货币政策、政治联系与企业投资

Monetary policy,political connection,and enterprise investment

作为宏观调控的重要方面,货币政策不仅影响着实体经济的发展,也是微观企业决策所面临的重要经济环境。从民营企业高管的个体背景入手,分析当政府与民营企业以政治联系的方式关联起来的时候,企业的投资行为对货币政策的反映有何不同,对比政府干预程度不同的地区,企业政治联系使得货币政策对企业投资的作用也产生不同的影响效果。研究发现,高管有政治联系背景的民营企业都出现货币政策对微观企业投资决策传导作用的偏离。

As an important tool, monetary policy not only affects the development of the macro-economy, but also has important impact on the micro- economic environment of which the enterprise decision makings are based upon. This paper focuses on the background of the private enterprise executives, analyzes the different reflection on the investments of the enterprises when private enterprises have politically connection and what is the effect of monetary policy to the investment. The result shows that the transmission of monetary policy, in area with strong government interventions, the private enterprises with politically connected executives becomes less obvious.