利率波动、融资约束与存货投资——来自中国制造业企业的证据  

Interest Rate Volatility,Financial Constraints,and Inventory Investment:Evidence from Chinese Manufactural Firms

作　　者：戴严科[1] 林曙[1] 

机构地区：[1]复旦大学经济学院,上海200433

出　　处：《金融研究》2017年第4期95-111,共17页Journal of Financial Research

基　　金：国家自然科学基金优秀青年科学基金货币政策项目(71222301)资助

摘　　要：利用中国工业企业数据库,本文考察了利率波动对制造业企业存货投资的影响。研究发现:(1)由于利率本身上升和下降传导机制的非对称性,利率波动对企业存货投资的影响具有异质性,面临更强融资约束的企业受到的抑制作用更大;(2)相比民营或外资企业,国有企业对利率波动更为敏感;(3)在金融市场化程度高的地区利率波动的负面作用更小。基于上述结论,在利率管制不断放开的背景下,央行应采取措施避免大幅波动出现。This study employs Chinese Industrial Enterprises Database to examine the impact of interest rate volatility on firm inventory investment behavior. We find that ： （ 1 ） financially more constrained firms have a more negative exposure of their inventory investment to interest rate volatility because of the asymmetry of the interest rate channel; （2） the effect is more significant on the state - owned enterprises; （3） financial marketization helps alleviate the negative effect. Our results support the view that, as China liberalizes its interest rates, the central bank should take measures to avoid the emergence of large fluctuations.

关 键 词：利率波动 存货投资 融资约束 

分 类 号：F406.7[经济管理—产业经济] F425F832.4F832.5