北京交通大学学报：社会科学版
北京交通大學學報：社會科學版
북경교통대학학보：사회과학판
Journal of Beijing Jiaotong University Social Sciences Edition
2012年
3期
32~37
,共null页
产业整合 货币政策 融资能力 面板数据
產業整閤 貨幣政策 融資能力 麵闆數據
산업정합 화폐정책 융자능력 면판수거
industry consolidation; monetary policies; financing capacity; panel data
利用我国制造业A股上市公司1998-2010年的面板数据进行实证研究发现,企业融资能力及融资环境与产业整合显著相关。当货币政策趋于从紧、行业内企业融资能力差异越大时,产业整合将越活跃;当货币政策趋于宽松、行业内企业融资能力差异越小时,产业整合将越不活跃。研究结果表明改善企业外部融资环境,提升企业并购融资能力,有助于促进我国制造业的产业整合。
利用我國製造業A股上市公司1998-2010年的麵闆數據進行實證研究髮現,企業融資能力及融資環境與產業整閤顯著相關。噹貨幣政策趨于從緊、行業內企業融資能力差異越大時,產業整閤將越活躍;噹貨幣政策趨于寬鬆、行業內企業融資能力差異越小時,產業整閤將越不活躍。研究結果錶明改善企業外部融資環境,提升企業併購融資能力,有助于促進我國製造業的產業整閤。
이용아국제조업A고상시공사1998-2010년적면판수거진행실증연구발현,기업융자능력급융자배경여산업정합현저상관。당화폐정책추우종긴、행업내기업융자능력차이월대시,산업정합장월활약;당화폐정책추우관송、행업내기업융자능력차이월소시,산업정합장월불활약。연구결과표명개선기업외부융자배경,제승기업병구융자능력,유조우촉진아국제조업적산업정합。
Adopting the panel data of Chinese A-share listed manufacturing industrial companies from 1998 to 2010, an empirical study is conducted upon the relationship between the monetary policies and financing capacity, and industry consolidation, which, as is discovered, are highly correlative. That is, when the monetary policy tends to be tightening with an increasing differentiation among the manufacturing industrial companies＇ financing capacities, the consolidation activity within the industry tends to be more intensive, and vice versa. It is revealed that the im- provement of enterprise＇s external financing niche and its capability in merger and acquisition and financing, shall promote the integration of manufacturing industries in China.
