货币政策调控、融资约束与投资效率
摘要
采用经典的FHP模型和Richardson模型,基于中国A股上市公司的样本数据,实证检验表明,衡量货币政策调控状况的金融状况指数(FCI)与企业的投资现金流量敏感系数为负向关系,FCI与投资效率为显著正向关系,即宽松的货币政策调控可以缓解企业的融资约束,有效调节企业的投资过度、投资不足等投资非效率行为。实证研究得出的结论与经典结论一致,支持了宽松的货币政策调控的政策取向。
引文
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[3]Fazzari,S.M.,B.C.Petersen,Working Capital and Fixed Investment:New Evidence on Financing Constraints,The RAND Journal of Economics,1993。
[4]Fazzari,S.M.,R.G,Hubbard,B.C.Petersen,Financing constraints and corporate investment,1988。
[5]Gertler,M.,S.Gilchrist,Monetary Policy,Business Cycles,and the Behavior of S mall Manufacturing Firms,The Quarterly Journal of Economics,1994.2。
[6]Kashvap,A.K.,J.C.Stein,D.W.Wilcox,Monetary Policy and Credit Conditions:Evidence from the Composition of External Finance,The American Economic Review,1993.1。
[7]Laeven,L.,Does Financial Liberalization Reduce Financing Constraints,Financial Management,2003.1。
[8]Modigliani,F.,M.H.Miller,The Cost of Capital,Corporation Finance and the Theory of Investment,The American Economic Review,1958。
[9]Myers,S.C.,N.S.Majluf,Corporate Financing and Investment Decisions When Firms Have Information that Investors Do not Have,Journal of Financial Economics,1984.2。
[10]Richardson,S.,Over-investment of Free Cash Flow,Review of Accounting Studies,2006.11。
[11]Schaller,H.,Asymmetric Information,Liquidity Constraints and Canadian investment,Canadian Journal of Economics,1993.3。
[12]Stein,J.C.,Agency,Information and Corporate investment,Handbook of the Economics of Finance,2003.1。
[13]Verdi,R.S.,Financial Reporting Quality and Investment Efficiency,University of Pennsylvania,2006。
[14]Whited,T.M.,Debt,Liquidity Constraints,and Corporate Investment:Evidence from Panel Data,The Journal of Finance,1992.4。J C E P
[15]邓可斌、曾海舰:《中国企业的融资约束:特征现象与成因检验》[J].经济研究,2014.2。
[16]高明华、朱松、杜雯翠:《财务治理、投资效率与企业经营绩效》[J].财经研究,2012.4。
[17]黄福广、周杰、刘建:《上市公司股权结构对投资决策的影响实证研究》[J].天津财经学院学报,2005.10。
[18]靳庆鲁等:《货币政策、民营企业投资效率与公司期权价值》[J].经济研究,2012.5。
[19]李斌、江伟:《金融发展、融资约束与企业成长》[J].南开经济研究,2006.3。