中国货币政策的金融加速器效应研究——以货币政策对不同规模高科技企业的影响为例

Research on the Financial Accelerator Effect of Chinese Monetary Policies——Taking the Effect on Different-sized Hi-tech Companies as an Example

文章以中国高科技上市公司为样本,实证分析了货币政策对不同规模高科技企业的金融加速器效应。研究证实了金融加速器效应的不对称现象,发现货币政策对高科技小企业投资和净值的影响比对高科技大企业的影响更为显著,这也意味着在制定促进高科技企业发展的金融政策时需要考虑金融加速器效应。

The paper studies the financial accelerator effect of Chinese monetary policies using the hi - tech hsted companies of different size as sample. The authors prove the asymmetry of financial accelerator effect, and find the effects on the investment and net worth of small companies are more significant than those of large companies. The finding imphcates that the financial accelerator effect should be taken into consideration when we conduct financial policies to improve the development of hi - tech companies.