财经理论与实践2024，Vol.45Issue(1)：19-26,8.DOI:10.16339/j.cnki.hdxbcjb.2024.01.003
货币政策不确定性对企业全要素生产率的影响研究
The Impact of Monetary Policy Uncertainty on Corporate Total Factor Productivity
摘要
Abstract
Based on data of A-share listed companies from 2005 to 2021,this paper utilizes the SVAR-SV model to separate macroeconomic shocks and monetary policy level shocks from mone-tary policy uncertainty shocks and constructs an index of China's monetary policy uncertainty,conducts empirical research on the impact of monetary policy uncertainty on corporate total factor productivity.The findings indicate that a high level of monetary policy uncertainty negatively af-fects corporate total factor productivity growth,and real option mechanism and growth option mechanism are more important compared to financial friction mechanism.Under the influence of corporate heterogeneity,this effect is more pronounced for state-owned holding enterprises,small and medium-sized enterprises and enterprises located in the central and western regions in China.关键词
货币政策不确定性/全要素生产率/SVAR-SV模型Key words
monetary policy uncertainty/total factor productivity/SVAR-SV Model分类
管理科学引用本文复制引用
段进,田林..货币政策不确定性对企业全要素生产率的影响研究[J].财经理论与实践,2024,45(1):19-26,8.基金项目
湖南省哲学社会成果评审委员会课题(XSP19YBC263) （XSP19YBC263）
