货币政策、营运资本管理与企业投资效率——基于中国房地产上市企业的实证检验

Monetary Policy,Working Capital Management and Investment Efficiency——Evidence from China Real Estate

本文以中国房地产上市企业2002～2011年数据为样本,通过设计“附加营运资本的投资效率分析模型”,对货币政策影响投资效率的“营运资本路径”,进行了理论与实证分析.结果表明：营运资本管理是货币政策影响投资效率的重要传导路径,且融资约束越高的企业,该路径的传导效率越高.将其纳入实证分析框架,既能纠正传统模型对货币政策影响作用的“低估”,为政策评价提供优化机制;也有助于理论界重新反思营运资本管理的价值,为研究宏观经济政策与微观厂商行为之间的关系,营建新的视角.

With the intention of revealing the heterogeneous impact of monetary policy on investment efficiency of China Real Estate,this paper introduces the working capital channel by which monetary policy transmits to investment etficiency and tests its conduction effects by developing a model that can correct the bias generated by traditional methods which ignore the WC channel. The empirical results not only validate the WC channel,but also reveal that transmission efficiency and financial constraint have positive correlations. Therefore,this paper contributes to the reflection of the value of WC managements and the better understanding of the impact of macroeconomic policy on the microeconomic entities which can help the government develop appropriate economic policies to promote the well-functioning of macroeconomic system.