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基于中国2003-2014年间A股上市公司的季度数据,研究了紧缩性货币政策对企业风险承担的影响,以及财务柔性对二者关系的调节作用。结果发现,银根紧缩能够有效抑制企业风险承担行为,意味着货币政策传导的企业风险承担渠道存在;财务柔性对银根紧缩与企业风险承担关系具有负向调节效应,表明财务柔性能够削弱银根紧缩对企业风险承担的抑制作用,使得货币政策效果大打折扣;财务柔性之于银根紧缩与企业风险承担的负向调节效应对企业规模、是否国有背景以及产品属性具有依存性,与大企业、非国有企业和非耐用品企业相比,中小企业、国有企业和耐用品企业的财务柔性更显著地缓解了银根紧缩对其风险承担水平的抑制效应。
Based on quarterly data of A-share listed companies in China during 2003-2014, this paper studies the impact of tighter monetary policy on corporate risk taking and the regulatory role of financial flexibility in the relationship between the two. The results show that the monetary tightening can effectively inhibit the risk-taking behavior of enterprises, which means that the channels of corporate risk-taking conducted by monetary policy exist. The financial flexibility has a negative regulatory effect on the relationship between the monetary tightening and the corporate risk-taking, indicating that financial flexibility can weaken the monetary tightening The negative effect of financial flexibility on the monetary tightening and the corporate risk appetite has a negative effect on the scale of the enterprise, whether the state-owned background and the product’s attributes are dependent, and that the negative effect of the financial flexibility on the macro-economy, the non-state-owned enterprises and the non-state- Compared with non-durable goods enterprises, the financial flexibility of SMEs, state-owned enterprises and durable goods enterprises more significantly alleviated the inhibitory effect of monetary tightening on their level of risk-taking.