摘要
本文基于2000-2015年47个经济体非金融企业数据,考察跨境资本涌入对非金融企业杠杆率的影响和机制。研究发现:经济体发生跨境资本涌入将显著推升非金融企业杠杆率上涨,跨境股权资本和债务资本涌入均产生加杠杆效应;跨境股权资本涌入通过资产价格渠道推升非金融企业杠杆率,而跨境债务资本涌入同时通过资产价格和信贷渠道推升非金融企业杠杆率;加强资本流动管理能缓解跨境资本涌入对非金融企业杠杆率的冲击。本文为揭示跨境资本涌入的金融风险提供了企业层面的微观证据,对中国深化金融市场开放、提升金融服务实体经济效率以及防范外部冲击风险具有重要启示。
This paper explores the effects and channels of the surge in cross-border capital inflows on non-financial corporate leverage,based on the non-financial firm-level data of 47 economies from 2000 to 2015.The study finds that a surge in cross-border capital inflows into the economy significantly increases the non-financial corporate leverage,which holds for both equity surges and debt surges.Equity surges drive non-financial corporate leverage through the asset price channel,while debt surges simultaneously push up non-financial corporate leverage through both the asset price mechanism and the lending boom channel.Improved capital flow management helps to alleviate the impact of surges on non-financial corporate leverage.This study provides firm-level micro-evidence on the financial risk of capital flow surges,which has important policy implications for deepening China’s financial market opening,improving the efficiency of financial services in the real economy and preventing the risk of external shocks.
作者
苟琴
耿亚莹
谭小芬
Gou Qin;Geng Yaying;Tan Xiaofen
出处
《世界经济》
CSSCI
北大核心
2022年第4期54-79,共26页
The Journal of World Economy
基金
国家自然科学基金重点项目(71850005)
国家社会科学基金重大项目(20&ZD101)
国家自然科学基金面上项目(72073150)的资助。
关键词
跨境资本涌入
资本流入逆转
非金融企业杠杆率
金融稳定
surges in cross-border capital inflows
abrupt reversals in capital inflows
non-financial corporate leverage
financial stability
作者简介
苟琴,电子信箱:qingou@cufe.edu.cn;耿亚莹,电子信箱:yayinggeng@163.com;通讯作者:谭小芬,电子信箱:。
