摘要
本文基于中国货币政策不确定性指数,并结合2010—2019年沪深A股上市公司数据构建面板数据模型,实证研究中国货币政策不确定性对我国企业创新的影响及其异质性,并进一步研究这种影响效应的作用机制。研究结果表明:货币政策不确定性上升会显著抑制企业的创新产出,并且这一现象在非国有企业和小规模企业中更为显著。其内在作用机制是,货币政策不确定性会通过加重企业金融错配程度来抑制企业的创新产出。因此,中央银行应合理调整货币政策,降低货币政策不确定性,提高货币政策调控的有效性和精准性,进而缓解企业金融错配,促进企业创新。
Based on China’s monetary policy uncertainty index and combined with the data of Shanghai and Shenzhen A-share listed companies from 2010 to 2019,this paper constructs a panel data model to empirically study the impact of China’s monetary policy uncertainty on China’s enterprise innovation and its heterogeneity,and further study the mechanism of the impact effect.The results show that the increase of monetary policy uncertainty will significantly inhibit the innovation output of enterprises,and this phenomenon is more significant in non-state-owned enterprises and small-scale enterprises.Its internal mechanism is that monetary policy uncertainty will inhibit innovation output of enterprises by aggravating the degree of financial mismatch.Therefore,the central bank should adjust the monetary policy reasonably,reduce the uncertainty of monetary policy,improve the effectiveness and precision of monetary policy regulation,so as to alleviate the financial mismatch of enterprises and promote enterprise innovation.
作者
薛龙
刘家诺
Xue Long;Liu Jianuo(School of Economics and Management,Zhengzhou University of Light Industry,Zhengzhou 450000,Henan,China)
出处
《金融发展研究》
北大核心
2022年第2期81-89,共9页
Journal Of Financial Development Research
基金
国家社科基金项目“货币政策对异质性家庭收入差距的影响及对策研究”(21CJL006)。
关键词
货币政策不确定性
金融错配
企业创新
monetary policy uncertainty
financial resource mismatch
enterprise innovation
