货币政策调整对企业投资的差异性效应——理论分析与经验证据

The Differential Effects of Monetary Policy Adjustment on Enterprise Investment——Theoretical Analysis and Empirical Evidence

基于国有与非国有企业并存的二元所有制结构背景,本文分析宽松货币政策对企业投资偏离的总量经济效应与所有制差异效应,运用2008年至2019年中国A股上市公司数据进行实证检验,结果表明:(1)当企业面临较高的投资机会时,宽松货币政策通过流动性效应降低了企业外部融资约束,对投资不足产生显著抑制效应;(2)宽松货币政策对不同所有制企业投资偏离存在差异性效应,信贷扩张导致国有企业过度投资,受银行信贷配给和国有投资挤出影响,非国有企业投资不足加剧。

Based on the dual ownership structure of the coexistence of state-owned and non-state-owned enterprises, the authors of this paper analyze the aggregate economic effect and the ownership-difference effect of loose monetary policy on the deviation of enterprise investment, and use the data of China’s A-share listed companies during 2008-2019 to test the effects empirically. The results show that,(1) when the enterprises have great investment opportunities, the loose monetary policy reduces the external financing constraints of enterprises through liquidity effect, and has a significant inhibitory effect on the insufficient investment of enterprises;(2) to the enterprises with different ownership system, the effect of loose monetary policy on investment deviation varies, and the credit expansion results in the overinvestment and overcapacity of SOEs,and meanwhile the insufficient investment of non-SOEs.