本文選題：貨幣政策 + 產權性質　； 參考：《東南大學》2017年碩士論文

【摘要】：金融風暴后,"現(xiàn)金為王"、"現(xiàn)金是企業(yè)的血液"等觀念再次回歸,企業(yè)管理人員也更加重視了對企業(yè)現(xiàn)金流的管理,尤其是對現(xiàn)金流風險的識別與防范。現(xiàn)金流不僅滲透于企業(yè)日常經營的全過程,是企業(yè)財務狀況的綜合表現(xiàn),更與企業(yè)的投融資決策息息相關,其大小及其波動在一定程度上決定著企業(yè)的支付能力和抵御風險的能力(趙亦軍[1],2014)。因此,識別與防范企業(yè)現(xiàn)金流風險具有不可替代的意義。上世紀90年代,中國貨幣政策體系逐步建立。近年來,為了應對國際金融危機的影響,中央銀行頻繁調整貨幣政策以適應新局勢的變化。事實上,根據(jù)貨幣政策的機構傳導機制,貨幣政策的作用力會逐步向企業(yè)滲透,影響企業(yè)日�；顒�,而這些影響因素最終都會反映在企業(yè)現(xiàn)金流風險上。宏觀貨幣政策的變化會影響企業(yè)融資渠道和融資規(guī)模,而由于資本市場的信息不對稱性等金融摩擦的存在,企業(yè)的融資能力往往決定了企業(yè)的投資決策。宏觀貨幣政策的變化所帶來的企業(yè)融資、投資等方面的變化最終會給企業(yè)的現(xiàn)金流帶來較大的波動,影響企業(yè)的現(xiàn)金流風險。同時,我國目前正處于社會主義市場經濟體制轉型階段,盡管多種所有制經濟并存,但在未來一段時期內,國有經濟仍然占主導地位,政府對國有企業(yè)的眷顧依舊明顯。相比于民營企業(yè),國有企業(yè)承擔著更多的社會和政治功能,在貨幣政策寬松時期,更容易獲得外部貸款,其投資將更頻繁、規(guī)模將更大,最終企業(yè)現(xiàn)金流隨之發(fā)生較大的波動。因此,產權性質在宏觀政策對企業(yè)現(xiàn)金流風險的傳導機制中起著不可忽視的作用。本文深入分析了宏觀貨幣政策的著眼點,以企業(yè)現(xiàn)金流風險為落腳點,對貨幣政策的作用機理進行了拓展性的探討。在此基礎上,本文將研究樣本分為國有企業(yè)組和民營企業(yè)組,探究針對不同產權性質的企業(yè),貨幣政策的影響效果有何不同。根據(jù)實證結果顯示,在貨幣政策對微觀企業(yè)現(xiàn)金流風險的影響過程中,企業(yè)的債務籌資水平和投資規(guī)模扮演著重要的調節(jié)作用。具體表現(xiàn)為:在貨幣政策寬松年份,由于受到大規(guī)模融資和投資的影響,企業(yè)現(xiàn)金流會出現(xiàn)較大的波動,企業(yè)此刻積累了現(xiàn)金流風險。同時本文還發(fā)現(xiàn),由于貨幣政策的非對稱性,貨幣政策對不同產權性質企業(yè)的影響效果呈現(xiàn)不同的特征。具體而言:相對于民營企業(yè),貨幣政策對國有企業(yè)現(xiàn)金流風險的影響效果更為強烈。
[Abstract]:After the financial storm, the concepts of "cash is the king" and "cash is the blood of the enterprise" return again. Enterprise managers pay more attention to the management of cash flow, especially the identification and prevention of cash flow risk. Cash flow not only permeates the whole process of the enterprise's daily operation, but also is the comprehensive performance of the enterprise's financial situation, and is closely related to the enterprise's investment and financing decision. To a certain extent, its size and fluctuation determine the ability to pay and the ability to resist risks. Therefore, it is of irreplaceable significance to identify and prevent the cash flow risk of enterprises. In the 1990 s, China's monetary policy system was gradually established. In recent years, in order to cope with the impact of the international financial crisis, the central bank frequently adjusts monetary policy to adapt to the changes of the new situation. In fact, according to the transmission mechanism of monetary policy, the force of monetary policy will gradually infiltrate into enterprises and affect the daily activities of enterprises, and these factors will eventually be reflected in the risk of corporate cash flow. The change of macro-monetary policy will affect the financing channel and financing scale of enterprises. However, due to the existence of financial frictions such as information asymmetry in the capital market, the financing ability of enterprises often determines the investment decisions of enterprises. The changes in financing and investment brought about by the change of macro-monetary policy will eventually bring greater fluctuations to the cash flow of the enterprise and affect the cash flow risk of the enterprise. At the same time, our country is in the transition stage of the socialist market economy system at present. Although the multi-ownership economy coexists, the state-owned economy still occupies the leading position in the future period, and the government's favor to the state-owned enterprises is still obvious. Compared with private enterprises, state-owned enterprises undertake more social and political functions. In the period of monetary policy easing, it is easier to obtain external loans, and its investment will be more frequent and its scale will be larger, and the cash flow of enterprises will fluctuate accordingly. Therefore, the nature of property rights plays an important role in the transmission mechanism of corporate cash flow risk. This paper deeply analyzes the starting point of the macro-monetary policy, taking the cash flow risk of the enterprise as the foothold, and probes into the mechanism of the monetary policy's action. On this basis, the research sample is divided into state-owned enterprise group and private enterprise group, to explore the different effects of monetary policy on different enterprises with different property rights. According to the empirical results, the level of debt financing and the scale of investment play an important role in regulating the influence of monetary policy on the cash flow risk of micro enterprises. The concrete manifestation is: in the monetary policy loose year, because of the large-scale financing and the investment influence, the enterprise cash flow will appear the big fluctuation, the enterprise has accumulated the cash flow risk at the moment. At the same time, it is found that due to the asymmetry of monetary policy, the effect of monetary policy on enterprises with different property rights shows different characteristics. Specifically, compared with private enterprises, the effect of monetary policy on cash flow risk of state-owned enterprises is stronger.
【學位授予單位】：東南大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F275;F822.0

