货币政策、企业异质性与债务期限结构  

Monetary Policy,Corporate heterogeneity and Debt maturity structure

作　　者：雷国胜 杨阳 LEI Guosheng;YANG Yang(School of Economics and Management,Southwest Jiaotong University,Chengdu,Sichuan 610031)

机构地区：[1]西南交通大学经济管理学院,成都610031

出　　处：《管理现代化》2024年第4期59-69,共11页Modernization of Management

基　　金：中央高校基本科研业务费项目(2682022WTD014)。

摘　　要：基于2007-2022年A股上市公司季度数据,考察货币政策冲击对企业债务期限结构的影响。研究结果表明:在紧缩性货币政策冲击的影响下,企业债务期限结构受到显著的负面影响,但是这种影响不是瞬时的,而是在冲击发生后的第一个季度才显示出来,并且随时间的推移其下降趋势先增后减,整体呈现“U”型;从融资约束视角来看,融资约束越大的企业其债务期限结构在货币政策冲击发生时受到影响更大,且受影响时间更长;从行业视角来看,相较于技术密集型行业,资本密集型和劳动密集型行业更为敏感,对货币政策冲击对债务期限结构的影响更加显著。研究结果丰富了货币政策对债务期限结构影响的研究,并为相关政策的制定提供了有益参考。Based on quarterly data of A-share listed companies from 2007 to 2022,this study investigates the impact of monetary policy shocks on the debt maturity structure of enterprises.The research reveals that under a contractionary monetary policy shock,there is a notable adverse effect on the debt maturity structure of businesses.However,this effect isn't immediate;it becomes apparent only in the first quarter following the shock.Furthermore,over time,the declining trend exhibits a U-shaped pattern—initially increasing and then decreasing.From the perspective of financing constraints,companies facing more significant financing constraints experience greater impact on their debt maturity structure when monetary policy shocks occur,and this impact endures for a longer duration.From an industry perspective,capital-intensive and labor-intensive industries demonstrate greater sensitivity to monetary policy shocks regarding their impact on debt maturity structure compared to technology-intensive industries.These findings enhance the understanding of how monetary policy influences debt maturity structure and provide beneficial insights for shaping related policies.

关 键 词：货币政策 债务期限结构 融资约束 Proxy-SVAR Local Projection 

分 类 号：F832[经济管理—金融学]