融资约束、市场化进程与货币政策利率传导效应--基于我国上市公司投资行为的实证检验

Financing Constraints,Evolvement of Marketization and Interest Rate Transmission Mechanism of Monetary Policy:Empirical Research Based on the Investment Behavior of Listed Companies in China

在新古典投资理论分析框架下,本文利用误差修正动态面板模型,从融资约束视角检验了货币政策利率传导机制的分布式效应。同时结合市场化制度背景考察了制度环境对利率传导机制的影响。实证结果表明,在非融资约束公司中,货币政策利率传导机制无显著效果,而在融资约束公司中,利率传导效应非常显著。在制度环境方面,相比处于市场化程度较低的地区的公司,处于市场化程度较高地区的公司投资对货币政策的敏感性更高。而且,市场化能够缓解融资约束,从而优化货币政策的利率传导机制。本文研究结果的政策含义是在制定和实施货币政策时应充分考虑公司之间的财务方面的差异以及所处制度环境的差异,从而使货币政策能够更加有效地达到宏观调控的目的。

Based on the neoclassical investment theory and from the perspective of financing constraints,this paper explores the heterogeneity of interest transmission mechanism of monetary policy and examines the impact of marketization on interest rate transmission mechanism.The results show that,the interest rate transmission channel of monetary policy has different effects among different firms according to their financial constraint states.There is a huge impact on companies which are facing financing constraints but no effect on companies which are less financing constrained.Studies at system level show that,investment of companies which are in the areas with higher degree of marketization is more sensitive to their capital cost compared with areas with lower degree of marketization.Moreover,marketization can improve the transmission mechanism of monetary policy by relieving the over-reaction of companies which are facing financing constraints and increasing the capital cost sensitivity of companies which are less financing constraints.The policy implication is that in order to improve the effectiveness of monetary policy,the government should consider the heterogeneity of companies at micro level in formulating and implementing monetary policy.