货币政策、债务异质性与企业价值

文章从微观企业债务来源异质性的视角出发,利用2009—2018年沪深A股非金融上市公司为研究样本,构建相应的固定效应模型,探究债务异质性与企业价值之间的关系,并进一步验证货币政策的调节作用。研究发现:在其他条件不变的情况下,债务异质性与企业价值之间显著正相关。货币政策宽松时期相对于紧缩时期,金融性负债对企业价值的削弱程度更强。货币政策紧缩时期相对于宽松时期,经营性负债对企业价值的提升效果更强。

Monetary Policy, Debt Heterogeneity and Enterprise Value

This paper takes A-share non-financial listed companies on Shanghai and Shenzhen stock exchanges from 2009 to 2018 as research samples, explores the relationship between debt heterogeneity and enterprise value, and further verifies the regulatory role of monetary policy. It is found that debt heterogeneity is positively correlated with firm value. With other things being equal, financial liabilities weaken enterprise value more in the period of monetary policy easing than in the period of tightening. In the period of monetary policy tightening, compared with the period of monetary policy easing, operating liabilities have a stronger effect on the improvement of enterprise value.