货币政策、企业资本结构变动及经济后果——基于三大货币政策区间的探讨  

Monetary Policy, Enterprises' Capital Structure and Economic Consequence——The Analysis Based on Three Different Monetary Policy Intervals

作　　者：朱雁春[1,2] 苏文兵[1] 王亚星[3] 

机构地区：[1]南京大学会计与财务研究院,江苏南京210093 [2]昆明理工大学城市学院,云南昆明650093 [3]中国银河证券博士后科研工作站,北京100033

出　　处：《山西财经大学学报》2015年第3期34-47,共14页Journal of Shanxi University of Finance and Economics

基　　金：南京大学国际化会计学博士生项目(IAPHD);国家自然科学基金项目(71202106;71062005);教育部人文社会科学研究青年基金项目(10YJC630029);全国统计科研计划重点项目(2014LZ58)

摘　　要：运用随机边界模型,进行货币政策与企业资本结构变动及经济后果的分析。研究表明,紧缩的货币政策会抑制企业当期的资本配置能力,宽松的货币政策会增强企业当期的资本配置能力。宽松的货币政策会增加企业资本配置的风险,这种效应在利率市场化的货币政策区间尤为显著。在三大货币政策区间里,短期债务、长期债务和商业信用三类负债对以上两者的效应存在着异质性。就经济后果而言,紧缩的货币政策会降低企业的投资完成度,且国有企业的投资完成度低于民营企业,市场化程度较高地区企业的投资完成度高于市场化程度较低的地区。就区域间的时空关联而言,三大货币政策区间的企业投资完成度呈现一定的空间集聚特性,并慢慢呈现三大区域板块集聚的现象。This paper applies the stochastic frontier model to test the relation between the monetary policy and enterprises＇ capital source structure and its economic consequences. The results show that, tight monetary policy will subdue the current capital allocation capability of enterprises; the loose monetary policy will enhance the current capital allocation capability of enterprises. And loose monetary policy will raise the enterprises＇ future financing risk, which is particularly significant from 2012ql to 2013q4.With three ranges of monetary policy, debt financing structure subdivision indexes show heterogeneity for above effects. In the analysis of economic consequence, tight monetary policy will inhibit the financing efficiency of enterprises and reduce investment of enterprises. Investment output of private enterprises is more emcient than state-owned enterprises. Enterprises in the area of high marketization have o＇eater investment efficiency. For the regional spatio-temporal correlation of enterprises, we find there exists certain spatial agglomeration characteristics which slowly revealing the agglomeration of three regional areas in the three respective monetary policy periods.

关 键 词：货币政策 资本结构 时空关联 

分 类 号：F832.5[经济管理—金融学]