货币政策与企业投融资行为:基于最新文献的述评

Monetary Policy and Firms' Investment and Financing Behavior: A Survey

从微观角度分析货币政策传导机制已成为近期理论前沿的一个重要方向。本文从企业融资和投资两个方面,对货币政策影响企业财务决策的国内外前沿文献进行了评述。具体来看,货币态势的变化会显著改变企业的融资环境,资本结构选择,以及借债方式。从效率角度看,货币宽松可能造成企业融资过度,并加剧不同类型企业之间的信贷挤出效应。投资方面,货币态势调整也会通过融资条件和外部需求两个渠道影响企业实际投资行为,且这种效应在不同特征企业上差异明显。近期,一些研究也关注到货币宽松会造成企业的资源配置方式变化、投资领域多元化以及金融化等行为,最终导致过度投资和债务高悬等问题,影响到长期经济效率。最后,本文对相关领域研究进行了展望,并结合中国经济发展实际给出了政策建议。

The analysis of monetary policy transmission mechanism from micro-aspect has become an important area of the recent theoretical frontier.This paper reviews the relevant literature on how monetary policy influences corporate financial decision at home and abroad from both investment and financing.Specifically,the monetary policy will significantly change the financing environment,capital structure choice and the pattern of borrowing.In terms of efficiency,monetary easing may stimulate over financing and the crowding-out effect in different types of firms.On the other hand,monetary policy influences the actual investment behavior of firms through two channels:financing condition and external demand.Recently,some studies also focus on the enterprise resource configuration mode change,investment diversification and financialization,etc.caused by the monetary easing.These behaviors can cause problems such as overinvestment and high debt overhang,which can affect long-term economic efficiency.In the end,this paper gives the prospect of the research in related fields and the policy suggestions.