货币政策对企业风险承担影响的研究——来自中国制造业上市公司的经验证据

A Study on the Impact of Monetary Policy on Corporate Risk Undertaking——Empirical Evidence From listed Companies in Chinese Manufacturing Industry

本文将货币政策的风险承担渠道延展到制造业企业层面,运用2005~2018年中国制造业上市公司的年度数据,实证分析货币政策对不同类型制造业上市公司风险承担水平的影响。研究发现:货币政策风险承担渠道在制造业企业层面确实存在,制造业企业的风险承担水平对货币政策变化的敏感性较显著;货币政策对不同规模、杠杆率、股权性质的制造业企业风险承担的影响存在差异,对小规模企业、高杠杆率企业、非国有企业的影响要大于大规模企业、低杠杆率企业、国有企业。

This article extends the risk-taking channels of monetary policy to the level of manufacturing companies,using the annual data of China's listed manufacturing companies from 2005 to 2018 to empirically analyze the impact of monetary policy on the risk-taking levels of different.types of manufacturing listed companies.The study found:Monetary policy risk-taking channels do exist at the level of manufacturing companies,and the risk-taking level of manufacturing companies is obviously sensitive to changes in monetary policy;The impact of monetary policy on the risk-taking of manufacturing companies of different scales,leverage ratios,and equity nature is different,and the:impact on small-scale companies,high-leverage companies,and non-state-owned companies is greater than that of large-scale companies,low-leverage companies,and state-owned companies。