货币政策与企业财务风险变化.docVIP

货币政策与企业财务风险变化 季伟伟 陈志斌 赵燕 南京大学商学院 东南大学经济管理学院 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： 本文利用中国人民银行发布的《中国货币政策执行报告》, 研究货币政策与企业财务风险之间的关系。我们发现, 企业财务风险会随着货币政策紧缩程度的变化而变化, 宽松 (紧缩) 的货币政策会降低 (提升) 企业财务风险。我们还发现, 货币政策和企业财务风险的关系还受到企业投融资行为的影响, 也就是说大规模企业投资、债务融资将会抵消宽松货币政策对企业财务健康状况的积极效应;而在货币政策转为紧缩时, 更是会加剧货币政策对企业财务风险的负面冲击。本研究结论预示着:为促进充分就业, 中央政府实施的宽松货币政策, 在某种程度上是以增加企业外部不确定性为代价的。在宏观调控过程中, 作为提供就业的主要载体, 企业权益往往被忽视。 关键词： 货币政策; 企业投资; 债务融资; 财务风险; 财务困境; 收稿日期：2014-02-11 基金：国家自然科学基金项目“政府会计与地方政府行为交互作用机理研究:基于经济发展方式转变视角” 的阶段性成果, 国家自然科学基金项目“企业现金流价值创造与风险呈现嬗变机理研究” Monetary Policy, Corporate Investment, Debt Financing and Financial risks JI Wei-wei CHEN Zhi-bin ZHAO Yan School of Management, Nanjing university; School of Economics and Management, Southeast University; Abstract： In this paper, we use the China Monetary Policy Report issued by the Peoples Bank of China to study the relationship between monetary policy and financial risk. We find that the financial risk of companies changes with the degree of monetary policy, easing monetary policy always means lower corporate financial risk. We also find that the relation of monetary policy and financial risk influenced by corporate investment or debt financing. That means large-scale corporate investment or external debt financing will offset the positive impact of easing policy on the financial health of the enterprise. When tightening monetary policy, those investment or debt financing behavior will exacerbate the negative impact to corporate financial risk. The conclusion indicates that easing monetary policy in order to promote employment or economic growth operates at the expense of corporate uncertainty. In the macrocontrol process, as the main carrier of employment, corporate interests are often ignored. Keyword： Monetary Policy; Corporate Investment; Debt Financing; Financial risk; Financial Distress; Received： 2014-02-11 一、问题的提出 2008年末, 中央政府推出了“四万亿”经济刺激方案。紧接着2011年浙江、江苏等省份