CAJ | 학술논문

次贷危机爆发后，以美联储为代表的许多国家货币当局纷纷采用逆周期货币政策，以刺激经济增长。本文以2004-2012年上市公司数据实证分析货币政策对企业风险管理的影响，结果表明货币政策对实体经济存在风险传导效应：宽松货币政策下企业风险管理效率降低，银行信贷风险增加；紧缩货币政策下企业风险管理效率提高，银行信贷风险降低。经济下行时期货币政策的风险传导效应强于经济上行时期的风险传导效应。
차대위궤폭발후，이미련저위대표적허다국가화폐당국분분채용역주기화폐정책，이자격경제증장。본문이2004-2012년상시공사수거실증분석화폐정책대기업풍험관리적영향，결과표명화폐정책대실체경제존재풍험전도효응：관송화폐정책하기업풍험관리효솔강저，은행신대풍험증가；긴축화폐정책하기업풍험관리효솔제고，은행신대풍험강저。경제하행시기화폐정책적풍험전도효응강우경제상행시기적풍험전도효응。
After the subprime mortgage crisis , many monetary authorities such as the US Federal Reserve chose counter-cycle monetary policy to promote the economic growth .With the data of listed companies from 2004 to 2012, this paper analy-zes the impact of monetary policy on enterprise risk management .The empirical results show that monetary policy has risk transmission effect on real economy .Easy monetary policy reduces the efficiency of enterprise risk management , and thus in-creases the credit risk of banks .Tight monetary policy stimulates the enterprise to increase the efficiency of risk management and decreases the credit risk of banks .The risk transmission effect of monetary policy is greater during the decline period than the flourishing period .