摘要
投资作为企业重要活动,其效率在一定程度上受制于货币政策的调整,货币政策通过作用于企业面临的投资机会与融资约束进而影响企业投资效率。运用我国上市企业数据研究发现,货币政策与企业投资效率存在显著相关,货币政策宽松时,企业投资效率较高,而企业所有权性质与所在地区对货币政策与投资效率的关系存在调节作用。本研究结论有助于理解在不同的货币政策状态下,企业投资效率变动的作用途径。同时,从微观企业行为视角评价宏观经济政策的有效性为有关部门制定经济政策提供了依据。
Investment efficiency is partly contrained by adjustment of monetary policy. Mone- tary policy greatly influences investment efficiency with its effects on investment opportunities and financing constraints. Using the data from listed companies, the study finds that there is significant relations between monetary policy and investment efficiency of firms. With loose monetary policy, there is higher investment efficiency, and the ownership nature and the location of firms also have certain effect. The conclusion contributes to understanding the mechanism of the effect of monetary policy on investment efficiency,and thus helps us to evaluate the effect of monetary policy.
出处
《财经理论与实践》
CSSCI
北大核心
2014年第5期34-39,共6页
The Theory and Practice of Finance and Economics
基金
2013年中央高校基本科研业务费专项资金项目(JBK1307088)
2011年贵州省软科学项目(2012GZ78959
黔科合体R字[2011]LKC2017号)
贵州财经大学重点学科专项建设经费资助
关键词
货币政策
投资效率
投资机会
融资约束
Monetary poliey
Investment effieieney
Investment opportunity
Financing constraint
