上市企业杠杆率水平与货币政策中介目标选择  

Leverage Level of Listed Enterprises and Selection of Intermediate Targets of Monetary Policy

作　　者：巴曙松 秦怡[1] Ba Shusong;Qin Yi(School of Finance,Zhongnan University of Economics and Law,Wuhan 430073,Hubei,China;China Banking Association,Beijing 100033,China)

机构地区：[1]中南财经政法大学金融学院,湖北武汉430073 [2]中国银行业协会,北京100033

出　　处：《金融经济学研究》2020年第2期3-17,共15页Financial Economics Research

摘　　要：选取2011~2018年1278家沪深两市A股非金融上市司作为研究样本,探究上市非金融企业杠杆率水平与货币政策中介目标之间存在的联系,研究表明,在广义货币供应量增速惯性下行时,继续采用货币供应量作为中介目标,会导致上市企业杠杆率向相反的方向变化;货币市场利率与上市企业杠杆率呈同向变化,货币当局选用货币市场利率作为中介目标在当前经济高质量发展的背景下显得更有效率,更利于上市企业降杠杆;若同时选用广义货币供应量和利率作为中介目标,二者对上市企业杠杆率作用的方向不确;企业所有制性质差异可能是该联系存在的证据。A total of 1,278 non-financial A-share listed companies from Shanghai and Shenzhen stock markets from 2011 to 2018 are selected as the research sample to explore the relationship between the leverage ratio of listed non-financial companies and the intermediary targets of monetary policy.The research shows that when the growth of broad money supply declines by inertia,sustained adoption of money supply as an intermediary target will lead listed companies’leverage ratio to change in the opposite direction;money market interest rates and listed companies’leverage ratios change in the same direction;the adoption of money market rates as the intermediary target by monetary authorities would be more efficient in the current context of emphasizing quality in economic development,and it would be more conducive to the reduction of leverage level of listed companies;if both broad money supply and interest rate are used as intermediary targets,the effect of both on the listed companies’leverage ratio is ambiguous;and differences in the nature of enterprise ownership may testify to the existence of such connection.

关 键 词：杠杆率 货币政策中介目标 货币供应量 利率 

分 类 号：F822.0[经济管理—财政学]