本文選題：中小上市企業(yè)　切入點：企業(yè)杠桿率　出處：《華僑大學》2017年碩士論文

【摘要】：本文以我國貨幣政策和經(jīng)濟周期因素為視角,分析了我國中小上市企業(yè)杠桿率與企業(yè)風險承擔的關系。研究樣本為深交所中小板和創(chuàng)業(yè)板上市企業(yè)2005-2014年的年度財務數(shù)據(jù)。首先,本文以貨幣政策為切入點,依次分析了企業(yè)杠桿率和貨幣政策單獨作用對中小上市企業(yè)風險承擔水平的影響,接著分析企業(yè)杠桿率與貨幣政策兩者的交互作用與中小上市企業(yè)風險承擔水平的關系。研究發(fā)現(xiàn):企業(yè)杠桿率與中小上市的企業(yè)風險承擔水平呈正相關關系;貨幣政策會對企業(yè)風險承擔水平產(chǎn)生非對稱性影響:緊縮的貨幣政策會提高中小上市企業(yè)的風險承擔水平,寬松的貨幣政策會降低中小上市企業(yè)的風險承擔水平;對比于寬松的貨幣政策,緊縮的貨幣政策對企業(yè)風險承擔的影響更大;貨幣政策可以與企業(yè)杠桿率交互作用,從而對中小上市企業(yè)的風險承擔水平產(chǎn)生影響,其中一年期貸款利率的影響最顯著。其次,本文在上述研究的基礎上加入經(jīng)濟周期因素再次探討:先是研究經(jīng)濟周期對中小上市企業(yè)風險承擔的影響;接著考察企業(yè)杠桿率與經(jīng)濟周期交互作用對中小上市企業(yè)風險承擔的影響;最后分析了不同經(jīng)濟周期背景下,企業(yè)杠桿率和貨幣政策兩者的交互作用與中小上市企業(yè)風險承擔水平的關系。研究顯示:經(jīng)濟周期會對中小上市企業(yè)風險承擔水平產(chǎn)生非對稱性影響,經(jīng)濟收縮期會提高企業(yè)風險承擔水平,經(jīng)濟擴張期會減少其風險承擔水平,且前者帶來的影響要大于后者;經(jīng)濟周期對企業(yè)風險承擔造成影響并非通過企業(yè)杠桿的傳導實現(xiàn);經(jīng)濟周期狀態(tài)改變時,貨幣政策和企業(yè)杠桿率交互作用對企業(yè)風險承擔的影響效果也發(fā)生改變,當政策工具為一年期貸款利率時,若企業(yè)處于經(jīng)濟周期收縮期,不論緊縮或寬松的貨幣政策都會增加企業(yè)風險承擔,若企業(yè)處于經(jīng)濟周期擴張期,緊縮的貨幣政策會增加其風險承擔,寬松的貨幣政策會減少其風險承擔。最后,得出相關政策啟示:中小上市企業(yè)要有充分的杠桿風險意識,可適當提高股權融資比例;中央銀行在制定貨幣政策時要重視一年期貸款利率調整對中小上市企業(yè)風險承擔的影響;企業(yè)在進行決定生產(chǎn)、經(jīng)營策略時,要從微觀和宏觀兩個方面考慮風險承擔問題,要時刻關注政府政策動態(tài),理解其深刻內涵。
[Abstract]:From the perspective of monetary policy and economic cycle, this paper analyzes the relationship between leverage ratio and risk assumption of small and medium-sized listed enterprises in China.The research sample is the annual financial data of small and medium sized and gem listed enterprises in Shenzhen Stock Exchange from 2005 to 2014.First of all, this paper analyzes the influence of leverage ratio and monetary policy alone on the risk-bearing level of small and medium-sized listed enterprises.Then it analyzes the relationship between leverage ratio and monetary policy and the risk-bearing level of small and medium-sized listed enterprises.It is found that the leverage ratio is positively correlated with the risk-bearing level of the small and medium-sized listed enterprises.Monetary policy will have an asymmetric effect on the risk-bearing level of enterprises: tight monetary policy will increase the risk-bearing level of small and medium-sized listed enterprises, and loose monetary policy will reduce the risk-bearing level of small and medium-sized listed enterprises;Compared with the loose monetary policy, the tight monetary policy has a greater impact on the risk bearing of the enterprise, and the monetary policy can interact with the leverage ratio of the enterprise, thus having an impact on the risk bearing level of the small and medium-sized listed enterprises.One year loan interest rate is the most significant impact.Secondly, this paper adds the business cycle factors to the above research: firstly, it studies the impact of the business cycle on the risk bearing of the small and medium-sized listed enterprises;Then it examines the impact of leverage ratio and business cycle interaction on the risk assumption of small and medium-sized listed enterprises. Finally, it analyzes the different business cycle background,The relationship between leverage ratio and monetary policy and risk bearing level of small and medium-sized listed enterprises.The study shows that the business cycle will have an asymmetric impact on the risk-bearing level of the small and medium-sized listed enterprises, and the economic contraction will increase the risk-bearing level of the enterprises, and the economic expansion period will reduce the risk-bearing level of the small and medium-sized listed enterprises.The influence of the former is greater than that of the latter; the influence of the economic cycle on the risk bearing of the enterprise is not realized through the transmission of the enterprise leverage; when the state of the economic cycle changes,The effect of the interaction between monetary policy and corporate leverage on corporate risk-taking is also changed. When the policy instrument is one-year loan rate, if the enterprise is in a period of contraction of the economic cycle,Both tight and loose monetary policy will increase the risk bearing of the enterprise. If the enterprise is in the expansion period of the economic cycle, the tight monetary policy will increase its risk bearing, and the loose monetary policy will reduce its risk bear.Finally, the relevant policy implications: small and medium-sized listed enterprises should have sufficient awareness of leverage risk, can appropriately increase the proportion of equity financing;When formulating monetary policy, the central bank should attach importance to the impact of the one-year adjustment of loan interest rates on the risk-bearing of small and medium-sized listed enterprises. When enterprises decide on their production and operation strategies, they should consider the issue of risk-taking from both micro and macro aspects.We should always pay attention to the government policy development and understand its profound connotation.
【學位授予單位】：華僑大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F276.3;F832.51

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