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摘要
本文旨在研究预期通货膨胀对企业资产结构的影响。由于宏观经济的变化必
然反映在微观个体行为之上，对微观企业的深入研究有利于我们更好地理解通货
膨胀的作用，同时也帮助企业经营者更好地应对通货膨胀波动，本文以企业资产
结构调整行为作为切入点，考察通货膨胀率波动对微观主体的行为影响。本文采
用实证研究与规范研究相结合，并偏重于实证分析的研究方法。研究结果认为预
期高通货膨胀时期企业持有的经营资产水平上升而金融资产水平下降，预期低通
货膨胀时期，企业持有的经营资产水平下降而金融资产水平上升；预期通货膨胀
对非国有控股公司的金融资产水平影响更大，而对国有控股公司的金融资产水平
影响相对较小；针对预期通货膨胀主动调整资产结构的企业未来经营业绩会更好
（主动是增加经营资产）；预期通货膨胀率较高的情况下，融资约束公司比非融
资约束公司持有的金融资产水平更高；通货膨胀和企业资本结构共同影响资产结
构，通货膨胀和资本结构之间存在互补作用；通货膨胀和企业盈利能力共同影响
资产结构，通货膨胀和企业盈利能力之间存在替代关系。并对通货膨胀与企业资
产结构进行了内生性检验。本研究试图把通货膨胀对企业行为的影响纳入宏观经
济与微观主体行为互动关系的研究框架中，显性化通货膨胀对企业行为的影响，
也拓展了企业资产结构调整方面的研究，进而为企业经营者更好的应对通货膨胀
波动的影响、提高经营业绩甚至改进资产负债表提供有益的参考。

关键词：预期通货膨胀；资产结构；经营业绩

Abstract
In order to exploit the impact of expected inflation on the asset structure of
corporate. Due to changes in macroeconomic necessarily reflect on the microscopic
behavior of the individual, in-depth study of micro-enterprises will help us to better
understand the effects of inflation, also to help businesses operators to better respond
to fluctuations in inflation. This paper use the asset structure as a starting point to
study fluctuation of expected inflation which affecting the microstructure of the
enterprises’ behavior. In this paper, empirical research and normative research
combined, we emphasis on empirical research methods and analysis. Research results
suggest that when we expect high inflation, we tend to hold more operating assets and
less financial assets. In contrast, if we expect low inflation, we tend to hold less
operating assets and more financial assets. Non-state-owned enterprises reflect more
clearly on expected inflation, which reflected in changing of financial assets. The
company who initiative to adjust the asset structure will have better performance in
future (The initiative is to increase the operating assets). When we expected inflation
rate is higher, non-financial constraint companies will have higher level of financial
assets than financial constraint companies. Expected inflation and capital structure
effect asset structure. There is a complementarity between expected inflation and asset
structure. Expected inflation and corporate earnings ability combined effect of the
asset structure, so there is alternative relationship between expected inflation and
corporate profitability. We have endogenous test between expected inflation and
assets structure. This study attempts to put the expected inflation and asset structure
into macroeconomic and the behavior of micro-enterprises framework, not only
dominancing the impact of corporate’ behavior of inflation, but also expanding the
research of enterprise asset restructure. Thus for the enterprise operators to better cope
with the impact of inflation volatility, improving business performance and even
improving the balance sheet provide a useful reference.
Key Words: Expected inflation; Asset structure; Operating performance