货币政策波动、产权性质与企业财务困境风险化解  

Fluctuation of Monetary Policy, Nature of Property Right and Resolve of Financial Risk

作　　者：章铁生[1] 赵文雪[1] 杨洋[1] ZHANG Tiesheng ZHAO Wenxue YANG Yang(School of Business, Anhui University ofTechnology, Ma＇anshan 243032, Chin)

机构地区：[1]安徽工业大学商学院,安徽马鞍山243032

出　　处：《安徽工业大学学报（自然科学版）》2017年第1期82-89,共8页Journal of Anhui University of Technology（Natural Science）

基　　金：安徽省高校人文社会科学研究重大项目(SK2017ZD05)

摘　　要：选取2006—2014年沪深A股ST公司的财务数据作为样本,采用Logistic回归模型实证分析货币政策波动与企业财务困境风险化解的关系,实证结果表明:货币政策趋紧与企业财务困境风险化解有显著的负相关关系,即货币政策趋紧不利于企业化解财务困境风险;相较于货币政策趋紧对国有困境企业风险化解的负面影响,非国有困境企业在货币政策趋紧时受到的负面影响更为显著。Choosing date of the ST companies ofA shares in the Shanghai and Shenzhen Stock Markets during the years of 2006-2014 as samples, this paper makes an empirical analysis of the relationships between the fluctua-tion of monetary policy and the resolve of the financial risk with logistic regression model. The results shows： there is a negative relationship between the tightening monetary policy and the resolve of corporate financial risk, namely tightening monetary policy is harmful to the resolve of corporate financial risk; for non state-owned enter-prises which is enduring financial risk, tightening monetary policy has significantly adverse impact on its resolve, while for state-owned enterprises, the adverse impact is not significant.

关 键 词：货币政策波动 产权性质 财务困境 风险化解 

分 类 号：F275.5[经济管理—企业管理]