行业特征、金融加速与企业债务融资

Industrial Characteristics,Financial Accelerating and Enterprise Debt Financing

在政策择优供给、产业转型升级的关键阶段,考察特定行业的企业债务融资及其宏观、微观层面的影响因素,对于资金、资源的行业优化配置意义重大。本文以我国2003~2017年沪深A股上市公司为样本,检验企业受到货币政策冲击时行业特征对其银行债务获取的影响。研究发现,对于行业劳动力越密集、行业竞争越激烈的企业,货币政策紧缩对于债务融资的不利影响会被显著削弱。进一步研究发现,行业劳动要素在货币政策紧缩时引起的企业债务融资效应随着行业资本密集度的下降而增强;对于产出是耐用品的行业,货币政策的企业债务融资效应与产品市场竞争较弱的行业一致。本文是对货币政策传导机制下金融加速分析的拓展,补充了货币政策行业债务融资效应的经验证据。

The research focuses on the“financial accelerator effect”caused by the factor crowding level and competition in product market,which appears as enterprises’debt financing.This paper tests how industry factors and competition affect the acquisition of bank debt with the sample of A shares companies listed on the Shanghai and Shenzhen Exchanges from 2003 to 2017.The results show that it is easier for enterprises in labor intensive and highly competitive industries to lend from banks than those in other industries,when monetary policy is tightening.In addition,labor factor debt financing effect in industries is not consistent with capital factor when monetary policy is tightening,while the debt financing effect of competition in product market runs counter to the effect of output durability.The findings of this paper enrich the literature on the financial acceleration analysis under the monetary policy transmission mechanism,and also supplement the empirical evidence of the impact of monetary policy on debt financing in industries.