货币政策、信贷资源配置与企业融资约束问题的实证研究

An Empirical Study on the Relationship among Monetary Policy,Credit Resource Allocation and Corporate Financing Constraints

货币政策是各国政府调控宏观经济的主要手段,是微观企业面临的重要宏观经济事件之一。本文以2013~2017年上市公司为样本,检验了货币政策通过信贷资源配置对企业融资约束的影响,并分析了产权性质的调节效应。研究结果表明:紧缩的货币政策下,企业获取银行信贷资源显著降低,融资约束问题显著上升;宽松的货币政策下,企业获取银行信贷资源显著上升,融资约束问题显著降低;信贷资源配置传导了货币政策对企业融资约束的影响作用;货币政策对企业获取银行信贷资源的影响在民营企业中更为显著,而在国有企业中并不明显。研究拓展了现有货币政策影响企业融资问题的分析框架。

Monetary policy is one of main measures in macroeconomics regulation and control used by governments,and its fluctuation should significantly influence firm behaviors.This paper taking listed companies from 2013 to 2017 as samples,tests the influence of monetary policy on financing constraints of enterprises through credit resource allocation,and analyzes the moderation effect of property rights.The results show that:under the tight monetary policy,enterprises’access to bank credit resource is significantly reduced,and financing constraints is significantly increased.Under the loose monetary policy,enterprises’access to bank credit resource is significantly increased,and financing constraints is significantly reduced.Credit resource allocation transmits the influence of monetary policy on financing constraints of enterprises.The impact of monetary policy on enterprises’access to bank credit is more pronounced in private enterprises,but not in state-owned enterprises.The research expands analytical framework of the influence of the existing monetary policy on enterprise financing.