“金融加速效应”与行业企业债务融资:一个基于政策冲击的概念框架

“Financial Accelerator Effect”and the Debt Financing of Enterprises in the Industry:A Concept Structure under the Impact of the Policy

关注产业发展和资源配置效率,考察行业企业的债务融资。文献分析显示:特定行业的企业债务选择受行业竞争特征和金融中介特征的影响,且行业的要素特征会影响货币政策的非对称性行业产出效应。基于"金融加速器"理论,研究将政策冲击、行业特征和企业债务进行整合,形成"基于政策冲击的行业企业债务管理概念框架"。分析表明,该框架可以合理解释债务资金的供给和需求,也为金融加速效应的考察提供了新的指引,即今后研究需要重点关注行业要素、竞争和金融方面的加速因子的具体作用方式,以有效解释行业企业的债务选择。

Paying close attention to industrial development and the efficiency of resource allocation, we want to investigate debt financing efficiency of enterprises in the industry. By analyzing papers, we find that the enterprises in a specific industry would con- sider the impact of competitive characteristics and financial-intermediaries＇ characteristics in the choice of debt. In particular, it is found that the asymmetric effect of a monetary policy on the industry output is caused by the characteristics of industry factors. Based on the theory of ＇financial accelerator＇ , we synthesize ＇policy impact＇ , ＇industry characters＇ , and ＇enterprise debt＇ to structure ＇ the industry enterprise debt management framework based on the policy impact＇. It is showed that, Supply and Demand of debt funds would be explained by this framework, while researchers should concretely demonstrate the role of financial accelerator ele- ments, which include industry factors, competition and financial friction. Then we would effectively explain the debt choice in the industry.