货币政策、外部融资依赖与企业业绩

邱静; 刘芳梅

货币政策、外部融资依赖与企业业绩

引用本文：邱静,刘芳梅.货币政策、外部融资依赖与企业业绩[J].财经理论与实践,2016,(5):31-37

摘要点击次数: 983

全文下载次数: 0

作者	单位
邱静,刘芳梅	(贵州财经大学会计学院，贵州贵阳550025)

中文摘要:作为国家宏观调控重要工具之一，货币政策调整会影响企业融资行为进而影响企业经营业绩。运用我国上市企业数据研究发现，货币政策紧缩时期，企业面临较强的融资约束，银行借款减少，转而寻求商业信用。由于商业信用净额增加小于银行借款减少，货币政策紧缩导致企业融资不足使得企业业绩增长放缓，且外部融资依赖程度越高的企业受到的影响越大，但该影响只存在于非国有企业。研究结论有助于理解货币政策对企业业绩的传导机制，对处于三期叠加时期的我国企业与我国经济都具有一定的实践意义。

中文关键词:货币政策外部融资依赖商业信用企业业绩

The Monetary Policy, Dependence on External Financing and the Firm Performance

Abstract:As one of the macro-control instruments, adjustment of monetary policy influences the financing and performance of enterprises. Based on the data of listed firms, the research finds that firms face strong financing constraint when the monetary policy tightens, which causes bank loan decreasing and trade credit increasing. However, as the increasing rate of trade credit is lower than the decreasing rate of bank loan, there is financing gap, which reduces the increase of firm performance. The higher dependence on external financing, the more significant of influence, but the phenomenon only exists in the non-state-owned enterprises. The conclusion contributes to understanding the function channel from the monetary policy to the firm performance. Meanwhile, evaluation of efficiency of the monetary policy from the view of micro-structure puts forward suggestions to relevant departments.

keywords:monetary policy dependence on external financing trade credit firm performance

查看全文 查看/发表评论 下载pdf阅读器