货币政策对企业投资的影响——产权特征视角分析

发布时间：2017-12-31 05:10

本文关键词：货币政策对企业投资的影响——产权特征视角分析　出处：《重庆大学学报(社会科学版)》2017年02期 　论文类型：期刊论文

【摘要】：文章着重于从政府控制企业的产权路径上,考察不同所有权特征的企业如何应对货币政策的变化,以及这种应对下企业不同的投资行为。研究发现,国家的紧缩货币政策对企业投资具有抑制作用,但是,由于中国政府普遍控制了上市公司的所有权,货币政策的调控作用受到了干扰,货币政策对企业投资的传导机制在一定程度上因产权关系出现了弱效现象。特别是股权集中度非常高的国有企业,货币政策调控对企业投资的传导机制的效果受到抑制,更容易出现货币政策对微观企业投资决策的传导作用的偏离。
[Abstract]:This paper focuses on how enterprises with different ownership characteristics cope with the change of monetary policy and how to deal with the different investment behaviors of enterprises under the control of government property rights. The state's tight monetary policy has a restraining effect on enterprise investment, but the regulatory role of monetary policy has been interfered with because the Chinese government has generally controlled the ownership of listed companies. To a certain extent, the transmission mechanism of monetary policy to enterprise investment has a weak effect due to the property right relationship, especially the state-owned enterprises with high equity concentration. The effect of monetary policy regulation on the transmission mechanism of enterprise investment is restrained, and the deviation of transmission function of monetary policy to micro enterprise investment decision is more likely to occur.
【作者单位】：北京工商大学商学院;
【基金】：北京市社会科学基金项目(16YJC041)
【分类号】：F275;F822.0
【正文快照】： 改革开放30多年来,中国经济保持了连续高速的增长,取得了世界瞩目的成就。建立以市场机制配置资源的市场经济体制,成为经济转轨时期的经济目标。随着市场化程度的不断提高,改革开放也在持续深入,但是,在从计划经济向市场经济的转型过程中,由于市场化改革本身的发起者就是政府,

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