货币政策调控与融资结构变化——基于企业所有制与规模差异的研究视角  

Monetary Policy and Financing Structure Change:A Perspective of Corporate Ownership and Size

作　　者：徐文舸[1] 包群[2] 

机构地区：[1]国家发展和改革委员会投资研究所 [2]南开大学经济学院

出　　处：《金融评论》2016年第1期81-98,126,共18页Chinese Review of Financial Studies

基　　金：教育部"新世纪优秀人才支持计划"(NCET-11-0248);国家自然科学基金(71103100;71203107;71473136);霍英东教育基金基础性研究课题(141083);南开大学中央专项基金课题(NKZXB1226)的资助

摘　　要：中国人民银行自2010年开始采取了一系列紧缩性货币政策,来对宏观经济过热与流动性过剩进行调控。本文以人民银行2010年第四季度至2011年第三季度的货币政策调控为自然实验的研究对象,通过采用倍差法的检验策略,考察了货币政策调控对制造业上市企业融资结构的影响。由于不同所有制与规模的企业面临显著的信贷约束与融资能力差异,本文强调货币政策调控对这些异质性企业的融资结构的区别性影响。研究发现:紧缩性的货币政策调控将导致民营企业和中小企业的融资结构出现较为明显的调整,即外源融资占比、企业总债务率以及有息债务率均呈现出下降的趋势,尤其是民营企业表现得更为显著,而对国有企业和大企业的融资结构变化则影响不明显。该结果不仅证实了融资结构这一微观基础的存在性,而且也揭示出作为调控对象微观企业的行为变化,为客观理解宏观货币政策调控的微观影响提供了难得的经验证据。Since 2010, the People's Bank of China(PBC) began to take a series of tightening monetary policy to regulate overheating macro-economy and excess liquidity. The paper takes the PBC monetary policy from 2010 Q4 to 2011 Q3 as a natural experiment and uses difference-in-differences method to examine the impact of monetary policy on the financing structure of listed corporations in the manufacturing sector. As corporations of various ownership type and size face significant difference in credit constraints and financing ability, this paper emphasizes on the difference in the impact of monetary policy on the financing of corporations of different ownership and size structures. The research finds that tightening monetary policy leads to more significant adjustment in the financing structure of private, small and medium enterprises. Their external financing ratio, total debt ratio and interest-bearing debt rate shows a downward trend. But the adjustment in the financing structure of state-owned and large corporations are not obvious. The results provide empirical evidence for understanding the impact of macro monetary policy at micro-structure level.

关 键 词：货币政策 融资结构 企业所有制 宏观调控 

分 类 号：F822.0[经济管理—财政学] F406.7