经济与管理研究
經濟與管理研究
경제여관리연구
RESEARCH ON ECONOMICS AND MANAGEMENT
2014年
5期
49-57
,共9页
货币政策%融资战略%长期绩效%民营企业
貨幣政策%融資戰略%長期績效%民營企業
화폐정책%융자전략%장기적효%민영기업
Monetary Policy%Financing Strategy%Long-term Performance%Private Enterprises
本文以中国2006～2011年民营企业数据库中的上市公司为研究对象，检验了货币政策、融资战略与企业绩效的关系。研究发现：货币政策总体上会显著影响民营企业的财务杠杆水平，而相对于紧缩货币政策，宽松货币政策与财务杠杆之间的正向关系更强；财务杠杆在宽松货币政策下对民营企业长期绩效起抑制作用。本文为中国宏观货币政策变化对微观民营企业融资战略及长期绩效的传导影响提供了新的视角和证据。
本文以中國2006～2011年民營企業數據庫中的上市公司為研究對象，檢驗瞭貨幣政策、融資戰略與企業績效的關繫。研究髮現：貨幣政策總體上會顯著影響民營企業的財務槓桿水平，而相對于緊縮貨幣政策，寬鬆貨幣政策與財務槓桿之間的正嚮關繫更彊；財務槓桿在寬鬆貨幣政策下對民營企業長期績效起抑製作用。本文為中國宏觀貨幣政策變化對微觀民營企業融資戰略及長期績效的傳導影響提供瞭新的視角和證據。
본문이중국2006～2011년민영기업수거고중적상시공사위연구대상，검험료화폐정책、융자전략여기업적효적관계。연구발현：화폐정책총체상회현저영향민영기업적재무강간수평，이상대우긴축화폐정책，관송화폐정책여재무강간지간적정향관계경강；재무강간재관송화폐정책하대민영기업장기적효기억제작용。본문위중국굉관화폐정책변화대미관민영기업융자전략급장기적효적전도영향제공료신적시각화증거。
This article takes listed companies from 2006 to 201 1 in the database of private enterprises,discussing the relationship among monetary policies,financing strategy and long-term performance as the research object.The study has been found that changes of monetary policies will significantly affect the financing strategy,the relationship between loose monetary policy and financing strategy is stronger relatively than the tight one;the financial leverage has inhibitory effect on long-term performance of private enterprises in the loose monetary policy.Generally,this article provides a new angle and evidence to understand how the changes of macro monetary policy conductions and effects on the financing strategy of mi-croscopic private enterprise and long-term performance.
