银根紧缩、财务柔性与企业风险承担.docVIP

银根紧缩、财务柔性与企业风险承担 张前程 安徽大学经济学院 X 关注成功！ 加关注后您将方便地在 我的关注中得到本文献的被引频次变化的通知！ 新浪微博 腾讯微博 人人网 开心网 豆瓣网 网易微博 摘????要： 基于中国2003-2014年间A股上市公司的季度数据,研究了紧缩性货币政策对企业风险承担的影响,以及财务柔性对二者关系的调节作用。结果发现,银根紧缩能够有效抑制企业风险承担行为,意味着货币政策传导的企业风险承担渠道存在;财务柔性对银根紧缩与企业风险承担关系具有负向调节效应,表明财务柔性能够削弱银根紧缩对企业风险承担的抑制作用,使得货币政策效果大打折扣;财务柔性之于银根紧缩与企业风险承担的负向调节效应对企业规模、是否国有背景以及产品属性具有依存性,与大企业、非国有企业和非耐用品企业相比,中小企业、国有企业和耐用品企业的财务柔性更显著地缓解了银根紧缩对其风险承担水平的抑制效应。 关键词： 银根紧缩; 财务柔性; 企业风险承担; 作者简介：张前程,安徽大学讲师,硕士生导师,经济学博士,主要从事公司金融、货币理论与政策研究,联系方式zhqc001@163.com。 收稿日期：2016-08-16 基金：国家社会科学基金重大招标项目“‘稳增长、调结构、防通胀’三重目标下我国货币政策优化与预期管理研究”(11ZD011) Money Squeeze, Financial Flexibility and Corporate Risk Taking ZHANG Qian-cheng Anhui University; Abstract： Based on the quarterly data of A-share listed companies in China from 2003 to 2014,this paper studies the impact of tightening monetary policy on corporate risk-taking and the effect of financial flexibility on the adjustment of the relationship between the two. The results show that monetary tightening can effectively restrain the corporate risk-taking behaviors, which means that there are channels of corporate risk taking transmitted by monetary policies. Financial flexibility has negative adjustment effect on the relationship between monetary tightening and corporate risk-taking, which shows that financial flexibility can weaken the restraint effect of monetary tightening on corporate risk-taking, giving a discount to the effect of monetary policy. The negative effect of financial flexibility on monetary tightening and corporate risk-taking has a dependence on firm size, state-owned background and product attributes. Compared with large enterprises, non-state-owned enterprises and non-durable goods enterprises, the financial flexibility of SMEs, state-owned enterprises and durable goods companies can more significantly alleviate and the inhibiting effect of monetary tightening on the level of risk-taking. Keyword： money squeeze; financial flexibility; enterprise risk-taking; Receive