文献类型：期刊文献

中文题名：货币政策、投融资期限错配与企业绩效

英文题名：Monetary Policy,Maturity Mismatch of Investment &Financing and Business Performance

作者：徐尧[1];洪卫青[2];谢香兵[3]

第一作者：徐尧

机构：[1]厦门大学管理学院;[2]中证资本市场运行统计监测中心;[3]河南财经政法大学会计学院

第一机构：厦门大学管理学院,福建厦门361005

年份：2017

卷号：34

期号：6

起止页码：135-141

中文期刊名：经济经纬

外文期刊名：Economic Survey

收录：CSTPCD;;国家哲学社会科学学术期刊数据库;北大核心:【北大核心2014】；CSSCI:【CSSCI2017_2018】；

语种：中文

中文关键词：货币政策;期限错配;企业绩效

外文关键词：Monetary Policy ; Maturity Mismatch ; Business Performance

摘要：以我国2008—2015年的A股非金融类上市公司的经验数据,探讨企业投融资期限匹配程度对企业绩效的影响,以及货币政策变动对以上关系的调节作用。结果表明:投融资期限匹配程度与企业绩效之间呈现倒U型曲线关系,当投融资期限匹配程度处于较低水平时,紧缩的货币政策会强化投融资期限匹配程度与企业绩效之间的正相关关系;当投融资期限匹配程度处于较高水平时,紧缩的货币政策会强化投融资期限匹配程度与企业绩效之间的负相关关系。
Using the data of non-financial listed companies in the A-Share market from 2008 to 2015, this paper studies the influence of the degree of maturity match of investment and financing on business performance, and examines the moderating effects of monetary policy. The results show that the relationship between the degree of maturity match of investment and financing and firm performance presents an inverted U curve. With a low level of maturity match, tight monetary policies can strengthen the positive relationship between maturity match and business performance while with a high level of maturity match, tight of monetary policies can strengthen the negative relationship between maturity match and business performance.