摘要
本文运用中国特有的上市公司资金需求详细用途数据,研究宏观经济不确定性影响公司投资的作用机制。经验结果显示,宏观经济不确定性会影响公司投资行为,且通过外部需求、流动性资金需求和长期资金需求渠道起作用,但这种作用会受预期因素影响,在不同经济周期,不同股东性质、行业性质和融资约束的公司中表现有差异。具体来说,高宏观经济不确定性会减弱三个渠道对公司投资的正向促进作用,且外部需求和流动性需求渠道最为显著,在经济上升期,国有企业、制造业企业和低现金股利公司中这三个渠道的效果最为明显。由该结论得到的启示是,宏观经济政策协调配合需注意经济冲击的不同作用渠道,注重从微观资金需求出发实施货币政策。
Using a unique data of detailed use of funds of China＇s listed companies, this paper studies the mechanism of how maeroeeonomic uncertainty influences the corporate investment. The research shows that the maeroeeonomic uncertainty affects corporate investment behavior through the channels of external demand, liquidity demand and long-term demand for funds. However, the result is influenced by expectations, as well as by different economic cycles, industries, financial constraints and controlling Shareholder＇s characteristics. Specifically, the high macroeconomic uncertainty will weaken the positive role of the three channels promoting the company＇s investment, and the channel for the external demand and liquidity needs are the most significant. It is the most obvious effects of the three channels in the period of rapid economic growth, and for the state-owned, manufacturing and low cash dividends companies. The lesson from the study is that it is necessary to pay attention to the different channels of economic shocks for coordination of maeroeeonomic policies; in implementing monetary policies, we need to take into consideration of the demand for funds of micro enterprises.
出处
《经济研究》
CSSCI
北大核心
2014年第2期4-17,共14页
Economic Research Journal
基金
国家社会科学基金重大招标项目(10zd&034)、国家社会科学基金项目(12CJY115)
"全国博士学位论文作者专项资金资助项目"(201102)的资助
国家自然科学基金项目(71373011)资助
关键词
不确定性
资金需求
公司投资
货币政策
Macroeconomic Uncertainty
Demand for Financing
Corporate Investment
Monetary Policy
