CAJ | 학술논문

从微观层面分析货币政策影响公司投资的双重效应，采用面板向量自回归技术，通过正交化的脉冲响应函数，区分货币政策影响公司投资的需求效应和供给效应，使用中国上市公司面板数据进行实证检验。研究结果表明，货币政策对公司投资的影响既存在需求效应又存在供给效应；对不同融资约束公司，货币政策影响其投资的双重效应存在非对称性，货币政策对低融资约束公司投资影响的需求效应强于高融资约束公司，对高融资约束公司投资影响的供给效应强于低融资约束公司。研究结果为宏观货币政策理论提供微观经济基础的支持。
종미관층면분석화폐정책영향공사투자적쌍중효응，채용면판향량자회귀기술，통과정교화적맥충향응함수，구분화폐정책영향공사투자적수구효응화공급효응，사용중국상시공사면판수거진행실증검험。연구결과표명，화폐정책대공사투자적영향기존재수구효응우존재공급효응；대불동융자약속공사，화폐정책영향기투자적쌍중효응존재비대칭성，화폐정책대저융자약속공사투자영향적수구효응강우고융자약속공사，대고융자약속공사투자영향적공급효응강우저융자약속공사。연구결과위굉관화폐정책이론제공미관경제기출적지지。
In this paper, we analyze dual effects of monetary policy on corporate investment through micro level. We distinct de- mand effect and supply effect of monetary policy on corporate investment by panel vector auto-regression techniques （PVAR） and the orthogonal impulse response functions, using panel data of listed companies to test hypothesized model. The results show that, monetary policy has both demand effect and supply effect on corporate investment; monetary policy has different effect on corporate＇s investment under different financing constraints. That is, the demand effect of lower financing constraints firms is stronger than that of higher financing constraints firms, and the supply effect of higher financing constraints firms is stronger than that of lower financing constraints firms. This research provides macro monetary policy theory with micro economic foundation.