货币政策创新促进战略性新兴企业高质量发展——来自结构性货币政策的准自然实验证据  

Innovation in Monetary Policy Enables High-Quality Development of Strategic Emerging Enterprises——Quasi-natural Experimental Evidence from Structural Monetary Policy

作　　者：李永波[1] 赵高才 刘静 Li Yongbo;Zhao Gaocai;Liu Jing

机构地区：[1]中国石油大学(华东)经济管理学院经济系 [2]中国石油大学(华东)经济管理学院 [3]中国石油大学(华东)信息化建设处

出　　处：《开发性金融研究》2024年第5期3-14,共12页Development Finance Research

基　　金：国家社科基金“基于实验经济学的城镇居民节水行为引导策略研究”(课题编号:20BJL035)

摘　　要：本文以2010—2022年中国A股上市公司为研究样本,利用双重差分法开展准自然实验,实证评估了结构性货币政策对战略性新兴企业高质量发展的影响,结果如下:①结构性货币政策能够有效地促进战略性新兴企业高质量发展。②结构性货币政策对战略性新兴企业高质量发展的促进作用在经济欠发达地区、高外部融资依赖度和较低抵押能力的企业中表现更加突出。③企业融资约束、债务成本和研发投入在结构性货币政策对战略性新兴企业高质量发展的影响中发挥着显著的中介作用。最后,提出了创新结构性货币政策工具、细化结构性货币政策工具调控范围和完善政策间组合范式三条建议。Taking Chinese A-share listed companies from 2010 to 2022 as the research sample,a quasinatural experiment using the Differences-in-Differences method was conducted to empirically assess the impact of structural monetary policy on the high-quality development of strategic emerging enterprises,and the results are as follows:(i)Structural monetary policy is able to effectively promote the high-quality development of strategic emerging enterprises.(ii)The promotion effect of structural monetary policy on the high-quality development of strategic emerging enterprises is more prominent in economically underdeveloped regions,enterprises with high external financing dependence and lower collateral capacity.(iii)Corporate financing constraints,debt costs and R&D investment play a significant mediating role in the impact of structural monetary policy on the high-quality development of strategic emerging enterprises.Finally,three suggestions are made to innovate structural monetary policy tools,refine the regulatory scope of structural monetary policy tools and improve the inter-policy mix paradigm.

关 键 词：结构性货币政策 战略性新兴企业 双重差分法 两期倍差法 

分 类 号：F822.0[经济管理—财政学] F832.51