货币政策、融资能力与产业整合——来自中国制造业的经验证据  

Monetary Policies,Financing Capacity,and Industry Consolidation:A Study of Evidences from Chinese Manufacturing Industries

作　　者：宋文云[1] 谢纪刚[1] 

机构地区：[1]北京交通大学经济管理学院,北京100044

出　　处：《北京交通大学学报（社会科学版）》2012年第3期32-37,共6页Journal of Beijing Jiaotong University(Social Sciences Edition)

基　　金：教育部人文社会科学基金项目(08JC630003);北京交通大学基本科研业务费资助项目(2009JB2008-2)

摘　　要：利用我国制造业A股上市公司1998-2010年的面板数据进行实证研究发现,企业融资能力及融资环境与产业整合显著相关。当货币政策趋于从紧、行业内企业融资能力差异越大时,产业整合将越活跃;当货币政策趋于宽松、行业内企业融资能力差异越小时,产业整合将越不活跃。研究结果表明改善企业外部融资环境,提升企业并购融资能力,有助于促进我国制造业的产业整合。Adopting the panel data of Chinese A-share listed manufacturing industrial companies from 1998 to 2010, an empirical study is conducted upon the relationship between the monetary policies and financing capacity, and industry consolidation, which, as is discovered, are highly correlative. That is, when the monetary policy tends to be tightening with an increasing differentiation among the manufacturing industrial companies＇ financing capacities, the consolidation activity within the industry tends to be more intensive, and vice versa. It is revealed that the im- provement of enterprise＇s external financing niche and its capability in merger and acquisition and financing, shall promote the integration of manufacturing industries in China.

关 键 词：产业整合 货币政策 融资能力 面板数据 

分 类 号：F224.0[经济管理—国民经济]