欧洲央行量化宽松政策对中国非金融上市公司投融资的影响研究

Research on the Impact of Quantitative Easing Policy of the European Central Bank on the Investment and Financing of Chinese Non-financial Listed Companies

本文实证研究了金融危机后欧洲央行实施的量化宽松政策对我国微观企业主体投融资行为的影响。研究发现:(1)欧洲央行QE对中国非金融上市公司融资水平具有显著的正向影响,并通过资本流动、房价水平和货币政策等渠道发挥“中介效应”;(2)欧洲央行QE对中国非金融上市公司投资水平具有显著的正向影响,且通过资本市场渠道发挥“中介效应”;(3)异质性分析发现,欧洲央行QE对我国民营企业、大型企业的融资和投资,以及对我国低融资约束企业的投资具有更强的正向影响。

This paper empirically studies the impact of the quantitative easing policy implemented by the European Central Bank after the financial crisis on the investment and financing behavior of China’s micro enterprises.The empirical study found that:(1)The QE of the European Central Bank has a significant positive impact on the financing level of China’s non-financial listed companies,and plays an“intermediary effect”through capital flows,housing price levels and monetary policies;(2)The QE of the European Central Bank has a significant positive impact on the investment level of China’s non-financial listed companies,and plays an“intermediary effect”through capital market channels;(3)The heterogeneity analysis shows that the European Central Bank QE has a stronger positive impact on the financing and investment of private enterprises and large enterprises in China,as well as on the investment of enterprises with low financing constraints in China.