央行沟通、宏观经济环境与企业投资——利率渠道、信贷渠道与预期渠道货币政策的对比分析  

Central Bank Communication,Macroeconomic Environment and Enterprise Investment--A Comparative Analysis of Monetary Policy Effect Through Interest Rate Channel,Credit Channel and Expectation Channel

作　　者：高歌 何启志 GAO Ge;HE Qi-zhi

机构地区：[1]安徽财经大学金融学院 [2]浙江工商大学统计学院,杭州310018

出　　处：《金融论坛》2021年第3期21-29,59,共10页Finance Forum

基　　金：安徽财经大学研究生科研创新基金项目(ACYC2019085)。

摘　　要：本文对比研究央行沟通对企业投资的短周期引导能力。结果显示:在短周期内由于传导时滞,利率渠道的货币政策难以引导企业增加投资;信贷渠道的货币政策对企业投资有一定的引导作用;央行沟通能够通过预期渠道引导企业投资,但单独实行央行沟通的引导作用仍然有限。如果在进行央行沟通的同时配合信贷政策影响企业持有现金,就可能在短周期引导企业增加投资。此外,企业财务杠杆会减弱央行沟通的效果,企业投资价值对央行沟通效果没有显著影响。This paper makes a comparative study of the short-term guiding ability of central bank communication to enterprise investment.The results show that:in the short period,due to the transmission delay,it is difficult for the monetary policy to guide enterprises to increase investment through interest rate channel,while a certain guiding effect exists through credit channel;the central bank communication can guide enterprises’investment through the expectation channel,but the guiding effect of the central bank communication alone is still limited.If the central bank communicates is used with the credit policy together to influence the cash holdings of enterprises,it may lead enterprises to increase investment in a short period.In addition,the financial leverage of enterprises will weaken the effect of central bank communication,and the val-ue of enterprise investment has no significant impact on the effect of central bank communication.

关 键 词：企业投资 央行沟通 货币政策 货币政策时滞 利率渠道 信贷渠道 

分 类 号：E58[军事—军事理论] D21[政治法律—政治学]