经济周期波动与融资约束的动态调整

Economic Cycle Fluctuation and Dynamic Regulation of Financing Constraints

通过融资约束的传导机制,经济周期波动对于公司的现金持有具有显著影响。本文基于融资约束理论,实证研究发现:经济衰退期,公司的融资约束程度提高;与非国有控股公司相比,国有控股公司的外部融资约束程度受宏观经济环境的冲击更明显。宏观经济周期波动影响上市公司流动性管理的传导机制,说明我国上市公司面临比较明显的外部融资约束环境。因此,一方面必须从宏观上完善资本市场的建设,另一方面从微观上提高公司的财务弹性,以应对宏观经济的系统性风险。

Economic cycle influences firm＇s liquidity management through financing constraints mechanism. Based on financing constraints theory, the empirical study finds that ： the degree of financing constraints improves during recessions; the macroeconomic environment has a more significant impact on non - state - holding company ＇s financing constraints. The transmission mechanism that economic cycle influences firm＇s liquidity management illustrates that the Chinese listed company faces with the external financing constraint conditions. Therefore, one hand, capital market construction should be perfected; on the other hand, finance flexibility should be improved to deal with the macroeconomic systematic risk.