机构地区: 南京大学商学院会计学系
出 处: 《会计研究》 2013年第1期63-69,96,共7页
摘 要: 本文以2002—2010年期间深沪上市公司季度数据为基础,从区域金融发展的角度评估了宏观货币政策对企业融资约束的缓解效应,从企业投资层面考察了宏观货币政策的传导机制。文章的实证研究结果显示:1)宽松的货币政策促进了企业扩张投资,通过降低企业投资内部现金流敏感性缓解了企业融资约束,改善了企业金融生态环境。2)区域金融市场的发展激励了企业扩张投资,营造了良好的企业金融生态环境,从而有效缓解企业的融资约束压力。3)区域金融市场的发展强化了宏观货币政策对企业融资约束的缓解效应,优化了宏观货币政策的传导机制。本文的研究发现为宏观货币政策及其区域效应的传导机制提供了企业投融资层面的微观证据。 This paper studies the relieving effect of macro-monetary policy on corporate financing constraint based on regional financial development, and explores the transmission effect of macro-monetary policy on corporate investing. Our positive research suggests that, 1) Ease-monetary policy has a positive effect on corporate investment and corporate financial constraint, could significantly relieve corporate financial constraint, encourage firm expanding investment.2) Regional financial development also has a positive effect on corporate investment and corporate financial constraint. 3) Regional financial development strengthens transmission mechanism of macro-monetary policy. Our empirical results supply firm-level micro evidence about transmission mechanism of macro monetary policy.
关 键 词: 企业融资约束 金融生态环境 货币政策 传导机制 区域金融发展
领 域: [经济管理]