货币政策对我国上市公司融资约束的差异性影响研究

Study on the Differential Impact of Monetary Policy on Financing Constraints of Listed Companies in China

通过随机前沿技术和投资现金流敏感性分析两种方法讨论了货币政策冲击对我国上市企业融资约束的影响。实证结果表明,货币政策对我国上市企业融资约束存在显著影响,宽松的货币政策减轻了企业融资约束,提高了企业的投资效率,有利于企业发展创新;紧缩的货币政策则加重了企业的融资困难。货币政策对企业融资约束的影响具有显著差异性:国有及大型企业融资约束受货币政策的影响较小;民营中小企业的融资约束受货币政策的影响较大,货币紧缩带给经济的痛苦主要由民营中小企业承担。

This paper discusses the impact of monetary policy shocks on financing constraints of public companies in China through stochastic frontier technology and sensitivity analysis of investment cash flow. The empirical results show that monetary policy has a significant impact on the financing constraints of public enterprises in China. Loose monetary policy reduces the financing constraints of enterprises, improves the investment efficiency of enterprises, and is conducive to the development and innovation of enterprises;tight monetary policy aggravates the financing difficulties of enterprises. The impact of monetary policy on the financing constraints of enterprises is significantly different: the financing constraints of state-owned and large enterprises are less affected by monetary policy, while the financing constraints of small and medium-sized private enterprises are more affected by monetary policy, and the economic pain caused by monetary tightening is mainly borne by small and medium-sized private enterprises.