摘要
在我国经济发展面临需求收缩、供给冲击和预期转弱“三重压力”的背景下,货币政策传导的机制和真实效率问题一直备受广泛关注,本文通过分析货币政策态势变化对企业投资效率的影响,从微观视角对这一问题进行了探索。在对前期国内外研究进行梳理的基础上,提出关于我国货币政策态势变化对企业投资效率影响的三个假设,并利用2003-2019年我国2160家上市公司非平衡面板数据进行实证分析。结果表明,货币政策态势的变化会对企业的投资效率产生显著影响,不同股权特征和治理机制会对这一效应产生放大或缓释效应。在实证结论的基础上,给出相关政策建议。
In pursing economic development,China is under the triple pressures of shrinking demand,disrupted supply and weakening expectations,the efficiency of monetary policy transmission mechanism and the real problem has been widely concerned.This paper analyzes the change of monetary policy stance influence on enterprises investment efficiency,from the micro perspective to explore this issue.Based on the review of previous studies at home and abroad,this paper proposes three hypotheses about the impact of China s monetary policy stance on corporate investment efficiency,and makes an empirical analysis using unbalanced panel data of 2,160 listed companies in China from 2003 to 2019.The results show that the change of monetary policy stance will have a significant impact on the investment efficiency of enterprises,and state-owned enterprises are less affected because of the special governance and decision-making mechanism.In addition,we also focus on the amplification or reduction effect of corporate debt structure and governance mechanism on this transmission.Based on the empirical conclusions,this paper puts forward some policy suggestions.
作者
朱迪星
ZHU Di-xing(Wuhan Branch of People’s Bank of China)
出处
《当代金融研究》
2022年第5期26-40,共15页
Journal of Contemporary Financial Research
关键词
货币政策态势
投资效率
公司治理
股权性质
Monetary Policy Stance
Investment Efficiency
Corporate Governance
Ownership Property
