CAJ | 학술논문

货币政策对微观企业行为的影响既是宏观经济政策研究关注的话题之一，也是近期财务会计领域研究的新热点。文章结合我国近年来央行信息披露与货币政策调控实践，利用2002年第1季度至2013年第2季度上市公司的平衡面板数据，分析了央行通过信息披露发出的货币政策调控信号以及经济运行中的实际调控政策对微观企业投资行为的影响。研究发现，央行通过信息披露引导微观企业投资行为，实际上依赖于数量型和价格型调控工具的实施，当与实际货币政策一致时，货币政策信号能够有效地引导企业投资行为，而当与实际货币政策不一致时，货币政策信号的调控意义不明显。货币政策调控事件分析也说明货币政策信号与实际政策一致时能够对宏观经济基础起到很好的调控作用，因而应保证货币政策信号的可信性。文章的研究不仅有助于梳理我国货币政策传导机制，拓展和深化央行沟通研究，也为宏观经济政策与微观企业行为研究提供了新视角。
화폐정책대미관기업행위적영향기시굉관경제정책연구관주적화제지일，야시근기재무회계영역연구적신열점。문장결합아국근년래앙행신식피로여화폐정책조공실천，이용2002년제1계도지2013년제2계도상시공사적평형면판수거，분석료앙행통과신식피로발출적화폐정책조공신호이급경제운행중적실제조공정책대미관기업투자행위적영향。연구발현，앙행통과신식피로인도미관기업투자행위，실제상의뢰우수량형화개격형조공공구적실시，당여실제화폐정책일치시，화폐정책신호능구유효지인도기업투자행위，이당여실제화폐정책불일치시，화폐정책신호적조공의의불명현。화폐정책조공사건분석야설명화폐정책신호여실제정책일치시능구대굉관경제기출기도흔호적조공작용，인이응보증화폐정책신호적가신성。문장적연구불부유조우소리아국화폐정책전도궤제，탁전화심화앙행구통연구，야위굉관경제정책여미관기업행위연구제공료신시각。
The impact of monetary policy on micro-enterprise behavior is not only one of the topics of macroeconomic policy research, but also a new topic in the field of financial accounting. Based on the practice of information disclosure and monetary policy control of the central bank, this paper analyzes the impact of monetary policy signals through information disclosure of the central bank and actual regulatory policy in economic operation on micro-enterprise investment behavior by using balanced panel data of listed companies from the first quarter of 2002 to the second quarter of 2013. It arrives at the conclusions as follows： firstly, the guidance of corporate investment behavior by the central bank through information disclosure is actually dependent on the implementation of quantity- based and price-based control instruments; secondly, when monetary policy signals are consistent with actual monetary policy, monetary policy signals can guide corporate invest- ment behavior effectively; thirdly, when monetary policy signals are not consistent with actual monetary policy, the control role of monetary policy signals is not obvious. The case study of monetary policy control shows that monetary policy signals play a sound control role in macroeconomic base when they are consistent with actual monetary policy, so the central bank should ensure the credibility of monetary policy signals. The conclusions not only help to sort out the monetary policy transmission mechanism, the central bank communication research, but also provide a new pe nomic policy and micro-enterprise behavior research.