货币政策、流动性管理与企业价值创造

Monetary Policy,Liquidity Management and the Creation for Firm Value

本文探讨不同宏观货币政策下,企业流动性管理对价值创造的影响。研究发现:货币政策对流动性水平与企业价值创造之间的关系存在条件效应。随着货币政策紧缩程度的增加,保持较高流动性水平有助于降低股东与债权人之间代理冲突,对企业价值创造具有积极效用;随着货币政策的宽松,高流动性水平会增加长期资金占用成本,损害价值创造;进一步考虑流动性动态管理在不同货币政策下的差异,结果显示,在货币政策紧缩时期,受融资约束的企业向目标流动性水平的主动调整速度最快。综上,企业需结合外部宏观货币政策环境,构建最优流动性水平,以获得价值增值;同时宏观货币政策的制定与实施也需考虑企业流动性变化,降低货币政策调整可能引发的流动性冲击。

This paper investigates the effect of monetary policy on the association between liquidity management and firm value. It shows that a certain degree of liquidity ability could help improve firm value. With the increasing tightness of monetary policy,higher liquidity could reduce the agency conflicts between shareholders and lenders,further reduce the financing constraints and create wealth for the firm. However,with the monetary policy,higher liquidity may take up more long-term capital and increase the financing costs,which would have a negative effect on firm value. Besides,this paper further takes firms’ dynamic management of liquidity into account that during the period of tight monetary policy,firms with financial constraint actively adjust to the target liquidity level the fastest speed. Our study implies that firms should take advantage of macroeconomic environment to get the optimal solvency ability,which has a positive impact for firm value creation,at the same time,policy makers should pay attention to volatility of firms’ liquidity and reduce the probability of liquidity crash following monetary policy adjustments.