利息是否侵蝕利潤:基于上市公司的實證分析
發(fā)布時間:2019-03-04 09:16
【摘要】:利率如何影響利潤率,是經(jīng)濟運行的一個關(guān)鍵問題。文章以上市公司為樣本,證實利息對利潤的侵蝕作用。實證結(jié)果表明,A股中小企業(yè)板民營企業(yè)的加權(quán)利潤率受利率的影響較為明顯,而國有性質(zhì)企業(yè)受影響較小;A股主板工業(yè)、醫(yī)療保健和信息技術(shù)的板塊利潤率受利率的影響顯著,工業(yè)受到的負向作用程度最大,持續(xù)時間最長;貸款基準(zhǔn)利率對A股上市企業(yè)的超額收益率存在明顯的抑制作用。
[Abstract]:How the interest rate affects the profit margin is a key problem in the economic operation. Taking listed companies as samples, this paper confirms the erosive effect of interest on profits. The empirical results show that the weighted profit margin of A-share small and medium-sized enterprises is significantly affected by interest rate, while the state-owned enterprises are less affected. The profit margin of A-share main board industry, health care and information technology is significantly affected by the interest rate, the negative effect of industry is the largest, and the duration is the longest; The benchmark interest rate on the A-share listed enterprises has an obvious inhibitory effect on the excess yield.
【作者單位】: 暨南大學(xué)經(jīng)濟學(xué)院;
【分類號】:F275;F832.51
[Abstract]:How the interest rate affects the profit margin is a key problem in the economic operation. Taking listed companies as samples, this paper confirms the erosive effect of interest on profits. The empirical results show that the weighted profit margin of A-share small and medium-sized enterprises is significantly affected by interest rate, while the state-owned enterprises are less affected. The profit margin of A-share main board industry, health care and information technology is significantly affected by the interest rate, the negative effect of industry is the largest, and the duration is the longest; The benchmark interest rate on the A-share listed enterprises has an obvious inhibitory effect on the excess yield.
【作者單位】: 暨南大學(xué)經(jīng)濟學(xué)院;
【分類號】:F275;F832.51
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