公司股东性质与货币政策传导效果
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| Title | The Nature of Shareholder and the Effectiveness of Monetary Policy Transmission
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| 作者 | 王义中 宋敏 李连发 |
| Author | Yizhong Wang Frank Song and Lianfa Li |
| 作者单位 | 浙江大学经济学院金融系；港大学经济金融学院，北京大学经济学院；北京大学经浙江大学经济学院金融系济学院 |
| Organization | School of Economics , Zhejiang University；School of Economics and Finance, University of Hong Kong and School of Economics, Peking University；School of Economics, Peking University |
| 作者Email | fmsong@econ.hku.hk |
| 中文关键词 | 货币政策 股东性质 利率市场化 |
| Key Words | Monetary Policy；The Nature of Shareholders；The Reformation of Interest Rates Liberalization |
| 内容提要 | 本文以中国特殊的货币政策操作为背景,构建股东性质差别影响货币政策传导效果的研究假说，运用中国上市公司数据进行经验分析，结果显示：整个样本期间内，货币政策变化会对企业投资行为产生影响，且股东性质会影响到价格型政策传导效果,但不会影响数量型政策效果。然而，区分货币政策周期后，发现紧缩性政策中，股东性质会影响到货币政策传导效果,而扩张性政策中不会影响。同时，经验结果显示，公司流动性、规模、销售收入、资产负债率等微观因素会限制中国货币政策效果的发挥。得到的启示是：微观领域的治理结构优化应该先于利率市场化改革；注重运用需求导向的货币政策。 |
| Abstract | Based on China's particular operation on monetary policy, this paper establishes the hypothesis of differences in the nature of of shareholders how to influence the effect of monetary policy transmission and uses Chinese listed companies’ data to conduct empirical analysis. The findings showed that during the entire sample period, monetary policy changes will impact on corporate investment behavior, and the nature of shareholders does not affect the transmission effects of quantitative monetary policy, but do will affect the price-based monetary policy transmission. However, considering the monetary policy cycle, we found that the nature of shareholder will affect transmission effects of monetary policy in the tightening cycle, but does not affect transmission effects in the expansionary policy cycle. Meanwhile, the liquidity, the size, the ratio to asset liability of companies will limit the effectiveness of monetary policy. The lesson is: the optimization of governance structure in micro fields should be prior to the reformation of interest rates liberalization; we should focus on the use of demand-oriented monetary policy. |
| 文章编号 | WP304 |
| 登载时间 | 2012-07-10 |
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