微观货币需求函数与货币需求异质性：企业层面的证据

Micro-function of Money Demand and Heterogeneity:the Empirical Evidences in the Firm Level

本文基于企业成本最小化建立微观货币需求函数以探讨经济个体的货币需求异质性,并根据上市公司财务数据设计面板数据模型进行实证研究。来自我国企业层面的微观证据表明,企业规模、地区差异和行业差异对企业货币需求均有显著影响,企业货币需求处于规模报酬递增阶段,但其货币需求增长速度慢于企业规模增长速度。地区差异对企业货币需求的影响是非线性的,目前主要表现为越发达地区的企业货币需求越多。大多数服务业的货币需求明显较高,而制造业的货币需求相对较低。

According to the economic agents＇ heterogeneity, micro-function of money demand is set up to minimize total cost in the firm level. The empirical evidences of Chinese firms＇ panel data shows that firm size ; region difference and industry category affect money demand heterogeneity obviously. An increase of firm size leads to higher money demand. Regional influence on money demand is nonlinear and advanced area demand more money relatively. Money demands in most of service industries are much higher than those of manufacturing industries.