货币政策影响企业融资的传导机制及其影响因素——一个国内研究文献的综述

The Transmission Mechanism and Influencing Factors of Monetary Policy for Its influnce to Company Finance——A Literature Review of Domestic Literatures

什么因素决定了企业的融资行为是财务理论界的一个"谜",大量文献表明,为了解开这个"谜",学者们主要研究了企业内部微观因素对其融资行为的影响,对外部宏观因素的影响研究较少,尤其是研究国家货币政策对企业融资行为的影响更少。事实上,货币政策对企业的融资行为有重要影响,而这种影响需要畅通的传导机制来发挥作用。本文对目前关于货币政策影响企业融资行为的传导机制,以及影响这种传导机制的影响因素的国内研究成果进行了梳理,希望为该主题的研究提供有益的帮助。

In the financial theoretic research,it is a mystery that what determines the financial behavior of enterprises. A large number of literatures show that,in order to solve the ＂ mystery＂,research scholars focus their attention on the effects of internal micro-factors on the financial behavior when they study the effects of external macro-factors,especially the monetary policy of a state. In fact,monetary policy has a significant effect on financing behavior of enterprises,only through a smooth monetary transmission mechanism can it plays its rule in practice. In this article,the domestic research achievements on monetary transmission mechanism between monetary policy and financing behavior of enterprises,as well as the factors that influence monetary transmission mechanism are summarized for providing an useful reference for the research on this topic.