货币政策、企业家信心与上市公司投资效率

MONETARY POLICY,ENTREPRENEURS'CONFIDENCE AND THE INVESTMENT EFFICIENCY OF LISTED COMPANIES

企业、企业家等微观主体对货币政策的反应,在较大程度上影响货币政策的效果。货币政策可通过对企业家信心的影响,进而对公司投资效率产生作用。基于中国2007—2016年40个季度A股上市公司样本的实证研究表明:企业家信心在货币政策传导过程中有不可忽视的作用。企业家信心增强或者货币政策宽松时会加剧过度投资,减轻投资不足;企业家信心减弱或者货币政策紧缩时可以有效抑制过度投资,但会加剧投资不足。其中,国有企业对企业家信心和货币政策松紧的敏感性更强。进一步,货币政策对企业投资效率的影响,也会通过货币政策和企业家信心的交互作用而发挥作用。这种作用在国有企业和非国有企业之间无显著差异。

The responses of micro-subjects such as enterprises and entrepreneurs to monetary policy have a great influence on the effectiveness of monetary policy.Monetary policy can affect firms'investment efficiency by influencing entrepreneurs'confidence.Based on the 40 quarters'samples of A-share listed companies in China during 2007--2016,the empirical results show that entrepreneurs'confidence cannot be neglected in the process of monetary policy transmission.Increased entrepreneurs'confidence or easing monetary policy will exacerbate over-investment and weaken under-investment while decreased entrepreneurs'confidence or tightening monetary policy will effectively curb over-investment but will in- tensify under-investment.State-owned enterprises are more sensitive to entrepreneurs'confidence and monetary policy.Further,the influence of monetary policy on the investment efficiency of enterprises will also take an effect through the interaction of monetary policy and entrepreneurs'confidence,which shows no significant difference between state-owned enterprises and non-state-owned enterprises.