货币政策、公司战略和企业价值

Monetary Policy,Corporate Strategy and Corporate Values

文章利用我国沪深两市A股上市公司2011-2020年数据为样本,将宏微观研究结合起来,研究货币政策对企业价值的影响,并从公司战略的视角探讨其中介机制。研究结果表明:宽松的货币政策有助于企业价值的提升,会增加公司战略的激进性,促进企业创新和市场推广,从而提升了企业价值。进一步研究发现,管理层过度自信会降低宽松货币政策对企业价值的提升作用。该研究结果表明,宽松的货币政策会促进微观企业的发展而有助于实体经济的高质量发展,其对微观企业的作用也会受到来自企业自身微观特征的影响。

Using the data of all A-share listed companies in Shanghai and Shenzhen stock markets from 2011 to 2020 as samples,the authors combine macro and micro research to study the impact of monetary policy on corporate value,and discusses its intermediary mechanism from the perspective of corporate strategy.The research results show that the loose monetary policy is conducive to the promotion of enterprise value,will increase the radicalization of corporate strategy,promote enterprise innovation and market promotion,so as to enhance the enterprise value.Further research found that management overconfidence would reduce the role of loose monetary policy in promoting enterprise value.The research results not only show that the loose monetary policy will promote the development of micro enterprises and contribute to the high-quality development of the real economy,but also the role of monetary policy on micro enterprises will be affected by the micro characteristics of enterprise themselves.