货币政策、信贷资源配置与企业业绩

The Monetary Policy,the Credit Resources Allocation and the Firm Performance

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会产生显著的影响。货币政策由宽松转向紧缩,资金变得稀缺,而负债融资边际效用这时可能最大,因此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,发现货币政策紧缩期信贷资金的边际增加将导致企业业绩下一年度有更好的表现和更高的增长。同时,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,说明我国银行体系的信贷资金配置没有达到最优。本文的研究为负债与企业业绩之间的关系提供了新的证据,同时提供了我国信贷资源配置及经济后果直接的实证证据。

The monetary policy(MP) is one of the main means of various governments to adjust and control the macro-economy: it is an important event of the macro-economy faced by micro firms.The fluctuation of the MP will produce noticeable impact on the behavior of micro-firms.When the MP turns tight,loans become scarce;however,the marginal effect of financing by incurring debts at this time may be most powerful,therefore,the relationship between the debt and the performance is more capable to be observed.In this paper,we have,taking as a sample the data of China's listed companies between 1998 and 2008,researched the allocation of the loan resources(AOTLR) and its consequences and found that,in the period of the tightening MP,the marginal increase of the credit funds will lead to the fact that the performance of firms will be still better and increase in the next year.At the same time,this relationship mainly gives expression in non-state-owned enterprises,and indicates that the economic effect,as a whole,of the non-state-owned enterprises is still better but they have not obtained enough credit finds,which shows that the AOTLR of China's banking system has not reached the best level.In this article,we,in our research has offered new evidences for showing the relations between being in debt and firm's performance,and,at the same time,put forward direct and concrete proof for the China's AOTLR and its economic consequences.