货币政策、政府控制差异与国有企业债务融资

Monetary Policy,Differences in Government Control and Debt Financing of State-Owned Enterprises

结合国有企业政府控制的差异,本文以中国2006~2012年沪深两市国有上市公司季度数据为样本,研究货币政策对国有企业债务融资及效率的影响及债务融资与投资效率的相互关系。研究发现:在货币政策紧缩期,国有企业债务融资比例下降而投资效率提高;其中,中央控股企业债务融资比例比地方国有企业下降更多,而投资效率提升更快。上述研究表明,企业在进行投融资决策时,应该提前预估外部宏观货币政策的变化,政府也应减少对国有企业的干预。

Combining with the differences in the government control of state-owned enterprises, this paper uses the quarterly data of the state-owned listed companies listed in Shanghai and Shenzhen Stock Exchanges to research the influence of monetary policy on debt financing, the efficiency of debt financing and the relationship between debt financing and investment efficiency. It's found that, in the period of tightening monetary policy, the debt financing of state-owned enterprises decreases and the investment efficiency is improved; the debt financing of central-government-holding enterprises decreases more than that of local state-owned enterprises, but the investment efficiency is improved faster. The above results show that enterprises should estimate the change in external macro-monetary policy in advance when they make financing decision, and the government should reduce the intervention in state-owned enterprises.