货币政策不确定性与农业企业全要素生产率

Monetary Policy Uncertainty and Agricultural Firms'Total Factor Productivity

以2007一2021年中国农业上市公司为样本,实证考察货币政策不确定性影响农业企业全要素生产率的效果、机制和异质性特征。研究发现:货币政策不确定性负向影响农业企业全要素生产率;创新投入和资产不可逆程度在两者关系中发挥中介效应,企业金融化则发挥遮掩效应;货币政策不确定性对全要素生产率的负向影响主要体现于中西部地区农业企业,对大型企业相对较弱,较高的股权制衡度和创新投入水平能够缓解这种负向影响。基于研究结论,为有效提升农业企业全要素生产率水平提出意见建议。

Using the sample of listed agricultural firms from 2007-2021,the effect,mechanisms and heterogeneous characteristics of monetary policy uncertainty(MPU)influencing agricultural firms'total factor productivity(TFP)are investigated.It is found that:MPU has a negative impact on agricultural firms TFP;Innovative input and asset irreversibility both play a mediating effect in the process of MPU influencing TFP,while financialization level plays a suppressing effect;MPU's negative impact is mainly in agricultural firms in central and west provinces,and is relatively weaker for large-scale firms,higher equity balance degree and innovation input level can also mitigate such negative impact.Based on the findings,suggestions are proposed on effectively promoting agricultural firms TFP growth.