贵州财经大学学报

›› 2018 ›› Issue (01): 57-63.

• 金融经济 • 上一篇    下一篇

货币政策传导机制中的行业非对称性研究——基于上市公司财务数据

毛玲玲   

  1. 上海财经大学 马克思主义学院, 上海 200433
  • 收稿日期:2017-09-15 出版日期:2018-01-15 发布日期:2018-03-06
  • 作者简介:毛玲玲(1984-),女,贵州遵义人,上海财经大学马克思主义学院博士生,研究方向为社会主义市场经济。
  • 基金资助:

    上海财经大学研究生创新基金项目"基于马克思再生产理论的经济增长特性分析"（CXJJ-462）。

The industry asymmetry research in monetary policy transmission mechanism-Based on financial data of the listed Corporation

MAO Ling-ling   

  1. Academy of Marxism, Shanghai University of Finance & Economics, Shanghai 200433, China
  • Received:2017-09-15 Online:2018-01-15 Published:2018-03-06

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摘要： 以近十年来我国经济发展变化以及货币政策执行情况为出发点，对货币政策在实施过程中产生的影响进行深入分析。研究发现：第一，确实存在货币政策行业非对称现象，即对于同一货币政策，各行业对其敏感度不同；第二，财务结构是影响企业对货币政策敏感程度差异的重要原因；第三，不同财务指标在货币政策传导机制中所起的作用效果不同，营运资本的作用较小，总资产规模和负债率的作用较大，资产规模较小的企业比资产规模较大的企业更易受到货币政策冲击的影响。

关键词: 货币政策, 行业非对称效应, 面板数据, 脉冲影响分析

Abstract: This article based on the change of economic developments and the monetary policy implementation of past decade, detailed analysis for the impact generated during the implementation of monetary policy.There are several conclusions as follows:firstly, The presence of the industry asymmetry mean that various industry have different sensitivity for the same monetary policy;secondly, financial structure is an important reason for its impact on the monetary policy of sensitivity;finally, Different financial indicators play different role in monetary policy transmission mechanism, The effect of working capital is small but total assets and debt ratio are bigger,Smaller scale enterprises are more vulnerable to the impact of monetary policy than bigger scale.

Key words: monetary policy, asymmetric effect, panel data model, impulse impact analysis

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