货币政策紧缩与公司债务融资变动

Monetary Policy Tightening and Corporate Debt Finance Variation

本文利用面板数据的自然实验方法实证检验了2004年货币政策紧缩对上市公司债务融资变动的影响,研究发现,在货币紧缩时期,相对于国有上市公司,易遭受信贷歧视的非国有上市公司的银行贷款下降幅度更大,应付的商业信用上升的幅度更大,而总负债比率的变动则没有显著差异;如果按照固定资产规模分组,则规模较小的上市公司银行贷款下降的幅度更大,总负债比率的下降幅度也更大,而商业信用的变化相比规模较大的上市公司则没有显著差异。

This paper examines the influence of tight monetary policy in 2004 on debt finance variation of Chinese listed companies with the natural experimental method of panel data.The study finds that in the period of monetary policy tightening,as opposed to state-owned listed com panies,the bank loans of non-state-owned listed companies which are much more vulnerable to credit discrimination decrease at a larger pace.The account payable of non-state-owned companies increases at a higher rate while the changes in the ratio of total liabilities are not significantly dif ferent.If companies are to be grouped according to the scale of fixed assets,the bank loan and the ratio of total liabilities of listed companies with smaller scales decline with a bigger rate,while the changes in commercial credit are not significantly different between companies with larger or smaller scales.