货币政策、制度环境与企业投资结构

Monetary policy,institutional environment and corporate investment structure

基于我国企业投资的配置结构的视角,研究了货币政策对微观企业投资行为的影响,阐释了制度环境如何影响宏观货币政策对微观企业行为的传导机制。研究结果发现,紧缩货币政策对企业的固定资产投资和研发投资都具有明显的抑制作用,但对企业的长期股权投资的抑制作用却不明显。同时,针对多个不同制度环境因素,政府干预水平与过度投资呈正相关关系,而金融发展水平和法制化水平与过度投资呈负相关关系,表明地方政府干预程度越高企业越容易出现过度投资的行为,而地方的金融发展水平和法制化水平越高能有效的抑制企业过度投资。

Based on the perspective of enterprise investment structure,this paper studies the effect of monetary policy on micro enterprise investment,explains how institutional environment affects the transmission mechanism of monetary policy. The study results showed that the tightening monetary policy has obvious inhibition on investment of fixed assets and R＆D,but the effect on long- term equity investment is not significant. At the same time,according to different institutional environment,government intervention has a positive correlation to over- investment,and both financial development level and the legislative level are negatively correlated to over- investment. When the level of local government intervention is high,enterprises are more prone to excessive investment behavior. And the high local financial development level and the legislative level can restrain over- investment of enterprises.