货币政策变更、费用粘性与企业债务融资

费用粘性界定了公司经营波动所伴随的不一致的费用波动,其产生的原因可能是管理者机会主义导致费用调整的动机缺失。通过构建度量内部代理成本的指标,对代理问题所导致的信贷供给摩擦进行量化,利用我国上市公司2003~2009年的季度数据,可以考察货币政策变化时费用粘性对债务融资的影响。按照资本密集度、治理水平分组进行稳健性测试的经验证据表明,在货币政策宽松时,费用粘性越大,银行债务越少;由于机会主义对信贷的影响,资本密集度较小时费用粘性的影响更加显著。这一研究不仅从新的角度解释了债务市场摩擦,而且为财务分析等实践活动提供了理论依据。

Change of Money Policy,Expense "Stickiness" and Debt Financing

The "stickiness" of expense is the asymmetry in the marginal expense between the activity has increased and decreased,the main theoretical explanation about it is opportunism perspective.Theoretical analysis appear that expense stickiness would lead to the decrease of company’ value,and affect the probability of company’ lending from bank.Different from lots of researches based on change of money policy,this study takes credit supply friction caused by agency problem into consideration by constructing variable to valuate the internal agency cost.This study researches how the "stickiness" of expense affect debt financing when money policy change by using financial data of Chinese listed companies from 2003 to 2009,and does robust test based on the ratio of asset to sales and company governance level.The empirical results demonstrate that it would hold little capital from bank when company’ stickiness is great,and this relationship would become greater when the ratio of asset to sales is bigger.The study not only has important significance to the explanation of friction in lending market,but also gives us a theoretical support to financial analysis.