经济周期、融资约束与流动性管理——基于交通运输业的实证分析

Business Cycle,Financing Constraints and Liquidity Management:Empirical Analysis on Transportation Corporate

经济周期波动对交通运输企业的流动性管理有显著影响。经济周期通过产品市场渠道、资本市场渠道影响企业的外部融资成本,从而导致企业在经济衰退期面临更加严峻的融资约束,并传导到流动性管理行为。与其他行业相比,我国交通运输企业的流动性管理整体上受经济周期的冲击更为显著。因此,交通运输企业必须实施有效的周期性流动管理,政府部门也应该实施周期性的差异化产业政策。

The business cycle has a significant impact on the liquidity management of transportation corporate. The businesscycle has an influence on the cost of outside financing,which leads to the more severe constraints in recession,and spills overinto liquidity management. The empirical analysis finds that：the impact of business cycle on the liquidity management oftransportation corporate in China is more significant compared with others. Therefore,more effective liquidity management anddifferentiated industry policy should be taken.