货币政策波动、产权性质与企业财务困境风险化解.PDFVIP

Vol. 34 No. 1 安徽工业大学学报( 自然科学版) 第34 卷 第1期 January 2017 J. of Anhui University of Technology(Natural Science) 2017 年 1月 文章编号：1671-7872(2017)01-0082-08 货币政策波动、产权性质与企业财务困境风险化解 章铁生，赵文雪，杨 洋 (安徽工业大学商学院，安徽马鞍山243032) 摘要：选取2006—2014 年沪深A 股ST公司的财务数据作为样本，采用Logistic 回归模型实证分析货币政策波动与企业财务困 境风险化解的关系，实证结果表明：货币政策趋紧与企业财务困境风险化解有显著的负相关关系，即货币政策趋紧不利于企业 化解财务困境风险；相较于货币政策趋紧对国有困境企业风险化解的负面影响，非国有困境企业在货币政策趋紧时受到的负 面影响更为显著。 关键词：货币政策波动；产权性质；财务困境；风险化解 中图分类号：F 275.5 文献标志码：A doi ：10.3969/j.issn. 1671-7872.2017.01.015 Fluctuation of Monetary Policy, Nature of Property Right and Resolve of Financial Risk ZHANG Tiesheng, ZHAO Wenxue, YANG Yang (School of Business, Anhui University of Technology, Ma ’anshan 243032, China) Abstract ：Choosing date of the ST companies of A shares in the Shanghai and Shenzhen Stock Markets during the years of 2006-2014 as samples, this paper makes an empirical analysis of the relationships between the fluctua- tion of monetary policy and the resolve of the financial risk with logistic regression model. The results shows: there is a negative relationship between the tightening monetary policy and the resolve of corporate financial risk, namely tightening monetary policy is harmful to the resolve of corporate financial risk; for non state-owned enter- prises which is enduring financial risk, tightening monetary policy has significantly adverse impact on its resolve, while for state-owned enterprises, the adverse impact is not significant. Key words ：fluctuation of monetary policy; nature of property right; resolve of financial risk 证券市场对出现财务状况异常或者其他异常的上市公司实行特别处理，对被处理的上市公司而言无疑 是一个极其不利的“信号”。在被特别处理期间，上市公司股价的日涨跌幅将被限制在5%以内，因此上市公 司要面临销售份额的下降和利润的损失，供应商为规避风险而提高供货价格，外部融资难度增大导致高额 融资成本，及融资困难导致投资机会