货币政策、融资约束与企业投资

Monetary Policy, Financing Constraint and Enterprise Investment

本文在详细分析货币政策对融资约束影响的传导机制以及融资约束对企业投资的影响机制基础上,采用改进的FHP方法构建了融资约束指数,并利用中国沪深A股2007—2016年数据实证分析了三者之间的动态关系,结果发现：紧缩型货币政策使得企业的投资依赖内部现金流的程度增加;融资约束程度越高,越不利于企业投资和企业价值的积累;高融资约束对企业投资的负向冲击比低融资约束对企业投资的正向冲击更大,高融资约束对企业价值的负向冲击和低融资约束对企业价值的正向冲击几乎一致,没有表现出显著差异。

This paper utilizes improved FHP method to build the financing constraints index and uses the data of the Shanghai and Shenzhen A-shares from 2007 to 2016 to make empirical analysis of dynamic relationship among these three factors, namely monetary policy, financing constraints and enterprise investment, before analyzing the influence mechanism of monetary policy on financing constraints and the influence mechanism of financing constraint on enternterprise investment in detail. There are three findings. Firstly, a tight monetary policy would allow businesses to rely more on internal cash flows. Secondly, the higher the degree of financing restraint is, the more unfavorable the enternterprise investment and enterprise value accumulate. Thirdly, the negative impact of high financing constraint on enterenterprise investment is more, compared with positive impact on enterprise investment with low financing constraint, while the negative impact of high financing constraint on enterprise value and the positive impact of low financing constraint on enterprise value are almost identical, and there is no significant difference.