货币政策、融资约束与经营绩效:基于中小企业的实证研究

Monetary Policy, Financing Constraints and Operating Performance: An Empirical Study Based on SMEs

货币政策变动对于企业投资的作用是货币政策有效性研究的重要方面。本文研究发现,货币政策对我国各企业的融资约束存在显著影响,宽松的货币政策可以有效缓解各企业的融资约束;紧缩的货币政策则加重了企业融资难度。货币政策对企业融资约束的影响有显著差异性,有关部门在制定货币政策时,应加强各种政策的针对性,以加强货币政策制定的“定向调节”作用。

The effect of changes in monetary policy on corporate investment is an important aspect of the eff ectiveness of monetary policy research.This paper fi nds that monetary policy has a signifi cant impact on the fi nancing constraints of enterprises in China.Loose monetary policy can effectively remission the financing constraints of enterprises,while the tightening and contracting monetary policy has increased the diffi culty of corporate fi nancing.The impact of monetary policy on the fi nancing constraints of enterprises is signifi cant.In the formulation of monetary policy,the relevant departments should strengthen the pertinence of various policies to strengthen the“directional adjustment”role of monetary policy formulation.