宽松货币政策下我国企业的风险承担

The Risk Exposure of China's Enterprises Under the Loose Monetary Policy

本文利用1999—2014年沪深A股上市企业的微观面板数据,对我国货币政策的风险承担渠道进行了实证研究。研究结果显示:在低利率的货币政策环境下企业倾向于提高其风险承担水平,且宽松政策持续时间越长,企业选择承担风险越多;股权集中度较高、成长机会较好的企业,为了避免遭受破产风险、维护公司长期稳定与发展,都倾向于承担较低的风险;宽松的货币政策在非国有企业、中小型企业与房地产企业中提高企业风险承担的效应更为明显。

Based on the micro panel data of listed enterprises in Shanghai＆ Shenzhen＇s A- shares market from 1994 to 2014, this article has done the empirical research on the risk - taking channel of China＇s monetary poli- cy. The result of this study indicates that enterprises are inclined to increase their risk- taking levels under the low- rate monetary policy. If the loose policy lasts longer, the enterprises ~ choose to take more risks. En- terprises with higher ownership concentration and better growth opportunities tend to take low risks to avoid bankruptcy and maintain companies＇ long- term stability and development. The effect of loose monetary policy is more apparent for non- state- owned enterprises, small and medium- sized enterprises and real estate en- terprises.