企业异质性与货币政策信贷传导渠道有效性  

Enterprise Heterogeneity and the Effectiveness of Credit Transmission Channel of Monetary Policy

作　　者：潘攀 邓超[1] PAN Pan;DENG Chao(School of Business,Central South University,Changsha 410083,China)

机构地区：[1]中南大学商学院,湖南长沙410083

出　　处：《财经理论与实践》2020年第2期40-47,共8页The Theory and Practice of Finance and Economics

基　　金：国家社会科学基金项目(19BJY237)。

摘　　要：基于货币政策传导理论,依据2008-2017年沪深两市非金融上市企业数据,考量企业异质性与货币政策信贷传导渠道有效性。结果显示:紧缩性货币政策通过银行信贷渠道传导,有效降低企业的投资规模;受企业异质性影响,货币政策信贷传导在高融资约束、高投资机会、高资产可抵押性和非国有企业中更能发挥有效作用。Using non-financial listed enterprises from 2008 to 2017 as samples, considering the enterprise heterogeneity, and employing monetary policy transmission theory, this paper researches the effectiveness of credit transmission channel of monetary policy. The empirical results indicate that the tight monetary policy can effectively reduce enterprise investment and through bank credit transmission channel;the effectiveness of credit transmission is affected by the enterprises heterogeneity. Credit transmission can play an effective role in high financing constraints, high investment opportunities, high asset collaterability and non-state-owned enterprises.

关 键 词：企业异质性 货币政策 信贷传导渠道 企业投资 

分 类 号：F822[经济管理—财政学]