财政政策和货币政策对企业价值影响的互动效应研究

The Interaction of Fiscal Policy and Monetary Policy on Enterprise Value

财政政策和货币政策是国家进行宏观经济调控的重要手段,是微观企业赖以依存的宏观经济环境,它的波动势必会对微观企业价值创造产生重要影响。本文运用2003~2013年A股上市公司数据,研究财政政策和货币政策对企业价值创造影响的互动效应,以及这种互动效应在东部和中西部地区之间的差异。结果发现,在提升企业价值方面,财政政策和货币政策形成相互增强效应,且这种增强效应在中西部地区较为明显,在东部地区则不显著。进一步地,从企业资金需求和资金供给两个角度,分析这种互动效应的地区差异。结果发现,在中西部地区,企业自身资金供需的变化能显著影响这种互动效应;在东部地区,企业资金需求的变化并不能显著影响上述互动效应,而在企业现金持有较多时,财政政策与货币政策间产生了替代效应。本文的研究揭示了财政政策与货币政策的联合作用对微观企业价值创造的影响,丰富了宏观经济政策对微观企业行为影响的研究,也为进一步研究其中的作用机理奠定了理论基础。

Fiscal policy and monetary policy are important means for the country to carry out macroeconomic regulation and control,as well as the macro-economic environment on which micro enterprises depend,and their fluctuations are bound to have an important impact on the value creation of micro enterprises.This paper uses the data of A-share listed companies from 2003 to 2013 to study the interactive effects of fiscal and monetary policies on enterprise value creation and the differences between the eastern and central and western regions.The results show that fiscal policy and monetary policy have mutually reinforcing effects on improving enterprise value,which is more obvious in the central and western regions,but not in the eastern regions.Furthermore,the regional differences of this interaction effect are analyzed from the perspective of corporate capital demand and capital supply.The results show that in the central and western regions,the change of capital supply and demand of enterprises can significantly affect this interaction effect.In the eastern region,the change of corporate capital demand does not significantly affect the above interaction effect,but has a substitution effect between the fiscal policy and the monetary policy when the enterprise holds more cash.The research of this paper reveals the influence of the combined effect of fiscal policy and monetary policy on the value creation of micro enterprises,enriches the research on the effect of macroeconomic policy on micro enterprise behavior,and lays a theoretical foundation for further study on the mechanism of the effect.