20XX年货币政策、信贷资源配置与企业业绩.pdfVIP

珞珈青年学者经济与管理论坛 系列论文之八十七 Luojia Young Scholars Seminar on Economics and Management Working Paper Series No.87 货币政策、信贷资源配置与企业业绩 ∗ 饶品贵 姜国华 (暨南大学管理学院会计系，510632；北京大学光华管理学院会计系，100871) 摘要：货币政策是各国政府调控宏观经济的主要手段之一，是微观企业面临的重要宏观经济 事件，它的波动对微观企业行为产生显著的影响。货币政策由宽松转向紧缩，信贷配给现象 变得严重，资金变得稀缺，恰恰是负债融资边际效用最大之时，此时更能观察到负债与业绩 之间的关系。本文以我国上市公司 1998-2008 年面板数据为样本，研究货币政策紧缩期信贷 资源配置及其经济后果，我们研究发现总体而言货币政策紧缩期信贷资金的增加将导致企业 下一年度有更好的业绩表现和更高的业绩增长，然而这种关系主要体现在非国有企业上，表 明非国有企业整体的经济效益更好却没有获得足够的信贷资金，从而说明我国银行体系的信 贷资金配置没有达到帕累托最优。本文的研究拓展了宏观经济政策与微观企业行为之间互动 关系的研究，也为负债与企业业绩之间的关系提供了新的证据，同时还提供了我国信贷资源 配置及其经济后果直接的实证证据。 关键词：货币政策紧缩阶段 信贷资源配置 企业业绩 产权性质 JEL 分类： E52 ，G32，G38 Monetary Policy, Credit Resource Allocation and Firm Performance Abstract ：Monetary policy is one of main measures in macroeconomics regulation and control used by governments, and its fluctuation should significantly influence firm behaviors. When monetary policy shift from loose to tightening, credit rationing becomes serious and fund becomes scarce, and we also can observe the relationship between debt financing and firm performance during this time when marginal utility of debt financing is largest. Using listed firms’ panel data from 1998 to 2008 as sample, this paper investigates credit resource allocation and its economic consequence in monetary policy contract phase. We find that increasing in debt financing results in future better operating performance and higher growth, however, this relationship primarily reflects on non-state enterprises that have better performance but obtaining less credit resource, which directly indicates low allocation efficiency in Chinese bank system. This paper extends research on macroeconomi