货币政策环境与企业投资行为选择——基于信贷期限结构视角  

Monetary Policy Environment and Enterprise Investment Behavior Choice—Based on the Perspective of Credit Term Structure

作　　者：郑莉萍 孙华妤 莫斌 Zheng Liping;Sun Huayu;Mo Bin(College of Economics,Jinan University,Guangzhou 510632,China;Shenzhen Tourism College,Jinan University,Shenzhen 518053,China;Institute of Finance,Guangzhou University,Guangzhou 510006,China)

机构地区：[1]暨南大学经济学院,广东广州510632 [2]暨南大学深圳旅游学院,广东深圳518053 [3]广州大学金融研究院,广东广州510006

出　　处：《当代经济管理》2022年第6期87-96,共10页Contemporary Economic Management

基　　金：广东省哲学社会科学“十三五”规划金融研究专项《我国货币政策走势对广东产业发展的影响分析及建议》(GD18JRZ08);教育部人文社会科学研究规划基金项目《货币政策对产业结构优化的影响研究——杠杆率的金融加速器作用》(19YJA790075);国家自然科学基金青年科学基金项目《国际负利率政策影响下中国金融系统性风险的测度及机制研究》(72101063);广东省哲学社会科学规划学科共建项目《开放条件下动态金融风险演变及货币政策效果识别研究》(GD20XYJ05)。

摘　　要：识别货币政策对企业行为的影响是金融学研究的经典问题。文章验证了货币政策期限结构效应的存在性,并从货币政策期限结构效应的角度出发,探究货币政策对企业实业投资和金融资产投资行为的影响机理。研究发现,货币政策具有显著的期限结构效应,宽松货币政策提高企业的信贷期限结构。同时,宽松货币政策通过期限结构效应能有效调节企业投资行为,一方面促进了企业实业投资,另一方面则抑制了企业金融资产投资。进一步地,当企业融资约束较弱以及企业所处地区银行竞争强度较大时,宽松货币政策能更有效地抑制企业投资“脱实向虚”。研究揭示了货币政策影响微观企业投资行为的具体机制,对客观评价货币政策效果具有一定的参考价值。Identifying the impact of monetary policy on corporate behavior is a classic problem in finance research.This paper verifies the existence of the term structure effect of monetary policy.From the perspective of the term structure effect of monetary policy,this paper explores the impact mechanism of monetary policy on corporate industrial investment and financial asset investment behavior.The study finds that monetary policy has a significant term structure effect and loose monetary policy improves the credit term structure of enterprises.At the same time,loose monetary policy can effectively regulate corporate investment behavior through the effect of the term structure.On the one hand,it promotes corporate industrial investment,and on the other hand,it inhibits corporate financial asset investment.Furthermore,when corporate financing constraints are weaker and when the intensity of bank competition in the region where the company is located is greater,loose monetary policy can more effectively restrain corporate investment from being“removed from real to virtual”.The research in this article reveals the specific mechanism of monetary policy influencing the investment behavior of micro-enterprises and has a certain reference value for objectively evaluating the effect of monetary policy.

关 键 词：货币政策 实业投资 金融资产投资 信贷期限结构 

分 类 号：F832[经济管理—金融学] F822.0F275