摘要
货币政策主要通过价格和数量两种有效工具调控宏观经济,即贷款利率政策和存款准备金政策。利用2008-2011年房地产上市公司的数据,考察贷款利率和存款准备金率的变动对房地产企业融资决策的影响的结果表明：贷款基准利率和存款准备金率与公司的资产负债率显著负相关;短期借款与贷款基准利率显著正相关;新增贷款额度与存款准备金率显著负相关;增发股票融资额与贷款基准利率呈正相关。
Monetary policy can control the macro economy by price and amount tools： interest ration on deposits and reserves against deposit policy.Using the statistics of listed real estate companies during 2008-2011,we investigate the influence of the alteration of benchmark lending rate and reserves against deposit policy.It shows that benchmark lending rate and reserves against deposit is negatively related to company assets obviously;short loan and benchmark lending rate are positively related obviously;new loans and reserves against deposit are negatively related obviously;additional issued stocks and benchmark lending rate are positively related obviously.
出处
《改革》
CSSCI
北大核心
2013年第5期25-32,共8页
Reform
基金
国家自然科学基金项目"金融危机冲击下的企业集团内部资本市场研究--机制变化
效率决定与优化路径"(批准号:71272245)
关键词
货币政策
房地产企业
宏观调控
monetary policy
real estate enterprises
macro control
