非预期通货膨胀会使债务型货币地位企业获益吗？

摘要笔者利用1991年~2014年中国上市公司数据,基于固定效应模型,考察了非预期通货膨胀率、企业货币地位和股票回报率的关系。实证结果表明名义合约假说在中国市场中的检验成立,债权型货币地位的企业股票回报率与非预期通货膨胀之间呈负相关关系,即非预期通货膨胀会使债权型货币地位的企业受损。

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	李丽芳
	吕诗洁

关键词：国际研发资本金融发展碳生产率国际研发资本金融发展碳生产率国际研发资本金融发展碳生产率国际研发资本金融发展碳生产率非预期通货膨胀企业货币地位个股回报率名义合约假说

Abstract： Applying the data of China listed companies over the 1991-2014 period and fixed-effect regress, it is found that our results support nominal contracting hypothesis, implying that firms with debts gain from increase in unexpected inflation and more debts induce more gains for debtor firms. Firms with more short-term monetary contracts are less affected by higher-than-unexpected inflation. Returns of cyclical industries and public utilities are more sensitive to the unexpected inflation than other industries, because they own more long-term contracts.

Keywords： International R& D Financial Development Carbon Productivity International R& D Financial Development Carbon Productivity International R& D Financial Development Carbon Productivity International R& D Financial Development Carbon Productivity Unexpected Inflation Monetary Position Stock Return Nominal Contracting Hypothesis

收稿日期 2015-01-13; 接受日期 2016-05-16;

基金资助:国务院侨办基地课题自选项目(GQBY2014013)

作者简介: 李丽芳(1978-),女,广东广州人,博士,副教授,主要从事资产定价、公司金融研究;吕诗洁(1991-),女,河南洛阳人,硕士研究生,主要从事资产定价、公司金融研究。

引用本文:

李丽芳,吕诗洁.非预期通货膨胀会使债务型货币地位企业获益吗？[J]. 经济经纬, 2016,3: 150-154

LI Li-fang, LV Shi-jie.Will Debtor Firms Gain from Unexpected Inflation?——Evidence from China Based on Nominal Contracting Hypothesis[J] Economic Survey, 2016,V33(3): 150-154

链接本文:

http://www.jjjw.org.cn/CN/ 或 http://www.jjjw.org.cn/CN/Y2016/V33/I3/150