货币政策、债务融资与投资效率
Monetary policy, debt financing and investment efficiency

文章结合中国企业产权性质,以中国2006-2012年沪深两市A股上市公司季度数据为研究样本实证检验了货币政策对债务融资(银行借款、商业信用)的影响及债务融资与投资效率的相互关系。研究发现:货币政策紧缩期企业债务融资下降而投资效率提高,其中非国有企业银行借款比国有企业下降得更多,商业信用融资较国企少,而投资效率提升得更快。文章进一步研究了货币政策对银行借款的时滞效果以及制度环境与银行借款、产权性质的相互关系。
Combined with the nature of enterprise property rights in China,and based on 2006-2012 seasonal financial data of the A shares listed companies in Shanghai and Shenzhen Stock Exchange, we study how monetary policy affects corporate debt financing(Bank loans; Credit) and the relationship between debt financing and investment efficiency. We obtain the following main conclusions: In the tight period of monetary policy, enterprise's debt financing will decline and investment efficiency will improve, the non-state-owned enterprises' debt financing declines more than the state-owned enterprises, credit financing is also less than the state-owned enterprises, and investment efficiency improve faster than the state-owned. This paper further studies the time lag effect of monetary policy on bank loans and the relationship between the institutional environment, bank loans and property rights.