货币政策、信贷规模与企业金融资产配置异质性关系研究  

Research on the Relationship between Monetary Policy,Credit Scale and the Heterogeneity of Corporate Financial Asset Allocation

作　　者：冯家鸽 赵源 景丽文 张丽霞 安增祥 FENG Jiage;ZHAO Yuan;JING Liwen;ZHANG Lixia;AN Zengxiang(School of Accounting,Henan University of Economics and Law,Zhengzhou 450002,China;Southwest Institute of Technical Physics,Chengdu 610041,China)

机构地区：[1]河南财经政法大学会计学院,河南郑州450002 [2]西南技术物理研究所,四川成都610041

出　　处：《河南科技》2025年第4期155-158,共4页Henan Science and Technology

基　　金：河南省哲学社会科学规划项目(2021BJJ015);河南省教育厅人文社科项目(2022-ZDJH-0013)。

摘　　要：【目的】本研究试图找出企业金融资产配置行为的动机,防止企业进行“产融分离”的金融资产配置,更好地促进实体产业的发展。【方法】以我国沪深A股上市公司2019—2023年的数据为样本,分析货币政策、信贷规模与企业金融资产配置异质性之间的关系。【结果】宽松货币政策促使企业采取“产融结合”的金融资产配置策略,银行信贷规模是其中介路径;通过进一步分析,发现该影响在非国有企业和低成长性企业中更加显著。【结论】国家货币政策制定者应在企业金融化程度较高的地区,适当采取宽松的货币政策;同时政府相关部门要时刻关注企业的发展动态,防止企业过度配置金融资产。[Purposes]This study attempts to explore the motivation of corporate financial asset allocation behavior,prevent enterprises from forming a"separation of industry and finance"financial asset alloca⁃tion,and enhance the development of the real economy.[Methods]Using the data of Shanghai and Shen⁃zhen A-share listed companies from 2019 to 2023,this study analyzes the relationship between mon⁃etary policy,credit scale and heterogeneity of corporate financial asset allocation.[Findings]The loose monetary policy promotes enterprises to adopt the financial asset allocation strategy of"integration of in⁃dustry and finance"and the scale of bank credit is its intermediary channel.Through further analysis,it is found that the impact is more significant in non-state-owned enterprises and low-growth enterprises.[Conclusions]National monetary policy makers should adopt appropriate loose monetary policy in areas with a high degree of corporate financialization;at the same time,relevant government departments should always pay attention to the development of enterprises and prevent enterprises from over allocating financial assets.

关 键 词：货币政策 信贷规模 金融资产配置异质性 产融结合 

分 类 号：F275[经济管理—企业管理]