摘要
为缓解突发的新冠肺炎疫情对经济的不利影响,我国在2020年采取了相对宽松的货币政策。基于2017年第一季度至2020年第四季度A股非金融上市公司的数据,采用双重差分模型评估此次货币政策的外生变化对实体企业金融资产配置的影响效果。研究结果表明:企业在货币政策宽松时会增加对金融资产的配置。进一步通过中介模型探究货币政策影响金融资产配置的传导机制,研究发现融资约束有助于解释宽松货币政策对企业金融资产配置的正向影响。宽松货币政策促进企业金融资产配置的作用在非国有企业、较差成长性的企业和高经营风险的企业中更显著。
To alleviate the adverse impact of the COVID-19 outbreak on the economy,China adopted a relatively easy monetary policy in 2020. Based on the data of non-financial listed companies of A-share from the first quarter of 2017 through the fourth quarter of 2020,this paper adopts a difference-in-difference(DID)model to assess the impact of the exogenous changes in monetary policy on the financial asset allocation of the real economy. The results show that companies will increase their allocation of financial assets when monetary policy is relaxed. Through the intermediary model to further explore the transmission mechanism of monetary policy affecting financial asset allocation,it is found that financing constraints can help explain the positive impact of easy monetary policy on corporate financial asset allocation. The role of easy monetary policy in promoting corporate financial asset allocation is more pronounced in non-state-owned enterprises,poorly growing enterprises,and companies with high operating risks.
作者
邓伟
王敏
何斌锋
DENG Wei;WANG Min;He Bin-feng(School of Finance,Nanjing University Of Finance&Economics,Nanjing 210046;Jinling College of Nanjing University,Nanjing 210009,China)
出处
《兰州财经大学学报》
2022年第5期77-92,共16页
Journal of Lanzhou University of Finance and Economics
