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中国管理科学 ›› 2016, Vol. 24 ›› Issue (5): 158-167.doi: 10.16381/j.cnki.issn1003-207x.2016.05.018

• 论文 • 上一篇    下一篇

基于宏观经济政策视角的我国企业负债融资研究

王昌荣1, 马红1, 王元月2   

  1. 1. 中国海洋大学管理学院, 山东 青岛 266100;
    2. 中国海洋大学经济学院, 山东 青岛 266100
  • 收稿日期:2015-03-17 修回日期:2015-11-30 出版日期:2016-05-20 发布日期:2016-05-24
  • 通讯作者: 王昌荣(1987-),女(汉族),山东青岛人,中国海洋大学管理学院,博士研究生,研究方向:公司治理,E-mail:crystal_wang825@hotmail.com. E-mail:crystal_wang825@hotmail.com
  • 基金资助:

    教育部人文社科基金资助项目(11YJA790156)

Debt Financing and Equity Structure of Chinese State Owned Enterprises-From the Perspective of Macroeconomic Policy

WANG Chang-rong1, MA Hong1, WANG Yuan-yue2   

  1. 1. College of Management, Ocean University of China, Qingdao 266100, China;
    2. College of Economics, Ocean University of China, Qingdao 266100, China
  • Received:2015-03-17 Revised:2015-11-30 Online:2016-05-20 Published:2016-05-24

摘要: 本文主要研究宏观经济政策作为政府调控宏观经济的手段,对微观企业融资行为所产生的显著影响。鉴于我国金融机构对国有和非国有企业存在的信贷歧视,本文剔除了产权性质的影响,把国有上市企业作为研究对象,以2003-2013年的数据为样本。首先研究宏观经济政策对国有企业负债融资行为的影响,证明了财政政策的扩张和货币政策的紧缩都能促进国有企业负债融资的增加。然后进一步研究宏观经济政策的外部因素和股权结构的内部因素对负债融资与企业业绩之间关系的影响,研究结果表明扩张性财政政策下,负债融资与国有企业绩效正相关;紧缩性货币政策下,负债融资与国有企业绩效负相关;股权结构分散程度的增加,有利于促进负债融资对国有企业绩效的正效应。

关键词: 财政政策, 货币政策, 负债融资, 股权结构

Abstract: As government's method to regulate macro economy, macroeconomic policy has a significant impact on financing behavior of micro enterprises.In consideration of the credit discrimination of China's state-owned enterprises and non state-owned enterprises by financial institutions, eliminates influence of nature of property right, China's state-owned enterprises will be the object of study by utilizing 2007 to 2013 data.First of all, this paper discovers the impact of macroeconomic policy on state-owned enterprises financing behavior and proves that expansion of macroeconomic policies and tightened monetary policies promote debt financing of state-owned enterprises.Further it is also found that the relationship between debt financing with enterprises performance with impact of external factor of macroeconomic policies and internal factor of equity structure.The research shows that debt financing is positive to enterprises performance under expanded macroeconomic policies and is negative to enterprises performance under tightened monetary policies.The more disperse of equity structure, the more positive influences debt financing on state-owned enterprises performance.

Key words: fiscal policy, monetary policy, debt financing, equity structure

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