货币政策与公司投资研究——基于微观企业动态面板数据模型  

A Study on Monetary Policy and Corporate Investment——Based on Firm-level Dynamic Panel Data

作　　者：钱燕[1] 

机构地区：[1]苏州大学东吴商学院,江苏苏州215021

出　　处：《经济与管理》2013年第1期37-43,共7页Economy and Management

基　　金：江苏省普通高校研究生科研创新计划基金资助项目(CXZZ12-0773)

摘　　要：基于动态面板数据模型,通过对我国2004—2011年的A股上市公司数据的分析,采用GMM估计方法研究了我国的货币政策调整对企业投资行为的影响。研究发现:(1)紧缩的货币政策对我国企业的投资支出有显著影响。(2)货币政策的调整对企业投资存在异质性影响,从实证的结果来看,货币政策的调整对国有企业、小规模企业、低担保能力企业的影响大于对非国有企业、大规模企业、高担保能力企业的影响。Based on the dynamic panel data model, through the data analysis of our country from 2004 to 2011 A stock listing Corporations, we adopt the GMM estimation method for our country ＂s monetary policy adjustment on enterprise investment behavior. Study finds that （1） tighten monetary policy has significantly effect on corporate investment. （2）The adjustment of monetary policy on investment heterogeneity effect, from the empirical results know that monetary policy adjustment on the state-owned enterprises, small scale of enterprises and low guarantee ability of the enterprises, which are more effective than the non state owned enterprises, large-scale enterprises, high guarantee ability of enterprise＇s influence.

关 键 词：货币政策 公司投资 货币政策传导机制 GMM 

分 类 号：F832.0[经济管理—金融学]