Abstract:

Abstract: Loose monetary and tighten monetary policies are conducted alternately in China. However, there are few literatures about common effect of alternant loose monetary policies and tighten monetary policies on corporate output indicators, such as financial risk and operating performance. The paper chooses all the A shares listed companies from 2001 to 2012 as samples to do regression analysis. We divided this period into four alternant periods of loose monetary policies and tighten monetary policies. This paper revealed that the chances of business performance decline, financial crisis and corporate value decline will be greater during tighten monetary policy period in those corporations which obviously performed at high investment level during loose monetary policy period before, and vice versa.

摘要：

摘 要：我国货币政策松紧交替进行，但鲜有文献探讨宽松与紧缩交替的动态货币政策对企业风险、业绩等产出指标的共同影响作用。本文选取2001年至2012年A股上市公司作为研究样本，将此期间划分为宽松与紧缩四个交替的货币政策时期。研究发现，货币政策宽松期（紧缩期）投资水平越高的企业，在货币政策紧缩期（宽松期）经营业绩下降越大（小），陷入财务危机的可能性越高（低），企业价值越低（高）。