货币政策、融资约束与实体企业融资  

Monetary Policy,Financing Constraints and the Financing of Entity Enterprises

作　　者：于欣晔 冯永琦[1] Yu Xinye;Feng Yongqi(School of Economics,Jilin University)

机构地区：[1]吉林大学经济学院

出　　处：《国际金融研究》2023年第12期83-93,共11页Studies of International Finance

基　　金：国家社会科学基金一般项目“中国信贷周期形成机理的动态转换与宏观调控研究”(20BJY022);教育部人文社会科学重点研究基地重大项目“跨周期和逆周期结合下的金融安全维护研究”(22JJD790066)资助。

摘　　要：实体企业融资受企业自身融资约束以及货币政策等因素的影响。本文运用2011—2021年中国A股上市实体企业微观数据,研究货币政策对实体企业融资的影响,并分析了融资约束对货币政策影响实体企业融资的调节效应。研究结果表明:货币政策对实体企业融资具有显著影响,宽松货币政策能够显著提升实体企业股权融资和信贷融资规模,对股权融资规模的提升作用更强。从融资约束的调节效应来看,实体企业融资约束越强,货币政策对其股票与信贷融资规模的提升作用越强。相对大型和国有实体企业而言,宽松货币政策对中小型和民营实体企业融资规模的影响更为显著。本文研究丰富了实体企业融资理论,为进一步优化不同类型实体企业的融资结构、推动金融支持实体企业发展提供微观层面的经验证据。When corporate entities pursue external financing, they primarily choose between stock and credit financing.However, in the context of China's current financing environment, relatively high financing constraints would limit the financ⁃ing choices available to some enterprises, compelling them to pursue non-preferred forms of financing and deviate from theiroptimal financing decisions. Therefore, researching the impact of monetary policy on the financing of individual enterprises andunderstanding the regulatory role that financing constraints play in the process of improving individual enterprises financingthrough monetary policy is of significant practical importance.This study utilizes micro-level data from Chinese A-share listed entity enterprises spanning from 2011 to 2021 to investi⁃gate the impact of monetary policy on entity enterprises financing. It also analyzes the moderating effects of financing con⁃straints on the influence of monetary policy. Furthermore, the study examines the heterogeneous impact of monetary policy on fi⁃nancing for enterprises of different sizes and ownership structures.The research findings indicate that monetary policy significantly affects entity enterprises financing. A loose monetarypolicy substantially increases the scale of both stock and credit financing for entity enterprises, with more pronounced effect inincreasing the scale of stock financing. In terms of the moderating effect of financing constraints, the higher the financing con⁃straints on individual enterprises, the greater the impact of monetary policy on increasing their stock and credit financing. Incomparison to large and state-owned enterprises, loose monetary policy has a more significant influence on the financing scalefor small and medium-sized enterprises, as well as private enterprises.Based on the study's findings, the following policy recommendations are proposed. Firstly, enhance the transmission effi⁃ciency of monetary policy to ensure that loose monetary policy effectively promotes stock a

关 键 词：实体企业 货币政策 融资约束 股权融资 信贷融资 

分 类 号：F822[经济管理—财政学] F832