货币政策、地方政府质量与企业融资约束--基于货币政策传导机制影响的研究  

Monetary Policy,Local Government Quality and Financing Constraints——Based on the Influence of Monetary Policy Transmission Mechanism

作　　者：綦好东[1] 曹伟[2] 赵璨[2] 

机构地区：[1]山东财经大学政府绩效评价研究中心 [2]中国海洋大学管理学院

出　　处：《财贸经济》2015年第4期32-45,共14页Finance & Trade Economics

基　　金：国家自然科学基金项目“农工一体化企业的价值增值机理与价值链会计研究”(71172045)的资助

摘　　要：本文以2005—2009年我国A股上市公司为研究样本,探寻地方政府质量对企业融资约束以及对货币政策传导机制的影响。实证研究发现:(1)高质量的地方政府缓解了企业的融资约束压力,并且这种缓解效应在高融资约束企业表现的更为显著。(2)高质量的地方政府优化了货币政策传导机制,强化了宽松货币政策对企业融资约束的缓解效应,并且这种强化效应在高融资约束企业更为显著。本文尝试从地方政府质量的视角,结合货币政策传导机制,对企业融资行为提出新的解释;同时,也从企业融资层面为地方政府对货币政策传导机制及其区域效应的影响提供了微观证据。In this paper, we explore the influence of local government governance on corporate financing constraints, and the transmission mechanism of monetary policy. Our empirical research suggests that high-quality local government has a positive effect on corporate financial constraint, and the positive effect is more obvious in firms which face more serious financing constraints^high-quality local government can optimize the monetary policy transmission mechanism, and strengthen the effect of monetary policy on easing financial constraints which is more obvious in firms which face fierce financing constraints. Based on monetary policy transmission mechanism, this paper tries to put forward a new explanation on the enterprises＇ financing behaviors from the perspective of local government quality. Meanwhile, this paper also provides micro evidences for the influence of local governments on monetary policy transmission mechanism and its regional effect.

关 键 词：货币政策 地方政府质量 融资约束 

分 类 号：D625[政治法律—政治学] F822.0[政治法律—中外政治制度] F275[经济管理—财政学]