实体企业金融资产投资动机:货币政策异质性影响与数字金融调节效应  

Motivations for Investment in Financial Assets of Entity Enterprises:Heterogeneous Impacts of Monetary Policy and Moderating Effects of Digital Finance

作　　者：冯永琦[1] 张浩琳 倪娟 FENG Yong-qi;ZHANG Hao-lin;NI Juan(School of Economics,Jilin University;School of Accounting,Inner Mongolia University of Finance and Economics)

机构地区：[1]吉林大学经济学院 [2]内蒙古财经大学会计学院

出　　处：《中国工业经济》2024年第2期118-136,共19页China Industrial Economics

基　　金：国家社会科学基金一般项目“中国信贷周期形成机理的动态转换与宏观调控研究”(批准号20BJ Y022);教育部人文社会科学重点研究基地重大项目“跨周期和逆周期结合下的金融安全维护研究”(批准号22JJD790066)。

摘　　要：货币政策能够对实体企业投融资产生重要影响。本文构建了引入货币政策和数字金融因素的企业投资决策模型,利用2011—2021年沪深A股上市公司数据,探讨了货币政策影响实体企业金融资产投资动机的异质性及数字金融调节效应。研究发现:“预防性储蓄”和“投资替代”是中国实体企业金融资产投资的重要动机。不同货币政策对实体企业金融资产投资动机的影响存在差异。在宽松货币政策影响下,融资约束较小企业会表现出较强的“预防性储蓄”动机,从而增加金融资产投资,融资约束较大的企业“预防性储蓄”动机不明显,更倾向于增加经营资产投资;紧缩货币政策影响下不同融资约束企业“预防性储蓄”动机的表现则相反。无论是在宽松还是紧缩的货币政策影响下,“投资替代”都较为明显,但紧缩货币政策会进一步增强该动机。数字金融强化了不同货币政策对“预防性储蓄”动机的影响,使融资约束较小的企业在宽松货币政策影响下,以及融资约束较大的企业在紧缩货币政策影响下进一步增加金融资产投资。但数字金融只是强化了宽松货币政策对“投资替代”动机的影响,却抑制了紧缩货币政策对该动机的影响。本文研究为提高货币政策支持实体经济的有效性提供了重要的理论依据。Monetary policy plays an important role in stimulating the real economy and can significantly influence the investment and financing behaviors of real enterprises.Understanding the specific mechanisms through which monetary policy affects entity enterprises’investment in financial assets is crucial for policymakers.It allows them to develop targeted countermeasures and policy interventions that can support the real economy,foster sustainable growth,and maintain financial stability.By comprehending these dynamics,policymakers can make informed decisions to steer monetary policy in a manner that aligns with their overarching economic objectives.This study focuses on the question of whether Chinese entity enterprises exhibit the“precautionary saving”motivation in financial asset investment.To explore this issue,a corporate investment decisionmaking model is constructed,which integrates factors of monetary policy and digital finance.By utilizing data from listed companies on the Shanghai and Shenzhen stock exchanges from 2011 to 2021,this study aims to investigate the heterogeneous effects of monetary policy on the motivation for financial asset investment among entity enterprises.Furthermore,this study explores the potential moderating effect of digital finance on this relationship.This study intends to provide insights into the complex dynamics between monetary policy,digital finance,and entity enterprises’investment motivation in financial assets.The findings are as follows.First,both the“precautionary saving”and the“investment substitution”can drive entity enterprises to engage in financial asset investment.Second,there are significant variations in the manifestation of corporate motivation for financial asset investment under different monetary policies.Under the influence of loose monetary policy,enterprises facing lower financing constraints exhibit a stronger propensity to engage in“precautionary saving”through investing financial assets.Enterprises facing higher financing constraints may

关 键 词：实体企业 投资动机 金融资产投资 货币政策 数字金融 

分 类 号：F275[经济管理—企业管理]