货币政策环境、经济政策不确定性与企业效率  

Monetary Policy Environment,Economic Policy Uncertainty and Firm Efficiency

作　　者：周静毅 刘林东 肖立晟[3] Zhou Jingyi;Liu Lindong;Xiao Lisheng

机构地区：[1]中国社会科学院大学经济学院 [2]中国社会科学院大学国际政治经济学院 [3]中国社会科学院世界经济与政治研究所

出　　处：《宏观经济研究》2024年第5期4-19,127,共17页Macroeconomics

摘　　要：本文基于2007—2022年中国上市企业数据,分析了货币政策环境和经济政策不确定性对于企业效率的直接和间接影响。结果表明,紧缩的货币政策环境和高度波动的经济政策不确定性均显著抑制企业效率提升,且经济政策不确定性放大了货币政策环境的重要性。该结论在考虑内生性问题并进行了一系列稳健性检验后依然成立。进一步的异质性分析表明,货币政策环境的收紧对于面临较强借贷约束、资本依赖度高的企业效率具有更显著的抑制作用;经济政策不确定性对货币政策环境的调节效应在第二、第三产业中更为显著。因此,维持适度宽松的货币政策环境和相对稳定的经济政策的同时,重视二者之间的协调作用,对中国企业效率提升、积极成长,助力新发展格局具有关键作用。This article analyzes the direct and indirect effects of monetary policy environment and economic policy uncertainty on firm efficiency based on the data of listed firms in China from 2007 to 2022.The results show that both tight monetary policy environment and highly volatile economic policy uncertainty significantly inhibit firms'efficiency improvement,and economic policy uncertainty magnifies the importance of monetary policy environment.This finding holds after accounting for endogeneity issues and conducting a series of robustness tests.Further heterogeneity analysis shows that a tighter monetary policy environment has a more significant dampening effect on the efficiency of firms facing stronger borrowing constraints and high capital dependence;the moderating effect of economic policy uncertainty on the monetary policy environment is more significant in the secondary and tertiary sectors.Therefore,maintaining a moderately loose monetary policy environment and a relatively stable economic policy while emphasizing the coordinating role between the two is crucial for Chinese enterprises to improve their efficiency,grow positively,and contribute to the new development pattern.

关 键 词：货币政策环境 经济政策不确定性 企业效率 数据包络分析 

分 类 号：F822.0[经济管理—财政学] F120F832.51