货币政策影响公司投资的双重效应研究被引量：36

Dual Effects of Monetary Policy on Corporate Investment

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摘要从微观层面分析货币政策影响公司投资的双重效应,采用面板向量自回归技术,通过正交化的脉冲响应函数,区分货币政策影响公司投资的需求效应和供给效应,使用中国上市公司面板数据进行实证检验。研究结果表明,货币政策对公司投资的影响既存在需求效应又存在供给效应;对不同融资约束公司,货币政策影响其投资的双重效应存在非对称性,货币政策对低融资约束公司投资影响的需求效应强于高融资约束公司,对高融资约束公司投资影响的供给效应强于低融资约束公司。研究结果为宏观货币政策理论提供微观经济基础的支持。 In this paper, we analyze dual effects of monetary policy on corporate investment through micro level. We distinct de- mand effect and supply effect of monetary policy on corporate investment by panel vector auto-regression techniques （PVAR） and the orthogonal impulse response functions, using panel data of listed companies to test hypothesized model. The results show that, monetary policy has both demand effect and supply effect on corporate investment; monetary policy has different effect on corporate＇s investment under different financing constraints. That is, the demand effect of lower financing constraints firms is stronger than that of higher financing constraints firms, and the supply effect of higher financing constraints firms is stronger than that of lower financing constraints firms. This research provides macro monetary policy theory with micro economic foundation.

作者张西征刘志远王静

机构地区东华大学旭日工商管理学院南开大学商学院上海国际问题研究院

出处《管理科学》 CSSCI 北大核心 2012年第5期108-119,共12页 Journal of Management Science

基金国家自然科学基金(71072099 70872052) 中央高校基本科研业务费专项基金(12D10814)~~

关键词货币政策公司投资融资约束需求效应供给效应 monetary policy corporate investment financing constraints demand effect supply effect

分类号 F275 [经济管理—企业管理]

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