【摘要】 宏观经济调控政策如何影响企业的投融资行为,已经成为公司金融的一个新的研究领域,对这一问题加以研究不仅有助于深化对政府行为的认识,也有助于拓展对企业投融资行为的认识。本文基于企业契约理论,通过引入内外部管理要素概念,从理论上分析了货币政策对不同企业融资约束影响的差异,在此基础上,借助"哈耶克三角",进一步从理论上分析了货币政策对企业投资效率的影响。基于人的行动概念,本文构建了与以往相关研究存在明显差异的实证模型,并选择2003-2012年312家中国民营上市公司为研究样本对理论分析所提出的假设进行了检验。本文研究表明,由于企业间的管理能力存在差异,在政府对信贷资金配置施加微观干预情况下,宽松的货币政策会降低外部管理能力相对较强企业的融资约束,并加重内部管理能力相对较强企业的融资约束;由于宽松的货币政策极易扭曲利率信号,引导企业将资源从短期项目错误地转移至长期项目,因此,在宽松的货币政策下,外部管理能力相对较强的民营企业就会因为其易于优先获得更多信贷资金以扩张投资而导致其投资效率下降。本文认为,政府应致力于强化金融领域的事后产权保护,减少对信贷资金配置的微观干预,进一步提高金融领域的市场化程度。此外,政府应谨慎使用货币政策来调控宏观经济。更多还原

【Abstract】 How macro-control policies to influence investment and financing of enterprises is a new research topic in the field of Corporate Financing.An research on the topic is helpful to not only appreciating government policies and actions deeply,but understanding investment and financing of enterprises extensively as well.Based on the theory of enterprise contract,this paper analyses in theory the differences of the impact of governmental monetary policy on the financing constraints of various enterprises by introducing the conceptions of external and internal management factors.On the basis of it,this paper also analyses theoretically the effect of governmental monetary policy on the investment efficiency of enterprises with the help of ’Hayek Triangle’.Following the conception of human action,this paper then builds an empirical model which is markedly different from past related researches,and conducts an empirical test by using the chosen sample data of 312 Chinese listed private companies from 2003 to 2012.This results show that owing to the differences of management ability among enterprises and under the governmental micro-economic intervention in the allocation of credit funds,the loose monetary policy lessens the financing constraints for the enterprises with better external management ability,and aggravates the financing constraints for the enterprises with better internal management ability.This paper also shows that the loose monetary policy will distort the signal of interest rate which falsely directs enterprises to divert resources from short-term investment projects to long-term ones.This means that under the condition of the loose monetary policy,the investment efficiency of the private enterprises with better external management ability will be lowered because they are able to acquire more credit funds preferentially and readily.This paper argues that the government should strengthen afterwards ownership safeguards for financial transactions,reduce the micro-economic intervention in the allocation of credit funds,and raise the marketization level in the financial deals.Also,the government should prudently regulate and control macro-economy by monetary policy.更多还原