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中国人民银行自2010年开始采取了一系列紧缩性货币政策,来对宏观经济过热与流动性过剩进行调控。本文以人民银行2010年第四季度至2011年第三季度的货币政策调控为自然实验的研究对象,通过采用倍差法的检验策略,考察了货币政策调控对制造业上市企业融资结构的影响。由于不同所有制与规模的企业面临显著的信贷约束与融资能力差异,本文强调货币政策调控对这些异质性企业的融资结构的区别性影响。研究发现:紧缩性的货币政策调控将导致民营企业和中小企业的融资结构出现较为明显的调整,即外源融资占比、企业总债务率以及有息债务率均呈现出下降的趋势,尤其是民营企业表现得更为显著,而对国有企业和大企业的融资结构变化则影响不明显。该结果不仅证实了融资结构这一微观基础的存在性,而且也揭示出作为调控对象微观企业的行为变化,为客观理解宏观货币政策调控的微观影响提供了难得的经验证据。
Since 2010, the People’s Bank of China has adopted a series of austerity monetary policies to regulate macroeconomic overheating and excess liquidity. This paper takes the control of monetary policy from People’s Bank of China from the fourth quarter of 2010 to the third quarter of 2011 as the research object of natural experiment, examines the impact of monetary policy regulation on the financing structure of manufacturing listed companies by adopting the test method of multiples difference method. As different ownership and size of enterprises face significant differences in credit constraints and ability to finance, this paper emphasizes the differential impact of monetary policy on the financing structure of these heterogeneous firms. It is found that the tight monetary policy will result in a more obvious adjustment of the financing structure of private enterprises and SMEs. That is, the proportion of external financing, the total debt ratio of enterprises and the interest-bearing debt ratio all show a declining trend, especially The performance of private-owned enterprises is even more remarkable, while the change of the financing structure of state-owned enterprises and large enterprises has no obvious effect. This result not only confirms the existence of the micro-foundation of financing structure, but also reveals the behavior changes of the micro-enterprises as the controlling objects and provides rare empirical evidence for objectively understanding the micro-effects of macro-monetary regulation.