜;;中國(guó)的金融加速器效應(yīng)分析[J];中央財(cái)經(jīng)大學(xué)學(xué)報(bào);2009年07期

相關(guān)碩士學(xué)位論文 前1條

1 連雪驕;上市公司雙重委托代理模型研究[D];華中科技大學(xué);2007年

，

本文編號(hào)：1566406