【摘要】 结构调整一直是困扰我国经济发展的难题,产业的异质性会导致货币政策效应非对称,这导致了统一货币政策的选择困境。如果缺乏产业层面非对称的定量研究,我们很难进行政策协调与配合,从而限制了货币政策目标的实现。笔者对分行业的上市公司企业数据进行了检验,证明了行业间资本结构差异的显著性和稳定性;利用多层线性模型中的情境效应模型,以行业资本结构作为情境变量对宏观货币政策的微观效应进行了检验。结果表明不管是直接效应还是交互效应,从回归系数和显著性两个方面来看,在4个财务指标中资本结构对货币政策的影响是最为显著的。笔者认为行业资本结构差异是影响我国货币政策产业效应的重要因素,要提升货币政策效果必须减少资本结构形成和调整中的体制约束,可在差异货币政策工具基础上,实施影响资本结构的政策进行协调和配合。更多还原

【Abstract】 The structure problem is always a puzzle of China economy development. The heterogeneity of industry can cause monetary policy effect asymmetrically,and the unified monetary policy always faces the dilemma of choices. Lack of quantitative study on the industrial level,it is hard to coordinate policies and thus it is hard to accomplish our goal. The paper proved that capital structure has significant and stable differences among industries by using listed company’s data that are collected on industry level. Then by using the multilayered linear model,taking industry capital structure as situational variables,and we find that capital structure has the most significant impact on monetary policy among the four financial variables,no matter it is measured by direct effect or interaction effect. We believe that industry’s capital structure difference is an important factor of monetary policy’s industry effects in our country. In order to optimize the effect of monetary policy,we must reduce the system constraints on capital structure’s formation and adjustment,implement policy which can influence capital structure so it can coordinate and match monetary policy tools.更多还原