价格型货币政策工具调整与公司资本性投资效率——基于营运资本平滑视角  

The Adjustments of Price-oriented Monetary Policy Tools and Corporate Capital Investment Efficiency from a Smooth Perspective of Operating Capital

作　　者：刘召君 LIU Zhaojun(Department of Finance,Shaoxing University,Shaoxing,Zhejiang 312000)

机构地区：[1]绍兴文理学院计划财务处

出　　处：《绍兴文理学院学报》2019年第4期114-120,共7页Journal of Shaoxing University

基　　金：教育部人文社会科学研究青年基金项目“风险投资介入家族企业公司治理的动机与经济后果研究”(17YJC630044)

摘　　要：运用异质性随机边界模型研究中国上市公司受价格型货币政策工具影响的企业营运资本平滑资本性投资的行为,结果发现:2001年—2014年中国上市公司受融资约束影响,公司资本性投资效率平均偏离最优值36.19%;营运资本对资本性投资具有重要的平滑作用;受到价格型货币政策工具的影响,利率水平越高,营运资本平滑资本性投资的效应越大。In seeking to study the act of smoothing capital investment of Chinese listed companies,we used the heterogeneous stochastic frontier model to find out the following facts:from 2001 to 2014,owing to the financial constraints faced by Chinese listed companies,the deviated optimum value of corporate capital investment efficiency averages 36.19%;the operating capital has become the main financial resource of smooth capital investment;under the influence of price-oriented monetary policy tools,the higher the interest rate,the greater the effect of smooth capital investment on operating capital.

关 键 词：货币价格 营运资本 融资约束 投资效率 

分 类 号：F275.1[经济管理—企业管理]