政府干预、负债融资和实体经济在衰退期的价值波动——以次贷危机冲击下的上市公司为例

Government Intervention,Debt Finance and Firm Value in the Recession Period:An Empirical Research on Listed Companies

以次贷危机冲击下的上市公司为样本,通过分组统计的方法,检验了负债融资与其价值波动状况之间的关系,结果表明:金融加速器在我国微观层面存在,即负债融资水平越高,上市公司在宏观经济衰退时期受到的冲击越大。同时,在控制了负债因素后,政府干预对于控制人性质不同的上市公司影响不同:政府干预减弱了国家控股的上市公司的价值波动,加强了非国家控股的上市公司的价值波动。而且政府干预越多的地区,国家控股的上市公司与非国家控股的上市公司价值波动的差异越明显;政府干预较少的地区,国家控股的上市公司与非国家控股的上市公司价值波动差异不大。这表明,政府对国家控股的上市公司的隐性干预存在。

With the background of the exogenous shocks of subprime lending crisis,this paper tests the relationship between debt finance and fluctuation of value.The result suggests that the financial accelerator exists in micro level and more debt means larger decrease of value of the listed corporations.Furthermore,the paper finds that government intervention have significantly affected the performance of the stated-controlled listed corporations.State control and government intervention in China facilitate the fluctuation of the listed corporations＇ performance by providing the loans with cheaper financial costs in the recession period.