货币政策如何影响企业价值创造效率?——基于智力资本视角的实证研究

How Does Monetary Policy Influence the Efficiency of a Corporation's Value Creation? An Empirical Study from the Perspective of Intellectual Capital

本文从智力资本视角出发,以2007~2013年我国A股上市公司为样本,运用分位数回归方法实证考察了货币政策对企业价值创造效率的影响路径。研究发现：（1）对于总体样本而言,宽松货币政策只能显著提升企业物质资本的价值创造效率,却缺乏对智力资本增值效率的积极推动作用,进而也就无法增进企业总体资源的价值创造效率。（2）货币政策对具有不同产权背景、融资约束状态的企业存在异质性的影响。与非国有控股企业、弱融资约束企业相比,宽松货币政策能够更有力地提升拥有较高结构资本价值创造能力的国有控股企业、强融资约束企业的结构资本效率,进而弱化、抵消宽松货币政策对人力资本增值效率的负面效应,最终实现企业总体价值创造效率的提升。

Seen from the perspective of intellectual capital,this paper utilizes quantile regression approach to analyze the impact of monetary policy adjustment on the efficiency of value increase of corporate performance with the sample of China＇s A-share listed firms during 2007—2013.The research results demonstrate that：（a） with the sample,easy monetary policy can significantly improve the efficiency of value creation by a corporation＇ s physical capital.However,no such effect is discovered for that by intellectual capital.In turn,easy money policy cannot eventually promote the efficiency of value creation by a firm＇ s total resources,（b） The effects of monetary policy vary with the ownership of the ultimate controller and with the financing constraints on it.The positive effects of easy monetary policy on the efficiency of value creation by the structural capital of state- owned firms and firms with high degree of financial constraints,both having greater value creating capacity by their structural capital,are greater than those of non-state-owned firms and firms with lower degree of financial constraints.Such strong positive effects can even offset the negative effects of easy monetary policy on the efficiency of value creation by human capital,and eventually increase the total efficiency of value creation of those firms.