我国企业杠杆率对股票市场稳定性的影响研究  

Research on the Influence of Leverage Ratio on Stock Market Stability in China

作　　者：王霞 马蕊 WANG Xia;MA Rui(Northwest China Financial Center,Lanzhou University of Finance and Economics,Lanzhou 730020,China;China Construction Bank,Gansu Branch Sales Department,Lanzhou 730002,China)

机构地区：[1]兰州财经大学中国西北金融研究中心,兰州730020 [2]中国建设银行甘肃省分行营业部,兰州730020

出　　处：《中国证券期货》2024年第1期53-65,共13页Securities & Futures of China

基　　金：甘肃省科技厅软科学项目(22JR4ZA071)。

摘　　要：本文针对近年来我国企业杠杆率不断攀升的情况,从理论上分析了企业杠杆率对股票市场稳定性的影响,并利用我国沪深两市2813家A股非金融企业从2005年第一季度到2021年第一季度的数据进行了实证检验,发现我国企业杠杆率上升会加剧股票市场波动,但具有滞后效应;企业杠杆率通过影响企业财务风险和企业投资,对股票市场稳定性产生影响;货币政策具有调节效应,宽松的货币政策会强化企业杠杆率对股票市场稳定性的负向影响。最后提出提升企业综合实力、强化高质量转型发展等相关建议。Paper aimed at the fact that leverage is rising in recent years,our country enterprise,the enterprise are analyzed theoretically leverage effect on the stability of the stock market,and by using China s Shanghai and shenzhen two cities 2813 a-share non-financial enterprises in the first quarter from the first quarter of 2005 to 2021 data to carry on the empirical test,found that our country enterprise rising leverage will intensify stock market volatility,But there is a lag effect;Corporate leverage affects the stability of the stock market by affecting corporate financial risk and investment.Monetary policy has a moderating effect.Loose monetary policy will strengthen the negative impact of corporate leverage on stock market stability.Finally,the paper puts forward some suggestions on how to reduce corporate leverage to maintain the stable development of stock market.

关 键 词：企业杠杆率 股票市场稳定性 传导机制 调节效应分析 

分 类 号：F83[经济管理—金融学]