本文關鍵詞：貨幣政策傳導渠道、宏觀經(jīng)濟增長與企業(yè)投資效率，由筆耕文化傳播整理發(fā)布。

貨幣政策傳導渠道、宏觀經(jīng)濟增長與企業(yè)投資效率

Monetary Policy Transmission Channels, Macroeconomic Growth and Business Investment Efficiency

[1] [2] [3]

ZHANG Chao, LIU Xing, TIAN Meng-ke （Chongqing University, Chongqing 400030, China）

重慶大學經(jīng)濟與工商管理學院,重慶400033

文章摘要：以我國A股上市公司為樣本,研究了在不同的宏觀經(jīng)濟增長環(huán)境下,兩類貨幣政策傳導渠道對企業(yè)投資效率的影響。研究發(fā)現(xiàn),在經(jīng)濟增長平穩(wěn)時期,貨幣供給與企業(yè)投資不足以及過度投資正相關,信貸供給與投資不足負相關、與過度投資正相關;在經(jīng)濟增長非平穩(wěn)時期的信貸渠道作用發(fā)生部分反轉(zhuǎn);在經(jīng)濟增長乏力時期的寬松貨幣供給提高了企業(yè)投資效率。研究還發(fā)現(xiàn),利率是貨幣渠道的有效替代變量,上述影響在不同產(chǎn)權性質(zhì)特征和行業(yè)特征下具有強度差異。在進一步的研究中,我們發(fā)現(xiàn)企業(yè)在經(jīng)濟增長乏力時期存在顯著的“蟄伏”效應和擇機調(diào)整行為。

Abstr：Taking China＇s A-share listed companies as samples, this paper studies the influences of two kinds of monetary policy transmission channels on corporate investment efficiency in different macroeconomic growth environments. The results show that during the period of steady economic growth, money supply is positively correlated with both corporate under-investment and over-invest- ment, while credit supply is negatively correlated with under-investment and is positively correlated with over-investment. During the period of unsteady economic development, part of the effect of cred- it channel is inversed. During the period of economic growth lacking of strength, the loose money supply can improve corporate investment efficiency. It is also found that interest rate is an effective substitution variable of monetary channel. The above-mentioned influences have differences in intensity under different nature and characteristics of ownership and different industry characteristics. In further researches, it is also found that during the period of economic growth lacking Of strength, enterprises may present significant ＂dormancy＂ effect and timely adjustment behaviors.

文章關鍵詞：

Keyword：:monetary policy monetary channel credit channel macroeconomic growth business investment efficiency

課題項目：國家自然科學基金重點項目“制度環(huán)境、公司財務政策選擇和動態(tài)演化研究”（71232004）;國家自然科學基金面上項目“產(chǎn)權控制路徑下的資本投資與配置效率研究”（71172082）;國家自然科學基金面上項目“大股東自利動機與上市公司資本投向研究”（70902030）;國家自然科學基金面上項目“政府干預動機下的企業(yè)投資取向與配置結構特征研究”（71372137）;教育部人文社會科學研究青年基金項目“金融危機背景下貨幣政篆對公司資本配置的影響研究”（13YJC630（187）

  本文關鍵詞：貨幣政策傳導渠道、宏觀經(jīng)濟增長與企業(yè)投資效率，由筆耕文化傳播整理發(fā)布。