经济与管理研究
經濟與管理研究
경제여관리연구
Research on Economics and Management
2010年
8期
67~73
,共null页
货币政策 短期融资券 过度投资 投资效率
貨幣政策 短期融資券 過度投資 投資效率
화폐정책 단기융자권 과도투자 투자효솔
Monetary Policy ; Short - term Bonds ; Over - investment ; Efficiency of Investment Allocation
2007年中国货币政策不断紧缩,银行信贷规模也在不断变化之中,不同的公司受到不同程度的融资约束。本文以2007年上市公司为研究对象,对紧缩货币政策下我国上市公司中受到进入资本市场融资约束程度不同的两组样本的投资活动进行了实讧分析,研究发现:(1)未发行短期融资券公司具有更严重的融资约束,其投资-现金流的敏感性低;(2)发行短期券与增发配股有利于降低对银行借款的依赖性;(3)发行短期融资券有利于抑制过度投资行为,投资配置效率优于未发行短期融资券的公司,也优于增发配股融资公司。
2007年中國貨幣政策不斷緊縮,銀行信貸規模也在不斷變化之中,不同的公司受到不同程度的融資約束。本文以2007年上市公司為研究對象,對緊縮貨幣政策下我國上市公司中受到進入資本市場融資約束程度不同的兩組樣本的投資活動進行瞭實訌分析,研究髮現:(1)未髮行短期融資券公司具有更嚴重的融資約束,其投資-現金流的敏感性低;(2)髮行短期券與增髮配股有利于降低對銀行藉款的依賴性;(3)髮行短期融資券有利于抑製過度投資行為,投資配置效率優于未髮行短期融資券的公司,也優于增髮配股融資公司。
2007년중국화폐정책불단긴축,은행신대규모야재불단변화지중,불동적공사수도불동정도적융자약속。본문이2007년상시공사위연구대상,대긴축화폐정책하아국상시공사중수도진입자본시장융자약속정도불동적량조양본적투자활동진행료실홍분석,연구발현:(1)미발행단기융자권공사구유경엄중적융자약속,기투자-현금류적민감성저;(2)발행단기권여증발배고유리우강저대은행차관적의뢰성;(3)발행단기융자권유리우억제과도투자행위,투자배치효솔우우미발행단기융자권적공사,야우우증발배고융자공사。
In the year of 2007 , China's monetary policy is becoming tightening and bank credit scale is changing con- stantly, different companies are in different degrees of financing constraints. This study, based on the listed companies in 2007, focused on capital investments of two sets of Chinese firms which are under different degrees of financing con- straints. From the empirical analysis, we found : ( 1 ) Companies that do not issue short - term bonds have more serious financial constraints and the sensitivity of their investment - cash flow is low. (2) Companies that issue short - term bonds do not depend on bank loan . (3) Capital allocation efficiency of companies that issue short - term bonds is obviously su- perior to the non - issuers and superior to the companies that issue rights offer or seasoned equity offer.