货币政策、企业异质性与债务期限结构
Monetary Policy,Corporate heterogeneity and Debt maturity structure
雷国胜 1杨阳1
作者信息
- 1. 西南交通大学 经济管理学院,成都 610031
- 折叠
摘要
基于 2007-2022 年A股上市公司季度数据,考察货币政策冲击对企业债务期限结构的影响.研究结果表明:在紧缩性货币政策冲击的影响下,企业债务期限结构受到显著的负面影响,但是这种影响不是瞬时的,而是在冲击发生后的第一个季度才显示出来,并且随时间的推移其下降趋势先增后减,整体呈现"U"型;从融资约束视角来看,融资约束越大的企业其债务期限结构在货币政策冲击发生时受到影响更大,且受影响时间更长;从行业视角来看,相较于技术密集型行业,资本密集型和劳动密集型行业更为敏感,对货币政策冲击对债务期限结构的影响更加显著.研究结果丰富了货币政策对债务期限结构影响的研究,并为相关政策的制定提供了有益参考.
Abstract
Based on quarterly data of A-share listed companies from 2007 to 2022,this study investigates the impact of monetary policy shocks on the debt maturity structure of enterprises.The research reveals that under a contractionary monetary policy shock,there is a notable adverse effect on the debt maturity structure of businesses.However,this effect isn't immediate;it becomes appar-ent only in the first quarter following the shock.Furthermore,over time,the declining trend exhibits a U-shaped pattern—initially increasing and then decreasing.From the perspective of financing con-straints,companies facing more significant financing constraints experience greater impact on their debt maturity structure when monetary policy shocks occur,and this impact endures for a longer duration.From an industry perspective,capital-intensive and labor-intensive industries demonstrate greater sensitivity to monetary policy shocks regarding their impact on debt maturity structure com-pared to technology-intensive industries.These findings enhance the understanding of how monetary policy influences debt maturity structure and provide beneficial insights for shaping related policies.
关键词
货币政策/债务期限结构/融资约束/Proxy-SVAR/Local/ProjectionKey words
Monetary policy/Debt maturity structure/Financing constraints/Proxy-SVAR/Lo-cal projection引用本文复制引用
基金项目
中央高校基本科研业务费项目(2682022WTD014)
出版年
2024
NETL
NSTL
万方数据