货币政策对企业投资的影响——产权特征视角分析
The impact of monetary policy on enterprise investment based on the perspective of property right

文章着重于从政府控制企业的产权路径上，考察不同所有权特征的企业如何应对货币政策的变化，以及这种应对下企业不同的投资行为。研究发现，国家的紧缩货币政策对企业投资具有抑制作用，但是，由于中国政府普遍控制了上市公司的所有权，货币政策的调控作用受到了干扰，货币政策对企业投资的传导机制在一定程度上因产权关系出现了弱效现象。特别是股权集中度非常高的国有企业，货币政策调控对企业投资的传导机制的效果受到抑制，更容易出现货币政策对微观企业投资决策的传导作用的偏离。
This paper focuses on how to deal with the changes of monetary policy and how to deal with the differences in the investment behavior of enterprises, considering the government controlled enterprises' property rights.The study finds that countries adopt tighter monetary policy on investment still has an inhibitory effect.However, because the government controls the ownership of listed companies, the transmission mechanism of monetary policy on the investment of enterprises in a certain extent appears weak effect with the differences in property agency relationship, and the control effect of monetary policy is interference.Especially, the state-owned enterprises have very high concentration of ownership, the transmission mechanism of monetary policy on the investment of enterprise's effect is suppressed, which is more easy to deviate from the conduction effects of monetary policy on the investment decision of the enterprises.