金融危机背景下宏观政策的微观效果——基于中国企业股权结构的分析

Micro Effects of Macro Policies under Financial Crisis ——Evidence from Ownership Structures of Chinese Firms

本文利用2007年年底前上市的1505家中国企业的面板数据,实证分析了企业的股权结构及企业规模给财政、货币政策效应带来的影响。研究结果表明,国有大企业凭借其与政府的密切关系,在大规模的财政刺激计划中的获益较大,而民营中小企业几乎未能获益;宽松的货币政策对于民营中小企业价值的提升显著大于国有大企业,有效促进了民营中小企业走出困境。其原因是,国有大企业受融资约束的程度低,资金的边际效益小,而民营小企业受到融资约束的程度高,资金的边际效应大,贷款的增加减轻了它们的融资约束,企业价值提升较大。

This paper make empirical studies on how the firms＇ ownerships affect the performance of fiscal and monetary policies by using the panel data of 1505 Chinese enterprises listed before 2007. Our results show that： the state-owned enterprises got more benefits in large fiscal stimulus by taking advantage of affinity with government, but the private enterprises didn＇t;Slack monetary policy took more benefits to the private enterprises than to the stateowned enterprises ; it was playing a great role helping the private minor enterprises getting out of their financial difficulties. Because the state-owned large firms suffer less financial constrain, so their marginal cash effect is lower. Private small firms, on the contrary, suffer more financial constrain, as a result, they have much more marginal cash effect, so bank loans help them alleviate the financial constrain, they boost firm value up more.