投资主体决策异质性与货币政策效果差异

THE HETEROGENEITY OF INVESTMENT DECISIONS AND DIFFERENT EFFECTS OF MONETARY POLICY

本文在对中国近期投资需求现实考察的基础上,构建了各类主体的投资需求新古典模型,根据不同投资主体目标函数和约束条件的差异得出结论:(1)以调整利率(准备金)为主的货币政策对于私营企业固定资产投资、住宅投资具有较大效应,而对于国有企业投资作用相对较小,对于地方政府投资的效应为0,甚至作用相反。(2)以控制信贷规模为主的货币政策对于私营企业投资、家庭具有较明显的作用,对于国有企业投资作用较小,对于政府投资作用非常微小。(3)政府对国有企业上缴利润比例的调整对于国有企业的投资变化具有较强影响,而房地产调控政策如果发挥作用,则对于地方政府投资和住宅投资具有较大效应。

On the basis of empirical results of recent China＇s investment demand,we established neoclassical investment models for different market actors.The difference of objective functions and constraints resulted in the following conclusions：（1） monetary policies（with interest and reserve） have significant negative effects on the investment of private-owned companies and households,little effect on state-owned companies,and zero or positive effect on the government;（2） credit constraints have significant effects on the investment of private-owned companies and households,little effect on state-owned companies,and none effect on the government;（3） policies such as the proportion of state-owned companies＇ profit tuning-in could influence the investment decision of state-owned companies,and the real estate policies could influence the investment decision of local governments and households.