货币政策冲击、企业社会资本与固定资产投资

Monetary Policy Shocks, Corporate Social Capital and Fixed Assets Investment

以2006-2015年上市公司为初始样本,探讨当社会资本存量较高时,企业固定资产投资行为对货币政策的反应有何变化。结果显示,结合型、桥接型、连结型社会资本越多,固定资产投资规模就越大;其中,结合型社会资本的作用是后两者总和的2倍多。社会资本的存在使货币政策的效果受到影响,特别是在非国有企业或货币紧缩时这种现象更加明显。紧缩期非国有与国有企业投资效率的差距增大,而社会资本可以使政策冲击下的差距缩小。

Taking the listed companies in 2006-2015 as samples, when social capital is more, how does fixed assets investment＇s re- action to monetary policy change？ Results show that the more linking, bridging, combining social capital, the greater fixed assets investment scale. Among them, the role of combining social capital is more than twice the sum of latter two. The effect of mone- tary policy is affected by social capital, especially in the non-state firms or monetary tightening, this phenomenon is more obvious. Monetary tightening exacerbates the gap of non-state finns and state-owned ones＇ investment efficiency, social capital can narrow this gap.