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基于欧拉方程模型构建投资-现金存量模型,并以中国上市公司数据为样本探讨货币政策调整对企业融资约束的非对称效应的研究结果显示,我国企业整体上面临外部融资约束,宽松的货币政策对企业融资约束具有显著的缓解作用。其中,非国有企业、资产规模较小的企业以及区域金融发展水平较低地区的企业面临的融资约束程度更高,宽松的货币政策对这类企业融资约束的缓解效果更为明显。因此,政府应更多关注企业融资约束的结构性难题,加强差别化金融调控以及货币政策与宏观审慎政策的协调。
Based on the Euler equation model, this paper constructs an investment-cash stock model and uses the data of Chinese listed companies as a sample to study the asymmetric effect of the monetary policy adjustment on the corporate financing constraints. The results show that Chinese enterprises generally face external financing constraints and loose monetary policy Have a significant relief on corporate financing constraints. Among them, non-state-owned enterprises, enterprises with smaller assets, and enterprises in regions with lower levels of financial development in the region are facing more constraints on financing. Looser monetary policies have more obvious mitigation effects on such enterprises’ financing constraints. Therefore, the government should pay more attention to the structural problems of corporate financing constraints, strengthen the differential financial regulation and control as well as the coordination between monetary policy and macroprudential policy.