货币政策对不同性质企业差异效应的统计检验

发布时间：2018-02-24 15:46

本文关键词： 货币政策效应 VAR模型脉冲响应函数不同性质企业　出处：《统计与决策》2017年13期 　论文类型：期刊论文

【摘要】：我国统一制定实施的货币政策对不同性质企业效应存在较大差异,严重影响我国货币政策效率及有效性。文章在对货币政策进行正负向冲击分解的基础上,运用VAR模型及脉冲响应函数对改革开放以来我国货币政策对不同性质企业效应的异质性规律进行考察。实证结果显示:国有及国有控股企业受扩张性货币政策影响最大,外资企业则反应最为迅速;非国有企业受紧缩性货币政策影响最大,但国有企业对此不敏感。不同性质企业在融资环境、政策环境和经营约束方面的"错位"现象,是我国货币政策不同性质企业差异效应的原因。
[Abstract]:There are great differences in the effects of monetary policy formulated and implemented in China on different enterprises, which seriously affect the efficiency and effectiveness of monetary policy in China. This paper analyzes the positive and negative impact of monetary policy on the basis of its positive and negative impact. VAR model and impulse response function are used to investigate the heterogeneity of the effects of monetary policy on enterprises of different natures since the reform and opening up in China. The empirical results show that state-owned enterprises and state-owned holding enterprises are most affected by expansionary monetary policy. The non-state-owned enterprises are the most affected by the contractionary monetary policy, but the state-owned enterprises are not sensitive to it. Different nature of the enterprises in the financing environment, policy environment and management constraints of the "dislocation" phenomenon, Is our country monetary policy different nature enterprise difference effect reason.
【作者单位】：西安财经学院陕西省信用研究中心;
【基金】：全国统计科学研究项目(2016LY38) 陕西省社会科学基金资助项目(2016D025) 西安财经学院2016年度调查研究资助项目
【分类号】：F222.39;F822.0

【相似文献】