非预期通货膨胀会使债务型货币地位企业获益吗?

Will Debtor Firms Gain from Unexpected Inflation?——Evidence from China Based on Nominal Contracting Hypothesis

笔者利用1991年-2014年中国上市公司数据，基于固定效应模型，考察了非预期通货膨胀率、企业货币地位和股票回报率的关系。实证结果表明：名义合约假说在中国市场中的检验成立，债权型货币地位的企业股票回报率与非预期通货膨胀之间呈负相关关系，即非预期通货膨胀会使债权型货币地位的企业受损。

Applying the data of China listed companies over the 1991-2014 period and fixed-effect regress, it is found that our resultssupport nominal contracting hypothesis, implying that firms with debts gain from increase in unexpected inflation and more debts inducemore gains for debtor firms. Firms with more short-term monetary contracts are less affected by higher-than-unexpected inflation. Re-tums of cyclical industries and public utilities are more sensitive to the unexpected inflation than other industries, because they ownmore long-term contracts.