宏观经济周期对企业外部融资的影响研究  

Research on the Impact of Business Cycle on the Corporate External Financing

作　　者：吴华强[1] 才国伟[1] 徐信忠[1] 

机构地区：[1]中山大学岭南学院,广东广州510275

出　　处：《金融研究》2015年第8期109-123,共15页Journal of Financial Research

基　　金：国家自然科学基金项目(71372146;71272200);教育部人文社科项目(13YJA790001);广东省优秀青年教师培养计划(Yq2013001);中山大学优秀青年教师培养计划(14wkpy44)的资助

摘　　要：本文认为,经济周期会通过影响融资-托宾Q、融资-现金流敏感度来影响企业的外部融资行为。实证发现,托宾Q与外部融资正相关,现金流与外部融资负相关。随着经济周期的变化,托宾Q和现金流对外部融资的影响系数也会发生变化。在经济扩张时期,托宾Q对债权融资的正向影响会增强,现金流对债权融资的负向影响会减弱;而托宾Q对股权融资的正向影响会减弱,现金流对股权融资的负向影响会增强。因此,企业债权融资和资产负债率是顺周期的,而股权融资是逆周期的。此外,经济周期对不同规模、产权、行业的企业外部融资影响也存在差异。This paper believes that business cycle can influence the firms＇ external financing by the channel of financing - Q sensitivity and financing - cash flow sensitivity. The empirical results confirm that, the effect of investment value on the external financing is positive, and that of the internal cash flow is negative. During the business cycle, both of the coefficients of Tobin - Q and internal cash flow will change. During the period of e- conomic expansion, the positive effect of Tobin - Q on the debt financing will become stronger, and the negative effect of cash flow will become weaker. Moreover, the positive effect of Tobin - Q on the equity financing will become weaker, and the negative effect of cash flow will become stronger.＇ So the debt financing and the ratio of liabilities to assets are pro - cyclical, while the equity financing is counter - cyclical. The effect of business cy- cle among the companies in different sizes, different property rights and different industries are also different.

关 键 词：债权融资 股权融资 宏观经济周期 

分 类 号：F275[经济管理—企业管理] F123[经济管理—国民经济]