本文選題：預(yù)期通貨膨脹　切入點(diǎn)：資產(chǎn)結(jié)構(gòu)　出處：《北京理工大學(xué)》2015年碩士論文　論文類型：學(xué)位論文

【摘要】：本文旨在研究預(yù)期通貨膨脹對(duì)企業(yè)資產(chǎn)結(jié)構(gòu)的影響。由于宏觀經(jīng)濟(jì)的變化必然反映在微觀個(gè)體行為之上，對(duì)微觀企業(yè)的深入研究有利于我們更好地理解通貨膨脹的作用，同時(shí)也幫助企業(yè)經(jīng)營(yíng)者更好地應(yīng)對(duì)通貨膨脹波動(dòng)，本文以企業(yè)資產(chǎn)結(jié)構(gòu)調(diào)整行為作為切入點(diǎn)，考察通貨膨脹率波動(dòng)對(duì)微觀主體的行為影響。本文采用實(shí)證研究與規(guī)范研究相結(jié)合，并偏重于實(shí)證分析的研究方法。研究結(jié)果認(rèn)為預(yù)期高通貨膨脹時(shí)期企業(yè)持有的經(jīng)營(yíng)資產(chǎn)水平上升而金融資產(chǎn)水平下降，預(yù)期低通貨膨脹時(shí)期，，企業(yè)持有的經(jīng)營(yíng)資產(chǎn)水平下降而金融資產(chǎn)水平上升；預(yù)期通貨膨脹對(duì)非國(guó)有控股公司的金融資產(chǎn)水平影響更大，而對(duì)國(guó)有控股公司的金融資產(chǎn)水平影響相對(duì)較��；針對(duì)預(yù)期通貨膨脹主動(dòng)調(diào)整資產(chǎn)結(jié)構(gòu)的企業(yè)未來經(jīng)營(yíng)業(yè)績(jī)會(huì)更好（主動(dòng)是增加經(jīng)營(yíng)資產(chǎn)）；預(yù)期通貨膨脹率較高的情況下，融資約束公司比非融資約束公司持有的金融資產(chǎn)水平更高；通貨膨脹和企業(yè)資本結(jié)構(gòu)共同影響資產(chǎn)結(jié)構(gòu)，通貨膨脹和資本結(jié)構(gòu)之間存在互補(bǔ)作用；通貨膨脹和企業(yè)盈利能力共同影響資產(chǎn)結(jié)構(gòu)，通貨膨脹和企業(yè)盈利能力之間存在替代關(guān)系。并對(duì)通貨膨脹與企業(yè)資產(chǎn)結(jié)構(gòu)進(jìn)行了內(nèi)生性檢驗(yàn)。本研究試圖把通貨膨脹對(duì)企業(yè)行為的影響納入宏觀經(jīng)濟(jì)與微觀主體行為互動(dòng)關(guān)系的研究框架中，顯性化通貨膨脹對(duì)企業(yè)行為的影響，也拓展了企業(yè)資產(chǎn)結(jié)構(gòu)調(diào)整方面的研究，進(jìn)而為企業(yè)經(jīng)營(yíng)者更好的應(yīng)對(duì)通貨膨脹波動(dòng)的影響、提高經(jīng)營(yíng)業(yè)績(jī)甚至改進(jìn)資產(chǎn)負(fù)債表提供有益的參考。
[Abstract]:The purpose of this paper is to study the impact of expected inflation on the asset structure of enterprises. Since the change of macro-economy must be reflected in the micro-individual behavior, the in-depth study of micro-enterprises will help us to better understand the role of inflation. At the same time, it also helps business operators to cope with inflation fluctuations better. This paper takes the adjustment of enterprise assets structure as the starting point. To investigate the effect of inflation rate fluctuation on the behavior of micro subjects, this paper combines empirical research with normative research. The results show that the level of operating assets held by enterprises will rise while the level of financial assets will decrease during the period of high inflation, and the level of financial assets will decrease in the period of low inflation. The level of operating assets held by enterprises decreases while the level of financial assets rises, and the expected inflation has a greater impact on the level of financial assets of non-state-owned holding companies than on the level of financial assets of state-owned holding companies. Enterprises that actively adjust their asset structure in response to expected inflation will perform better in the future (the initiative is to increase operating assets; when the expected inflation rate is high, The level of financial assets held by financing constrained companies is higher than that of non-financing constrained companies, inflation and capital structure of enterprises jointly affect the asset structure, and there are complementary roles between inflation and capital structure. Inflation and profitability together affect the structure of assets, There is a substitution relationship between inflation and profitability, and an endogenous test of inflation and enterprise asset structure is made. This study attempts to incorporate the effect of inflation on firm behavior into the macro-economic and micro-economic context. In the framework of the research on the interaction of physical behavior, The influence of dominant inflation on enterprise behavior has also expanded the research on the adjustment of enterprise asset structure, thus providing a better response to inflation fluctuations for business operators. Improving operating performance and even improving balance sheet provides useful reference.
【學(xué)位授予單位】：北京理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2015
【分類號(hào)】：F822.5;F275

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