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金融研究  2015, Vol. 422 Issue (8): 109-123    
  本期目录 | 过刊浏览 | 高级检索 |
宏观经济周期对企业外部融资的影响研究
吴华强, 才国伟, 徐信忠
中山大学岭南学院,广东广州 510275
Research on the Impact of Business Cycle on the Corporate External Financing
WU Huaqiang, CAI Guowei, XU Xinzhong
Lingnan College,Sun Yat-sen University
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摘要 本文认为,经济周期会通过影响融资-托宾Q、融资-现金流敏感度来影响企业的外部融资行为。实证发现,托宾Q与外部融资正相关,现金流与外部融资负相关。随着经济周期的变化,托宾Q和现金流对外部融资的影响系数也会发生变化。在经济扩张时期,托宾Q对债权融资的正向影响会增强,现金流对债权融资的负向影响会减弱;而托宾Q对股权融资的正向影响会减弱,现金流对股权融资的负向影响会增强。因此,企业债权融资和资产负债率是顺周期的,而股权融资是逆周期的。此外,经济周期对不同规模、产权、行业的企业外部融资影响也存在差异。
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吴华强
才国伟
徐信忠
关键词:  债权融资  股权融资  宏观经济周期    
Abstract:  This paper believes that business cycle can influence the firms’ external financing by the channel of financing-Q sensitivity and financing-cash flow sensitivity. The empirical results confirm that, the effect of investment value on the external financing is positive, and that of the internal cash flow is negative. During the business cycle, both of the coefficients of Tobin-Q and internal cash flow will change. During the period of economic expansion, the positive effect of Tobin-Q on the debt financing will become stronger, and the negative effect of cash flow will become weaker. Moreover, the positive effect of Tobin-Q on the equity financing will become weaker, and the negative effect of cash flow will become stronger. So the debt financing and the ratio of liabilities to assets are pro-cyclical, while the equity financing is counter-cyclical. The effect of business cycle among the companies in different sizes, different property rights and different industries are also different.
Key words:  Debt financing    Equity financing    Business cycle
JEL分类号:  E32   E44   G32  
基金资助: *本文得到了国家自然科学基金项目(71372146、71272200)、教育部人文社科项目(13YJA790001)、广东省优秀青年教师培养计划(Yq2013001)、中山大学优秀青年教师培养计划(14wkpy44)的资助。感谢匿名审稿人的宝贵意见。文责自负。
作者简介:  吴华强,中山大学岭南学院博士研究生,Email:wuhqiang@mail2.sysu.edu.cn. 才国伟,经济学博士,教授,中山大学岭南学院,Email:caiguow@mail.sysu.edu.cn. 徐信忠,金融学博士,教授,中山大学岭南学院,Email:xuxz9@mail.sysu.edu.cn.
引用本文:    
吴华强, 才国伟, 徐信忠. 宏观经济周期对企业外部融资的影响研究[J]. 金融研究, 2015, 422(8): 109-123.
WU Huaqiang, CAI Guowei, XU Xinzhong. Research on the Impact of Business Cycle on the Corporate External Financing. Journal of Financial Research, 2015, 422(8): 109-123.
链接本文:  
http://www.jryj.org.cn/CN/  或          http://www.jryj.org.cn/CN/Y2015/V422/I8/109
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