宽松货币政策、产权性质与企业非效率投资被引量：18

Loose Monetary Policy,Nature of Property Right and Corporate Inefficient Investment

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摘要货币政策会通过影响企业的外部融资环境进而最终对企业的投资决策造成影响。本文主要考察了宽松的货币政策对企业非效率投资的影响。研究表明,当企业面临较好的投资机会时,宽松的货币政策对企业非效率投资行为具有明显的抑制作用。同时,企业非效率投资受宽松的货币政策的影响程度也会因企业的产权性质不同而有所差异。其中,非国有控股企业的非效率投资行为所受的影响更大。本文的结论,一方面可以帮助我们从实体企业财务数据的角度来评价宏观货币政策的影响;另一方面能够帮助企业更好地适应国家的宏观经济政策。 Monetary policy will affect the corporate investment decision through influencing the financing environment. We mainly studied the effect of loose monetary policy on the corporate inefficient investment in this article. We got the conclusion that the loose monetary policy could inhibit the inefficient investment,and the effect is more obvious when the corporate is facing a good opportunity to invest. Meanwhile,the impact from the loose monetary policy to the corporate inefficient investment is different depending on the different natures of property right. The non- state- owned corporate tends to suffer more impact from the loose monetary policy. On one side,our conclusion is useful for us to evaluate the monetary policy,on the other side,it can help the enterprises to adjust the macroeconomic policy better.

作者贺京同范若滢

机构地区南开大学经济学院经济研究所

出处《中国经济问题》 CSSCI 北大核心 2015年第5期95-108,共14页 China Economic Studies

基金国家社科基金重大项目"经济稳定增长前提下优化投资与消费的动态关系研究"(12&ZD088)的资助

关键词宽松货币政策融资约束产权性质非效率投资 loose monetary policy financing constraints nature of property right inefficient investment

分类号 F822.0 [经济管理—财政学] F271 [经济管理—企业管理] F275 [经济管理—企业管理]

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