资本结构对我国货币政策产业效应影响的研究

发布时间：2018-01-01 18:36

本文关键词：资本结构对我国货币政策产业效应影响的研究　出处：《中央财经大学学报》2017年01期 　论文类型：期刊论文

【摘要】：结构调整一直是困扰我国经济发展的难题,产业的异质性会导致货币政策效应非对称,这导致了统一货币政策的选择困境。如果缺乏产业层面非对称的定量研究,我们很难进行政策协调与配合,从而限制了货币政策目标的实现。笔者对分行业的上市公司企业数据进行了检验,证明了行业间资本结构差异的显著性和稳定性;利用多层线性模型中的情境效应模型,以行业资本结构作为情境变量对宏观货币政策的微观效应进行了检验。结果表明不管是直接效应还是交互效应,从回归系数和显著性两个方面来看,在4个财务指标中资本结构对货币政策的影响是最为显著的。笔者认为行业资本结构差异是影响我国货币政策产业效应的重要因素,要提升货币政策效果必须减少资本结构形成和调整中的体制约束,可在差异货币政策工具基础上,实施影响资本结构的政策进行协调和配合。
[Abstract]:Structural adjustment is a difficult problem in China's economic development, the heterogeneity of industry will lead to the asymmetric effects of monetary policy, which leads to the dilemma of unified monetary policy. If the lack of industry level asymmetric quantitative research, it is difficult to achieve policy coordination and cooperation, thus limiting the target of monetary policy. The data on the industry of listed companies was examined. The significant difference of capital structure between industries and the stability is proved using hierarchical linear models; context effects in the model, the industry capital structure as the microcosmic effect of macro monetary policy situation variables were tested. The results show that both the direct effect and interaction effect from two aspects a regression coefficient and a significant point of view, the impact of capital structure on monetary policy in the 4 financial indicators is the most significant. The author thinks that the industry capital Structural differences are the important factors that affect the industrial effect of monetary policy in China. To enhance the effectiveness of monetary policy, we must reduce institutional constraints in the formation and adjustment of capital structure. We can coordinate and coordinate policies that affect capital structure on the basis of differential monetary policy tools.

【作者单位】：湘潭大学商学院;
【基金】：国家自然科学基金项目“货币政策结构效应的微观基础及协调性研究”(项目编号:71073133);国家自然科学基金项目“空间非一致性、房地产价格波动与最优货币政策选择研究”(项目编号:71273221)
【分类号】：F822.0;F832.5
【正文快照】： 合决定(闵丹和韩立岩,2008[3]),资本结构中的行一、引言业差异显著存在(黄辉和王志华,2006[4]),且同一货币政策是指一国中央银行为实现特定的经济目行业上市公司的资本结构具有稳定性(郭鹏飞和孙标,针对货币供给量及信用量调控所制定、采取的各培源,2003[5])。公司间资本结构

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