货币政策、预算软约束与现金—现金流敏感性——来自A股上市公司2003～2011年的经验证据

Monetary Policy,Soft Budget Constrain and Cash-Cash Flow Sensitivity

多元化的产权主体以及国有经济在国民经济中发挥着主导作用,而预算软约束的影响在经济体系中又较为突出,研究发现,当央行实行宽松的货币政策时,企业运用现金流积累现金的倾向,即现金—现金流敏感性将会趋于降低。但是,这种变化在预算约束不同的企业中呈现不同的特征。具体而言,当货币政策趋于宽松时,预算软约束企业由于受惠于货币政策的支持,其现金—现金流敏感性将会显著下降,而非预算软约束企业的现金—现金流敏感性并无显著变化。

Pluralistic property rights as well as state-owned economy have played a leading role in the national economy,and the effect of soft budget constraint is more prominent in the economy.This paper finds that corporate cash-cash flow sensitivity varied with changes of monetary policy atmosphere.As the administration takes relaxed-money policies,it inclines to loose external financing constraints and weaken the cash-cash flow sensitivity.But such changes exhibit different characteristics in the different soft budget constraint enterprises.Specifically,the cash-cash flow sensitivity of soft budget constraint corporations diminishes significantly during the period of monetary policy tend to loose,while it doesn＇t diminish significantly for non-soft budget constraint corporations while the administrative took the loosing monetary policy.