不同货币政策工具对公司投资水平的影响——基于高科技类上市公司的数据

The Effects of Distinct Monetary Policy Instruments on Investment level of companies——Based on the Data of High-tech Listed Companies

以高科技类上市公司为例,利用SYS-GMM估计方法,检验我国主要货币政策工具对公司投资水平的影响。实证结果表明:存款准备金、利率以及公开市场业务都能显著影响高科技类上市公司的投资水平,存款准备金的作用最强烈,利率的作用力度最小;存款准备金、公开市场业务与民营高科技公司投资水平显著负相关,而对国有高科技公司的影响不显著;利率对国有和民营高科技公司都有显著的负向影响。中央银行应重视运用价格型货币政策工具影响公司投资水平。

Taking the high-teeh listed companies as samples and using SYS-GMM estimation method, this paper tests empirically the effects of main monetary/policy instruments on the company＇s investment level. The empirical results show that the reserve requirement ratio, the interest rate and the open market operations can significantly affect the investment level of the high-teeh listed companies. The role of the reserve requirement ratio is the strongest while the interest rate＇ s impact is of the minimum intensity. The reserve requirement ratio and the open market operations have a significant negative correlation with the investment level of private high-teeh companies, while the impact on the state-owned high-teeh companies is not significant while the interest rate has a significant negative impact on both state-owned and private high-teeh companies. The central bank should pay attention to the use of price-based monetary policy instruments to impact the company＇s investment level.