存款准备金率、企业家信心与企业投资  

The Bank Reserve Requirement Ratio, Entrepreneur Confidence and Enterprise Investment

作　　者：张华 邓永亮 ZHANG Hua;DENG Yongliang(School of Business Administration,Guangdong University of Finance&Economics;School of Economics,South China Business College of Guangdong University of Foreign Studies)

机构地区：[1]广东财经大学工商管理学院 [2]广东外语外贸大学南国商学院经济学院

出　　处：《金融市场研究》2024年第6期82-92,共11页Financial Market Research

基　　金：广州市哲学社科“十四五”规划课题“广州加快壮大民营经济规模、提升市场经济活力的战略路径和对策研究”(2023GZGJ42)。

摘　　要：党的二十大报告指出,要“加快构建新发展格局,着力推动高质量发展。”在推动我国经济高质量发展的过程中,精准、有效的货币政策和坚实的企业家信心发挥重要作用。本文利用2007—2021年沪深A股上市公司数据,实证检验了存款准备金率和企业家信心对企业投资的影响。机制检验显示,央行存款准备金率货币政策主要通过利率传导渠道和银行信贷传导渠道对企业投资发挥作用,企业家信心主要通过影响企业风险承担能力,并通过银行债务融资渠道和企业内部资金的重新配置渠道对企业投资发挥作用。本文研究对当前我国经济如何通过刺激企业投资来恢复和扩大需求,从而增强经济增长内生动力,具有政策性意义。The concluding report of the Communist Party's 20th National Congress states that we should "accelerate the establishment of a new development pattern and strive to promote high-quality development". Precise and effective monetary policy and confidence among entrepreneurs are crucial components of high-quality development of the Chinese economy. Based on data from Shanghai and Shenzhen A-share listed companies between 2007 and 2021, this paper empirically tests the effects on corporate investment from the reserve ratio on bank deposits and entrepreneur confidence. The mechanism test shows that the central bank's reserve requirement ratio plays a role in corporate investment mainly through interest rate transmission and bank credit transmission channels. Entrepreneur confidence plays a role in corporate investment mainly by affecting corporate risk capacity, bank debt financing channels, and corporate internal fund reallocation channels. This paper also makes policy recommendations on how to restore and expand demand in the Chinese economy by stimulating enterprise investment to boost economic growth.

关 键 词：存款准备金率 企业家信心 企业投资 经济增长内生动力 扩大内需 

分 类 号：F832.2[经济管理—金融学] F275F832.51