机构地区: 华南师范大学经济与管理学院
出 处: 《经济评论》 2013年第4期116-123,共8页
摘 要: 本文以2002-2010年期间深沪上市公司季度数据为基础,从投资内部现金流敏感性的视角考察了宏观货币政策对企业投资行为和融资约束的影响效应,据此评估了宏观货币政策对企业金融生态环境的优化功能。文章的实证研究结果显示:(1)宽松的货币政策促进了企业扩张投资,通过降低企业投资内部现金流敏感性缓解了企业融资约束,改善了企业金融生态环境。(2)国有企业的融资约束显著低于非国有企业。(3)非国有企业的投融资行为对宏观货币政策的弹性更显著;宽松的宏观货币政策能够更大程度地缓解非国有企业的融资约束,更有效地改善非国有企业的金融生态环境。本文的研究发现为宏观货币政策的传导机制和金融环境优化功能提供了企业投融资层面的微观证据。 This paper studies the relieving effect of macro - monetary policy on corporate financing constraint based on regional financial development with data from 2002 to 2010, and explores the transmission effect of macro - monetary policy on corporate investment. Our research suggests that, ( 1 ) Ease - monetary policy has a positive effect on corporate investment and corporate financing constraint,which could significantly relieve corporate financing constraint and encourage firm to expand investment. ( 2 ) Financing constraint of SOE is weaker than non - SOE. ( 3 ) Ease - monetary policy could improve corporate financial ecologic environment, especially for non state - owned enterprises. Our empirical results supply firm - level evidence about transmission mechanism of macro - monetary policy.