货币政策影响企业投资效率吗?——基于营运资本动态协同视角的修正分析

Does Monetary Policy Affect Corporate Investment Efficiency:An Empirical Study Based on the Dynamic Synergistic Effect of Working Capital

以2002年～2011年中国房地产上市企业为样本，通过构建附加营运资本的静态与动态投资效率分析模型，考察营运资本管理与货币政策影响企业投资效率的微观机理及静态与动态协同效应。实证表明：融资约束条件下，企业会自发调节营运资本来“平滑”固定投资波动、提升投资效率，且这一“内生平滑”行为会强化“外生货币政策”对投资效率的“调节”作用（正向协同）；与此同时，货币政策对内生平滑具有逆向协同效应，即货币政策越宽松，营运资本平滑水平越低。传统模型由于忽视了内生与外生协同效应，故低估了货币政策对投资效率的影响水平。本研究有助于改善货币政策评价机制，拓展宏观经济政策与微观企业行为关系研究的分析视角与实证逻辑。

By taking the listed companies of real estate industry from 2002 to 2011 as sample, this paper investigates the rationale of how monetary policy and working capital management affect corporate investment efficiency and the impact that their interaction has on investment efficiency. The empirical test shows that： with the intention of improving investment efficiency, the companies with financial constraints tend to reduce working capital to smooth fixed-investments, and their smoothing behavior contributes to intensifying the ad- justment capacity of monetary policy on investment efficiency, which means that traditional model underesti- mates the impact that monetary policy has on efficiency due to the ignorance of the positive influence that smoothing has on monetary policy; monetary policy has a negative impact on smoothing effect because easy monetary policy gives rise to a lower smoothing level.