【作者】 李元；

【导师】 范从来；

【作者基本信息】 南京大学 ， 经济学　国民经济学， 2016， 硕士

【摘要】 改革开放以来,我国的经济取得举世瞩目成就,社会主义经济体制改革不断完善和成熟,企业的经济活动已经不断渗透到宏观经济中。考察货币政策及其不确定性对企业资产流动的影响,有助于更好理解宏观货币政策对微观企业财务的影响。无论对优化企业资产流动性管理,还是提高宏观货币政策的调控效果都有现实意义。借鉴国内外相关文献的研究方法和结论,基于我国特殊的政治经济体制和金融环境,本文将货币政策分为价格型和数量型两种,并对货币政策不确定性建立模型。首先进行数理推导和数值模拟提出假设命题,然后,以A股中非金融和非ST企业为样本,采用2005年1季度至2015年3季度的面板数据实证和检验货币政策及其不确定性对企业资产流动性的影响,得出以下结论：1、紧缩的数量型货币政策能增加静态性和潜在性的企业的资产流动性,而对动态性企业的资产流动性影响不显著。紧缩的价格型货币政策能显著提高静态性、动态性和潜在性的企业资产流动性。2、在数量型货币政策的调控下,企业的成长性越高,静态性与潜在性企业的资产流动性越高,动态性企业资产流动性不显著。在价格型货币政策的调控下,企业的成长性越高,静态性、动态性和潜在性的企业的资产流动性都越高。此外,企业的成长性越高,货币政策对企业资产流动性的调整力度就越大。3、货币政策的不确定增加后,静态性、动态性以及潜在性的企业的资产流动性都会减小。高成长企业未来的盈利性投资机会较低成长的企业要多,因此不确定性增加后,调整力度更大。4、企业成长性越高,企业资产流动性对货币政策不确定性的反应越剧烈。成长性越高的企业,企业的静态性、动态性和潜在性的企业资产流动性的下降幅度更大。基于价格型货币政策对微观经济的调控效应更加明显,对不同性质的的企业调控效果存在差异,因此政府应推进差异化的利率调控政策。企业作为经济的微观主体,应时刻关注分析货币政策的调整和变动,对企业资产的流动性水平作出调整。更多还原

【Abstract】 Since the reform and opening up, the economy of china has got a brilliant triumphs. China’s socialist market economic system continues to improve and mature. Enterprise’s economic activity has been gradually penetrating into the macroeconomy. Studying the effect of monetary policy and its uncertainty on corporate asset liquidity. It has practical significance on optimizing liquidity management or improving the regulatory effect of macro-control on monetary policy.Learning from research methods and conclusions of relevant literature domestic and foreign and based on China’s special political system and financial environment, monetary policy will be classified into price-based and quantity-based policy in this paper and then we establish a model of monetary policy uncertainty. Firstly, this paper carries out mathematical derivation, numerical simulation and based on these, it puts forward hypothesis. Then, taking the Chinese A-share listed companies apart from financial and ST companies as the research object, this paper uses quarterly panel data from the first quarter of 2005 to the third quarter of 2015 and does empirical analysis and tesing, in order to study the effect of the effect of monetary policy and its uncertainty on corporate asset liquidity. The finding shows:1. Tight quantity-based monetary policy can increase both static liquidity and potential liquidity, while it is not significant on dynamic liquidity. However, tight price-based monetary policy has significance on static liquidity、dynamic liquidity and potential liquidity.2. In the regulation of quantity-based monetary policy, enterprise’growth is higher, static liquidity and potential liquidity will be higher while it is not significant on dynamic liquidity. In the regulation of price-based monetary policy, enterprise’growth is higher, static liquidity, dynamic liquidity and potential liquidity will all be higher. In addition, enterprise’ growth is higher, adjustment of corporate asset liquidity will be greater.3. As the uncertainty of monetary policy increases, static liquidity, dynamic liquidity and potential liquidity will all decrease. In addition, because profitable investment opportunities of high-growth enterprise will greater than low-growth enterprise, when the uncertainty of monetary policy increases, adjustment of high-growth enterprise will be bigger.4. The higher is the enterprise’growth, the more intense will be the corporate asset liquidity caused by uncertainty of monetary policy. Enterprise’growth is higher, declining of corporate asset liquidity will be greater.Based on that the regulation of micro-economic effect of price-based monetary policy on is more obvious, and the regulatory effect of enterprises with different features exist difference, the government should promote differentiation of interest rate regulatory policy. As main micro body of the economy, enterprises should pay attention to and analyze the adjustment and changes of monetary policy, and adjust the level of corporate asset liquidity.更多还原