摘要
本文使用2003～2011年中国制造业上市公司的季度数据,借鉴Berger et al.(1996)与Almeida & Campello(2007)的资产可抵押性计算办法,综合考虑我国宏观调控中的货币政策,分别从不同的投资机会与公司现金流组合角度研究其资产可抵押性与现金流对公司投资的作用关系。结果发现:(1)当公司面临较好的投资机会且现金流较充足时,资产可抵押性与现金流对公司投资表现为一种"替代关系",而当公司面临较好的投资机会但现金流不足时,资产可抵押性与现金流对公司投资表现为一种"互补关系";(2)当公司面临较好的投资机会但现金流不足时,紧缩货币政策会提高资产可抵押性与现金流对公司投资的"互补关系"。该结果将有利于我们更加深刻地理解货币政策与资产的可抵押性对微观企业的投融资行为的影响,以便制定更加科学合理的宏观经济政策,提高宏观经济政策的调控效果,从而促进我国宏观经济稳定增长。
By using quarterly data of the Chinese manufacturing listed companies from 2003 to 2011, following the calculation method of Berger et al. （1996） and Almeida＆Campello （2007） to estimate finn - specific asset collateralability and considering the monetary policy, the paper investigates the relationship between the asset collateralability and cash flow on corporate investment from the combination of different investment opportunities and cash flow. It can be found that ： （ 1 ） there is a ＂substitution relationship＂ between asset eollateralability and cash flow on corporate investment when the corporations face high investment opportunities and plentiful cash flow, While, there is a ＂complementary relationship＂ between asset collateralability and cash flow on corporate investment when the corporations face high investment opportunities but insufficient cash flow; （2） tightening of ？ monetary policy can improve the ＂complementary relationship＂ between asset collateralability and cash flow on corporate investment when corporations face high investment opportunities but insufficient cash flow. Our results are conducive to profound understanding of monetary policy and asset collateralability on in- vestment and financing activities of micro enterprise, and make macro economic policy more scientific and reasonable, in order to improve the effect of macroscopic readjustment and control policies, and promote China＇s macro economic stable growth.
出处
《金融研究》
CSSCI
北大核心
2013年第6期31-45,共15页
Journal of Financial Research
基金
教育部哲学社会科学研究重大课题攻关项目(10JZD0019)
国家自然科学基金项目(71072103
71272228)
教育部新世纪优秀人才支持计划(2012)
珞珈青年学者计划和武汉大学人文社会科学"70后"学者学术团队建设计划的资助
关键词
资产可抵押性
现金流
公司投资
货币政策
Asset collateralability, Cash flow, Corporate investment, Monetary policy