【參考文獻】

相關期刊論文 前10條

1 陳志斌;王詩雨;;產品市場競爭對企業(yè)現(xiàn)金流風險影響研究——基于行業(yè)競爭程度和企業(yè)競爭地位的雙重考量[J];中國工業(yè)經濟;2015年03期

2 李秉成;祝正芳;;我國貨幣政策對企業(yè)財務困境的影響研究[J];中南財經政法大學學報;2013年05期

3 章貴橋;陳志斌;;貨幣政策、預算軟約束與現(xiàn)金—現(xiàn)金流敏感性——來自A股上市公司2003～2011年的經驗證據(jù)[J];山西財經大學學報;2013年08期

4 謝赤;趙亦軍;;基于面板數(shù)據(jù)CFaR模型的現(xiàn)金流風險研究——以中國上市公司為例的考慮風險因子分布特征的實證分析[J];湘潭大學學報(哲學社會科學版);2013年03期

5 龔光明;孟澌;;貨幣政策調整、融資約束與公司投資[J];經濟與管理研究;2012年11期

6 陳海強;韓乾;吳鍇;;現(xiàn)金流波動、盈利穩(wěn)定性與公司價值——基于滬深上市公司的實證研究[J];金融研究;2012年09期

7 Ying Sophie Huang;Frank M.Song;Yizhong Wang;;Monetary Policy and Corporate Investment:Evidence from Chinese Micro Data[J];China & World Economy;2012年05期

8 孫進軍;顧乃康;;產品市場競爭影響企業(yè)現(xiàn)金持有量嗎?——基于掠奪理論的實證研究[J];投資研究;2012年08期

9 靳慶魯;孔祥;侯青川;;貨幣政策、民營企業(yè)投資效率與公司期權價值[J];經濟研究;2012年05期

10 張金昌;范瑞真;;資金鏈斷裂成因的理論分析和實證檢驗[J];中國工業(yè)經濟;2012年03期

相關博士學位論文 前1條

1 趙亦軍;企業(yè)現(xiàn)金流風險度量及其信息傳遞效應研究[D];湖南大學;2014年

，

本文編號：1944713