现金持有会减弱货币政策的效果吗?——来自中国制造业上市公司的证据

Does Cash Holdings Affect the Effectiveness of Monetary Policy?——Evidence from China's Manufacturing Listed Companies

本文利用中国制造业上市公司的数据检验了现金持有是否会减弱货币政策对企业投资决策的影响效果。研究表明,持有现金越多的企业,其投资受货币政策影响的程度越小。进一步的研究还发现,现金持有对货币政策效果的影响依赖于企业对银行贷款的依赖性。银行贷款依赖性高的企业,现金持有在减弱货币政策对企业投资的影响方面扮演着更重要的角色。本文的结果解释了企业在紧缩性的货币政策下持有更多现金的动机。

Using the data of China＇s manufacturing listed companies,this paper examines whether cash holdings influence the effect of monetary policy on firms investment. The result shows that investment of firms those holding more cash received less impact by monetary policy. The result also shows that the influence of cash holding on efectiveness of monetary policy depends on bank dependent,we find that cash holdings play more important role in the firms those banks dependent. This result cotffirms the precaution motiwtion of cash holding when monetary policy changes.