货币政策、不同企业的信贷约束和研发生产项目投资决策

发布时间：2018-04-28 13:58

本文选题：货币政策 + 信贷约束　；参考：《管理评论》2017年11期

【摘要】：如何合理评估货币政策对企业RD项目投资决策的影响已成为企业决策者面临的重要问题。本研究根据决策者认知偏差和分子动力学理论,在分析RD项目中的实物期权特征和价值相互作用的基础上,研究了货币政策对不同股权性质企业的RD项目投资决策的影响,研究表明:不同企业对货币政策的敏感程度不同;随着货币扩张强度的增加,不同企业对项目期权价值的预期和可获得的最大价值表现出差异性;在同一货币扩张强度下,随着投资额的增加,期权价值的上下限、预期值和可获得的最大价值不断增大;当货币扩张程度增大时,货币政策对预期值的解释力变强。最后,站在政府和企业的角度,给出了提高货币政策实施效果和企业创新能力的相关建议。
[Abstract]:How to evaluate the influence of monetary policy on R D project investment decision has become an important problem for enterprise decision makers. Based on the cognitive bias of decision makers and the molecular dynamics theory, this study studies the influence of monetary policy on R D project investment decisions of different equity enterprises on the basis of analyzing the interaction of real option characteristics and value in R D projects. The results show that: the sensitivity of different enterprises to monetary policy is different; with the increase of monetary expansion intensity, the expectation of project option value and the maximum available value are different among different enterprises; under the same monetary expansion intensity, With the increase of investment, the upper and lower limits of the option value, the expected value and the maximum value available are increasing. When the monetary expansion degree increases, the explanatory power of the monetary policy to the expected value becomes stronger. Finally, from the angle of government and enterprise, the paper gives some suggestions on how to improve the effect of monetary policy and the innovation ability of enterprises.
【作者单位】：西安交通大学管理学院;
【基金】：国家自然科学基金面上项目(71372164)
【分类号】：F273.1;F822.0;F832.4

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