基于宏观经济政策视角的我国企业负债融资研究  

Debt Financing and Equity Structure of Chinese State Owned Enterprises-From the Perspective of Macroeconomic Policy

作　　者：王昌荣[1] 马红[1] 王元月[2] 

机构地区：[1]中国海洋大学管理学院,山东青岛266100 [2]中国海洋大学经济学院,山东青岛266100

出　　处：《中国管理科学》2016年第5期158-167,共10页Chinese Journal of Management Science

基　　金：教育部人文社科基金资助项目(11YJA790156)

摘　　要：本文主要研究宏观经济政策作为政府调控宏观经济的手段,对微观企业融资行为所产生的显著影响。鉴于我国金融机构对国有和非国有企业存在的信贷歧视,本文剔除了产权性质的影响,把国有上市企业作为研究对象,以2003-2013年的数据为样本。首先研究宏观经济政策对国有企业负债融资行为的影响,证明了财政政策的扩张和货币政策的紧缩都能促进国有企业负债融资的增加。然后进一步研究宏观经济政策的外部因素和股权结构的内部因素对负债融资与企业业绩之间关系的影响,研究结果表明扩张性财政政策下,负债融资与国有企业绩效正相关;紧缩性货币政策下,负债融资与国有企业绩效负相关;股权结构分散程度的增加,有利于促进负债融资对国有企业绩效的正效应。As government＇s method to regulate macro economy, macroeconomic policy has a pact on financing behavior of micro enterprises. In consi state-owned enterprises and non state-owned enterprises nature of property righ 2013 data. First of all, financing behavior and promote debt financing deration of the credit discriminati by financial institutions, eliminat significant imon of China＇s es influence of t, China＇s state-owned enterprises will be the object of study by utilizing 2007 to this paper discovers the impact of macroeconomic policy on state-owned enterprises proves that expansion of macroeconomic policies and tightened monetary policies of state-owned enterprises. Further it is also found that the relationship between debt financing with enterprises performance with impact of external factor of macroeeonomic policies and internal factor of equity structure. The research shows that debt financing is positive to enterprises performance under expanded macroeconomic policies and is negative to enterprises performance under tightened monetary policies. The more disperse of equity structure, the more positive influences debt financing on state-owned enterprises performance.

关 键 词：财政政策 货币政策 负债融资 股权结构 

分 类 号：F224[经济管理—国民经济]