货币政策环境影响下的企业战略变革:幅度与方向  

Effects of Monetary Policy Environment on Corporate Strategic Change:Amplitude and Direction

作　　者：杨艳[1] 付蕊[1] 陈收[1] 

机构地区：[1]湖南大学工商管理学院,湖南长沙410082

出　　处：《系统工程》2016年第9期59-65,共7页Systems Engineering

基　　金：国家自然科学基金重点资助项目(71031004);国家自然科学基金委创新研究群体项目(71221001);湖南省自然科学基金资助项目(14JJ3052);湖南省社会科学基金资助项目(13YBA069)

摘　　要：基于货币政策的传导机制理论,以企业战略变革为研究对象,实证分析货币政策宽松和紧缩状态与趋势对企业战略变革幅度与方向的影响。在此基础上,从外部资金依赖程度、行业竞争强度与企业性质视角研究影响货币政策与企业战略变革关系的因素。研究结果表明,宽松的货币政策会激励企业实施更大幅度的战略变革与更大的战略方向调整,而且企业外部资金依赖度和行业竞争强度能够强化二者的关系,相比国有企业,私营企业的战略变革受货币政策的影响更大。Based on the theory of monetary policy transmission and with the strategic change as the research object, the effect of loose or tight monetary policy on strategic changes is investigated, and the modifying effects of capital dependence, industrial competition intensity and corporate ownership on the relationship between monetary policy and corporate strategic change are examined as well. The empirical results show that looser monetary policy results in greater strategic change both in amplitude and direction. External capital dependence and industrial competition strengthen the positive relationship between monetary policy and strategic change. Compared with state-owned enterprises, privately owned companies are more susceptible to the monetary policy.

关 键 词：货币政策 战略变革 资金依赖度 行业竞争度 企业性质 

分 类 号：F272[经济管理—企业管理]