【作者】 郭杰；

【导师】 卫平东；

【作者基本信息】 辽宁大学 ， 金融（专业学位）， 2024， 硕士

【副题名】基于资管新规实施的准自然实验

【摘要】 2008年的金融危机后,在实体企业逐利的驱使下,资金大量流入虚拟经济领域如股票、债券等市场,使得金融市场得以快速发展,但也出现许多问题。为了防范金融风险及维护国家经济平稳运行,2018年4月27日中国人民银行联合银保监会和证监会正式发布《关于规范金融机构资产管理业务的指导意见》(即“资管新规”),力求通过加强金融监管来化解金融风险,引导资金向实体经济回流,促进经济的高质量发展。资管新规实施后,对金融机构以及金融市场的投融资行为进行了规范,实体企业“脱实向虚”程度明显降低。但与此同时,非正规金融机构规模的大幅度锐减也使得企业融资渠道缩窄、融资门槛变高,可能会影响企业融资约束水平。所以,本文从金融监管政策这一视角出发,研究资管新规这一监管政策的出台对企业融资约束的影响。本文以资管新规的实施作为准自然实验,选取2013-2021年间中国A股非金融非房地产类上市企业的年度数据作为研究样本,构建双重差分模型,通过理论及实证的研究分析了资管新规实施对企业融资约束的影响。通过实证研究发现,资管新规实施后,通过提高企业融资成本和交易成本这一作用路径使得企业融资约束明显提升。此外,对民营企业、东部地区企业以及信息披露质量较低的企业影响更为显著。对此,本文提出几点建议:第一,相关政策的制定不能“一刀切”,要循序渐进,并对政策进行后续的改进完善;第二,政府应加强多层次资本市场的建设,改善资本市场的信息披露制度和企业的市场交易环境;第三。企业要注重提升自己的实力以增强抗击政策冲击风险的能力,同时也要保持良好的信息披露质量水平。更多还原

【Abstract】 After the financial crisis in 2008,driven by the profit pursuit of real enterprises,a large amount of funds flowed into the virtual economy neighborhood such as stocks,bonds and other markets,which enabled the rapid development of the financial market,but there were also many problems.In order to prevent financial risks and maintain the smooth operation of the national economy,on April 27,2018,the People’s Bank of China,together with the Banking and Insurance Regulatory Commission and the Securities Regulatory Commission,officially issued the "Guiding Opinions on Regulating the Asset Management Business of Financial Institutions"(i.e.,the "New Regulations on Asset Management"),seeking to resolve financial risks by strengthening financial supervision and guiding the return of funds to the real economy.We will promote high-quality economic development.After the implementation of the new regulations on capital management,the investment and financing behaviors of financial institutions and financial markets have been standardized,and the degree of "real to virtual" of entity enterprises has been significantly reduced.However,at the same time,the sharp decline in the scale of informal financial institutions has also narrowed the financing channels of enterprises and raised the financing threshold,which may affect the level of financing constraints of enterprises.Therefore,from the perspective of financial regulatory policy,this paper studies the impact of the introduction of new regulations on corporate financing constraints.This paper takes the implementation of the new asset management regulations as A quasi-natural experiment,selects the annual data of China’s A-share non-financial non-real estate listed enterprises from 2013 to 2021 as research samples,builds a differential model,and analyzes the impact of the implementation of the new asset management regulations on corporate financing constraints through theoretical and empirical research.Through empirical research,it is found that after the implementation of the new asset management regulation,the financing constraints of enterprises have been significantly improved by increasing the financing cost and transaction cost of enterprises.In addition,the impact on private enterprises,enterprises in the eastern region and enterprises with low quality of information disclosure is more significant.In this regard,this paper puts forward several suggestions: First,the formulation of relevant policies should not be "one-size-fits-all",but should be gradually improved and perfected.Second,the government should strengthen the construction of multi-level capital market,improve the information disclosure system of capital market and the market trading environment of enterprises;Third.Enterprises should pay attention to improving their own strength to enhance the ability to resist the policy impact,but also to maintain a good level of information disclosure quality.更多还原