本文選題：貨幣政策 + 企業(yè)風險承擔�。� 參考：《世界經(jīng)濟》2017年10期

【摘要】：本文以企業(yè)風險承擔為研究視角,考察了中國銀行主導型金融體系背景下,貨幣政策對企業(yè)風險承擔產(chǎn)生的影響,以及這種影響隨金融市場化改革推進存在的差異。我們利用2004-2015年中國A股上市公司季度數(shù)據(jù)和動態(tài)面板廣義矩法,對基準和拓展模型提出的假說進行了驗證。研究發(fā)現(xiàn),寬松的貨幣政策會增大企業(yè)風險承擔,金融市場的發(fā)展會弱化上述關(guān)系。企業(yè)所有權(quán)、技術(shù)類型和外部融資依賴決定了風險承擔機制的有效程度。這說明隨著企業(yè)融資渠道的拓寬,外部貨幣政策環(huán)境應被視為影響企業(yè)風險承擔行為的關(guān)鍵因素。此外,本文還證明了貨幣政策可以通過改變企業(yè)的風險投資行為推動經(jīng)濟的長期發(fā)展。
[Abstract]:From the perspective of enterprise risk-taking, this paper examines the influence of monetary policy on enterprise risk-taking under the background of bank-dominated financial system of China, and the differences of this effect with the promotion of financial marketization reform.Using the quarterly data of Chinese A-share listed companies from 2004 to 2015 and the dynamic panel generalized moment method, we verify the hypothesis proposed by the benchmark and the extended model.The study found that loose monetary policy increases corporate risk-taking and the development of financial markets weakens these relationships.Ownership, technology types and external financing dependence determine the effectiveness of the risk-taking mechanism.This shows that with the widening of financing channels, the external monetary policy environment should be regarded as a key factor affecting the risk-taking behavior of enterprises.In addition, this paper also proves that monetary policy can promote the long-term economic development by changing the venture capital behavior of enterprises.
【作者單位】： 西南財經(jīng)大學中國金融研究中心;
【基金】：國家社會科學基金重大項目(13&ZD030) 中央高校基本科研業(yè)務費專項資金(JBK1607021)的資助
【分類號】：F272.3;F822.0;F832.5

【相似文獻】

相關(guān)期刊論文 前10條

1 楊春;;管理者風險承擔動機對企業(yè)R&D投資的影響[J];煤炭技術(shù);2011年06期

2 解維敏;唐清泉;;公司治理與風險承擔——來自中國上市公司的經(jīng)驗證據(jù)[J];財經(jīng)問題研究;2013年01期

3 陳t，

本文編號：1750611