基于宏观经济政策视角的我国企业负债融资研究

doi:10.16381/j.cnki.issn1003-207x.2016.05.018

Abstract

Abstract: As government's method to regulate macro economy, macroeconomic policy has a significant impact on financing behavior of micro enterprises.In consideration of the credit discrimination of China's state-owned enterprises and non state-owned enterprises by financial institutions, eliminates influence of nature of property right, China's state-owned enterprises will be the object of study by utilizing 2007 to 2013 data.First of all, this paper discovers the impact of macroeconomic policy on state-owned enterprises financing behavior and proves that expansion of macroeconomic policies and tightened monetary policies promote debt financing of state-owned enterprises.Further it is also found that the relationship between debt financing with enterprises performance with impact of external factor of macroeconomic policies and internal factor of equity structure.The research shows that debt financing is positive to enterprises performance under expanded macroeconomic policies and is negative to enterprises performance under tightened monetary policies.The more disperse of equity structure, the more positive influences debt financing on state-owned enterprises performance.

Key words: fiscal policy, monetary policy, debt financing, equity structure

CLC Number:

F224

WANG Chang-rong, MA Hong, WANG Yuan-yue. Debt Financing and Equity Structure of Chinese State Owned Enterprises-From the Perspective of Macroeconomic Policy[J]. Chinese Journal of Management Science, 2016, 24(5): 158-167.

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Debt Financing and Equity Structure of Chinese State Owned Enterprises-From the Perspective of Macroeconomic Policy

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