货币政策调整、公司融资约束与宏观审慎管理——来自中国上市公司的经验证据  

Monetary Policy Adjustment,Corporate Financing Constraints and Macro-Prudential Management: Empirical Evidence from Chinese Listing Corporation

作　　者：张朝洋[1] 胡援成[2] 

机构地区：[1]中国人民银行南昌中心支行金融研究处 [2]江西财经大学金融发展与风险防范研究中心

出　　处：《中国经济问题》2017年第5期107-119,共13页China Economic Studies

基　　金：国家自然科学基金项目(71172192);国家自然科学基金项目(71661008);江西省高校人文社科重点研究基地项目(JD1459;JD1560;JD1654)

摘　　要：本文利用2006Q1-2015Q3中国上市公司数据分析了货币政策调整对公司融资约束的影响,并首次围绕货币政策与宏观审慎政策对公司融资约束的协同作用进行了实证检验。研究结果表明:非国有公司、资产规模较小的公司和金融发展水平较低地区的公司的投资-现金流敏感性更高,货币政策对其融资约束的缓解效果更明显;当货币政策取向由扩张转为紧缩、经济由上升周期进入下行周期、调控规模由大变小时,货币政策对公司融资约束的缓解作用趋于减弱。研究还发现,宏观审慎政策会强化货币政策对非国有公司、资产规模较小的公司和金融发展水平较低地区的公司的融资约束的缓解作用,降低货币政策在取向转为紧缩、经济进入下行周期、调控规模变小时对公司融资约束缓解效果造成的影响。This paper analyzes the impact of monetary policy adjustment on corporate financing constraints, and the syner- gistic effect between monetary policy and maero-prndential policy in alleviating corporate financing constraints, using data from Chinese listing corporation over the period 2006Q1-2015Q3. The results show that investment cash flow sensitivity is higher for corporation with non-state-owned nature, smaller size and lower regional financial development, and the effect of loose mone- tary policy to ease financing constraints of these corporations is more obvious. While the direction of monetary policy turns to tighten, the economy enters into the downward cycle, or the size of monetary policy becomes smaller, the mitigation effect of monetary policy on corporate financing constraints tends to weaken. Further investigation demonstrates that macro-ptudential policy will strengthen the mitigation effect of monetary policy on these corporations and reduce the effect of monetary policy while experiencing these types of monetary policy asymmetry.

关 键 词：投资-现金流敏感性 货币政策非对称性 宏观审慎指数 协同作用 

分 类 号：F275[经济管理—企业管理] F822.0[经济管理—国民经济] F832.51