發(fā)布時(shí)間：2018-03-30 21:49

  本文選題：投資-現(xiàn)金流敏感性　切入點(diǎn)：融資約束　出處：《華東師范大學(xué)》2017年碩士論文

【摘要】：隨著我國(guó)金融改革的深入和全球經(jīng)濟(jì)一體化水平的提高,經(jīng)濟(jì)波動(dòng)的風(fēng)險(xiǎn)和頻率不斷增加。面對(duì)日益復(fù)雜的環(huán)境,制造業(yè)企業(yè)如何處理投資與內(nèi)部現(xiàn)金流關(guān)系,對(duì)其自身發(fā)展有著重要意義。本文利用2002-2015年我國(guó)A股制造業(yè)上市公司的面板數(shù)據(jù),以次貸危機(jī)為時(shí)間節(jié)點(diǎn)把貨幣政策劃分為寬松與緊縮兩個(gè)階段,以資產(chǎn)規(guī)模大小及資產(chǎn)負(fù)債率高低為融資約束指標(biāo)把企業(yè)分為不同組別,研究貨幣政策、融資約束與企業(yè)投資-現(xiàn)金流敏感性之間的關(guān)系。研究結(jié)果表明:我國(guó)制造業(yè)企業(yè)投資-現(xiàn)金流為U型結(jié)構(gòu),且貨幣政策寬松時(shí)期為正U型,貨幣政策緊縮時(shí)期為倒U型,低資產(chǎn)負(fù)債率企業(yè)為正U型,高資產(chǎn)負(fù)債率企業(yè)為倒U型;融資約束程度與投資-現(xiàn)金流敏感性正相關(guān);貨幣政策的變動(dòng)影響著企業(yè)投資-現(xiàn)金流敏感性,表現(xiàn)為寬松時(shí)期投資-現(xiàn)金流敏感性下降,緊縮時(shí)期投資-現(xiàn)金流敏感性增加。同時(shí)貨幣政策變動(dòng)對(duì)融資約束不同的企業(yè)的投資-現(xiàn)金流敏感度表現(xiàn)出非對(duì)稱性,且對(duì)低融資約束企業(yè)的影響大于對(duì)高融資約束企業(yè)的影響。本文的研究一定程度上豐富了有關(guān)貨幣政策、融資約束與企業(yè)投資-現(xiàn)金流敏感性的實(shí)證研究,為宏觀貨幣政策制定提供微觀基礎(chǔ),為企業(yè)投融資決策提供較為全面的參考因素。
[Abstract]:With the deepening of China's financial reform and the improvement of the level of global economic integration, the risks and frequency of economic fluctuations are increasing. In the face of the increasingly complex environment, how to deal with the relationship between investment and internal cash flow in manufacturing enterprises? This paper makes use of the panel data of China's A share manufacturing listed companies from 2002 to 2015 and divides monetary policy into two stages of easing and tightening with the subprime mortgage crisis as the time node. Taking the size of assets and the ratio of assets to liabilities as financing constraints, enterprises are divided into different groups to study monetary policy. The relationship between financing constraints and investment-cash flow sensitivity of enterprises. The results show that the investment-cash flow of manufacturing enterprises in China is U-type structure, and the monetary policy easing period is positive U-type, and the monetary policy tightening period is inverted U-type. Low asset-liability ratio enterprises are positive U type, high asset-liability ratio enterprises are inverted U type, the degree of financing constraint is positively correlated with investment-cash flow sensitivity, and the change of monetary policy affects the investment-cash flow sensitivity of enterprises. It is shown that the sensitivity of investment-cash flow decreases in the loose period, and the sensitivity of investment-cash flow increases in the period of austerity. Meanwhile, the monetary policy changes show asymmetric sensitivity to the investment-cash flow of the enterprises with different financing constraints. And the influence on the enterprises with low financing constraints is greater than that on the firms with high financing constraints. To some extent, the research in this paper enriches the empirical research on monetary policy, financing constraints and the sensitivity of enterprises' investment-cash flow. It provides micro-basis for macro-monetary policy formulation and a more comprehensive reference factor for enterprise investment-financing decision.
【學(xué)位授予單位】：華東師范大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F425;F406.7;F832.51

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本文編號(hào)：1687792