Evidence from China
Evidence from China
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发表时间：
2001
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通讯作者：
Zhicheng Liang
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作者：
Zhicheng Liang
本文使用2003 - 2013年中国13,766个企业年度的观察数据，考察了货币政策对企业投资的影响以及现金持有的缓解效应。我们发现，紧缩的货币政策减少了企业投资，而现金持有量减轻了这种不利影响。现金缓解的作用是特别重要的财务约束的公司，非国有企业（非国有企业）和那些公司位于欠发达的金融市场。当货币政策收紧时，持有现金也会提高投资效率，而收紧货币政策会提高“现金-现金流”敏感度。我们的经验证据要求对中国实施的货币政策进行批判性评估，这些政策对国有企业的有效性较低。它还要求地方政府有必要进一步发展区域金融市场，以保护非国有企业和资金紧张的企业等脆弱企业免受外部冲击，以保持其可持续增长和竞争优势。
This paper uses 13,766 firm-year observations between 2003 and 2013 from China to investigate the effects of monetary policy on corporate investment and the mitigating effects of cash holding. We find that tightening monetary policy reduces corporate investment while cash holdings mitigate such adverse effects. The cash mitigating role is especially significant for financially constrained firms, non-state-owned enterprises (non-SOEs) and those firms located in a less developed financial market. Cash holding also improves investment efficiency when monetary policy is tightening and tightening monetary policy enhances the „cash-cash flow‟ sensitivity. Our empirical evidence calls for a critical evaluation on the monetary policies implemented in China which are less effective for state-owned enterprises. It also calls for a necessity for local government to further develop regional financial markets to protect vulnerable businesses, such as non-SOEs and financially constrained firms, from external shocks in order to maintain their sustainable growth and competitive advantages.