摘要
一直以来,我国的企业融资主要依赖金融机构的贷款,这种过分忽视企业直接股权融资和债券融资的畸形融资结构使得企业的战略发展很容易受到货币政策变动的影响,并有可能随着企业规模的不同而有所不同。若我们忽视货币政策对大企业和小企业的不同冲击,则可能会为国家经济的进一步发展留下隐患。
本文从金融加速理论入手,阐述了金融加速效应的微观理论和宏观效应,得出了基于不同企业规模的金融加速效应的研究方法。通过对酿酒食品行业上市公司的总资产进行排序,分别选取总资产排名前8名和后8名的公司作为大企业和小企业的样本进行比较分析,以选取的2004年第4季度到2009年第3季度公司公布的资产负债表中的数据进行实证分析,验证货币政策冲击对不同规模企业金融加速效应的不对称现象。在具体进行实证分析时,首先对货币政策冲击对企业长期投资增长率的影响进行分析,然后对货币政策冲击对企业净资产增长率的影响进行分析,通过分别对大企业和小企业的数据进行计量模拟并比较结果,得出结论,小企业对于国家货币政策的敏感度要比大企业来的更加强烈,同时在整个金融加速效应的运行机制中净资产作为中间变量起着十分重要的关键作用。
最后在实证分析的基础上,结合目前我国外部融资环境的现状,提出了产生这种不对称现象的原因并从微观和宏观两个方面提出了相应的对策建议。
In our country, corporate financing mainly relied on financial institutions loans. Such phenomena of excessively neglecting direct equity financing and bond financing makes the company’s strategic much vulnerable to the changes of the monetary police. The hidden danger may undermine the economic of our country, if we ignore the different impact of monetary police on the large enterprises and the small enterprises.
Starting with the financial accelerator theory, the micro theory and the macro effects were described in the paper. Through sorting of total assets of the listed companies of Wine Food Industry, the top eight and after eight of the companies were selected as the samples of the large enterprises and the small enterprises. Selecting the data of 4th quarter 2004 to 3rd quarter 2009, we could confirm that the asymmetry phenomena of financial accelerator theory on different scale of company based on the shock of monetary policy appeared. In this process, the changes of long-term investment based on monetary police were analysis firstly. Then, the changes of the net assets were analysised. Concluded that small enterprises were more sensitive to the national monetary policy than big enterprises, and the net asset was very important in the operating mechanism of financial accelerator effect.
Finally, combined with the current status of China’s external financing environment, the reasons that why such asymmetries was produced were put forward and countermeasures were also put forward on both the micro and the macro.
引文
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