货币政策、公司融资方式与投资效率  

Monetary Policy,Corporate Financing,and Investment Efficiency

作　　者：周针竹 韩亚琼 牛霞[1] ZHOU Zhenzhu;HAN Yaqiong;NIU Xia(College of Economics and Management,China Agricultural University,Beijing 100083,China;College of Economics and Management,Beijing Forestry University,Beijing 100083,China)

机构地区：[1]中国农业大学经济管理学院,北京100083 [2]北京林业大学经济管理学院,北京100083

出　　处：《华东经济管理》2022年第7期73-86,共14页East China Economic Management

基　　金：国家社会科学基金青年项目“企业家精神推动经济高质量发展的理论机制与政策选择研究”(19CJL016);山西省政府重大决策咨询课题“‘十四五’时期山西功能农业发展新动能转换及政策支持研究”(ZB20211902)。

摘　　要：为疏通货币政策微观传导,提高公司投资效率,文章运用上市公司数据实证检验货币政策通过融资方式对公司投资效率的影响。研究表明:数量型货币政策与过度投资、投资不足分别呈“U”型、“倒U”型关系,价格型货币政策与过度投资和投资不足分别呈“倒U”型、“U”型关系;商业信用、长短期负债、股权融资和内部留存在货币政策与投资效率关系中存在中介效应;公司性质和负债程度影响货币政策、融资方式与投资效率的关系,以及各融资方式的中介效应。研究拓展了货币政策对微观主体的传导机制,验证了货币政策与投资之间并非为简单线性关系。In order to dredge the micro transmission of monetary policy and improve the investment efficiency of companies,this paper uses the data of listed companies to empirically test the impact of monetary policy on the investment efficiency of companies through financing.The research shows that quantitative monetary policy and over-investment and under-investment are in"U"and"inverted U"relationship respectively,and price monetary policy and over-investment and under-investment are in"inverted U"and"U"relationship respectively;commercial credit,long-term and shortterm liabilities,equity financing and internal retention have intermediary effects in the relationship between monetary policy and investment efficiency;the nature of the company and the degree of debt affect the relationship between monetary policy,financing methods and investment efficiency,as well as the intermediary effect of various financing methods.This research expands the transmission mechanism of monetary policy to micro subjects,and verifies that the relationship between monetary policy and investment is not a simple linear relationship.

关 键 词：数量型货币政策 价格型货币政策 融资方式 过度投资 投资不足 

分 类 号：F822.0[经济管理—财政学] F275F832.51