摘要
本文结合上市企业和债券发行企业财务数据、省际宏观数据,分别采用系统GMM和PVAR模型,实证检验了结售汇对企业融资行为及宏观经济增长的影响。将微观和宏观回归分析结果相结合发现,结售汇能够对经济增长产生刺激作用,且这种作用并非单纯源于贷款投放数量的增加,更多是由于其能够提高银行的风险承担水平,使得较高风险的企业能获得更多银行贷款。本文为结售汇在微观和宏观经济层面的影响提供了实证支撑,并在此基础上提出了政策建议。
Based on the financial data of listed enterprises and bond issuing enterprises,together with the provincial macro data,this paper empirically tests the impact of foreign exchange settlement on corporate financing behavior and macro-economic growth,by employing systematic GMM and PVAR model.Combining the results of micro and macro regression analysis,it is found that foreign exchange settlement can stimulate economic growth.The result doesn’t simply originate in the boom of bank loan amount.Furthermore,foreign exchange settlement can improve the risk-taking capability of banks,and high-risk enterprises could benefit from it by getting more bank loans.This paper provides empirical base for the influence of foreign exchange settlement,from both micro and macro perspective,and puts forward policy suggestions.
作者
刘孟儒
沈若萌
Liu Mengru;Shen Ruomeng
出处
《投资研究》
CSSCI
北大核心
2020年第8期58-75,共18页
Review of Investment Studies
关键词
结售汇
企业融资
宏观经济增长
GMM
PVAR
foreign exchange settlement
corporate financing behavior
macro-economic growth
GMM
PVAR