货币政策传导、制度背景与企业资本投资

Monetary policy transmissions,system background and enterprise capital investment

宏观经济政策通过不同渠道影响微观经济行为,而这些影响在不同制度背景下又具有显著差异。文章利用面板向量自回归技术,研究了不同制度背景下,货币政策传导的货币渠道和信贷渠道对企业资本投资的影响。结果显示:两类货币政策传导渠道均与资本投资正相关;相对于民营企业而言,国有企业资本投资对两类货币政策传导渠道均更具敏感性;货币渠道对金融发展水平较高地区的企业的正向影响更强;而信贷渠道对金融发展水平较低地区的企业的正向影响更强。研究结果为政府制定货币政策、提高宏观调控效率提供了一定依据。

Macroeconomic policies affect microeconomic behavior through different channels, and these influences have significant differences under the different background of systems. With the panel vector auto regression technique, this paper studies the monetary channel and credit channel of monetary policy transmission effects on corporate capital investment under the different system background. The result shows： the two kinds of monetary policy transmission channels are positively related to the capital investment. Compared to the private enterprise, state-owned enterprise capital investment is more sensitive to two types of monetary policy transmission channels. Monetary channel has a stronger positive influence on higher level of financial development region enterprises. And the credit channel has a stronger enterprises. The results of the study could improve pos the itive influence on low level of financial development region efficiency of macroeconomic regulation.