货币政策工具对企业成长性影响的差异性研究——来自制造业的实证  

A Study on the Differences of the Impact of Monetary Policy Tools on Firm Growth

作　　者：罗蓉[1] 周湘 湛泳[1] Luo Rong;Zhou Xiang;Zhan Yong(School of Business,Xiangtan University,Xiangtan 411105,China)

机构地区：[1]湘潭大学商学院,湖南湘潭411105

出　　处：《河北经贸大学学报》2018年第6期57-69,共13页Journal of Hebei University of Economics and Business

基　　金：国家社科会科学基金项目"新常态下技术创新引领跨越‘中等收入陷阱’的机制和路径研究"(15BJL015)

摘　　要：制造业企业的成长是我国经济转向高质量发展的必然要求,也是我国宏观政策目标的重要内容。然而,对于货币政策与企业成长性关系的研究目前仍然比较缺乏。基于货币政策的投资驱动效应,分析了政策工具对企业成长性的影响机制。选取我国制造业上市公司的相关面板数据,首先通过固定效应模型对比分析五种政策工具对劳动密集型、资本密集型和技术密集型企业成长性的影响差异,并利用PVAR模型进行稳健性检验;其次通过面板数据模型验证了货币政策的投资驱动效应对企业成长性的显著作用。结果表明:(1)不同政策工具对劳动密集型、资本密集型和技术密集型企业成长性的影响显著且存有差异。(2)在政策工具影响企业成长性的机制过程中企业投资率具有显著作用。科学搭配使用多种货币政策工具,增强货币政策操作的针对性和灵活性能有效提高我国制造业成长性。The growth of manufacturing enterprises is an inevitable requirement for China's economy to turn to high-quality development,and is also an important content of China's macro-policy goals.However,research on the relationship between monetary policy and corporate growth is still lacking.Based on the investment-driven effect of monetary policy,the article analyzed the impact mechanism of policy instruments on the growth of enterprises.This paper selected the relevant panel data of China's manufacturing listed companies between 2009q1--2017q3.Firstly,the author comparatively analyzed the impact of five policy instruments on the growth of labor-intensive,capital-intensive and technology-intensive firms through the fixedeffects model,and used the PVAR model for robustness testing.Secondly,through the panel data model,it is verified that the investment-driven effect of monetary policy has a significant effect on the growth of enterprises.The results show(:1)The impact on different policy instruments of the growth of labor-intensive,capital-intensive and technology-intensive enterprises is significant and diverse.(2)The investment rate of enterprises have a significant role in the process ofpolicy instruments affecting the growth of enterprises.The author believed that the scientific use of a variety of monetary policy tools can enhance the pertinence and flexibility of monetary policy operations,and can effectively improve the growth of China's manufacturing enterprises.

关 键 词：货币政策工具 企业成长性 企业投资率 制造业 

分 类 号：F830[经济管理—金融学] F822.0