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1998年,中国人民银行宣布取消信贷规模限额直接控制,宏观货币政策调控实体经济由直接方式向间接转变。本文利用中国制造业上市公司1998～2008年一季度的数据,在引入公司治理因素后,研究了货币政策对微观公司实体融资选择的异质性影响。结果表明,上市公司所有权差异显著影响公司的融资选择,在银行主导的资源配置模式下,货币政策的信贷传导渠道整体有效,但国有控股上市公司的融资行为支持关系信贷观,一定程度上弱化了货币政策的调控效力;上市公司的信息披露差异对公司融资选择影响显著,相对于单一上市公司而言,交叉上市公司对货币政策反应敏感,交叉上市公司融资行为支持绑定效应。总之,运用货币政策调控实体经济时,公司治理因素对于微观实体的融资反应行为影响显著。最后,针对研究结论并结合当前现实提出了相应的政策建议。
In 1998, the People’s Bank of China announced that it would cancel the direct control of the credit quotas and that the macro-monetary policies regulate and control the real economy from an indirect mode to an indirect one. Based on the data of Chinese manufacturing listed companies from the first quarter of 1998 to the end of 2008, this paper studies the heterogeneous influence of monetary policy on the financing choices of the micro-firm entities after introducing the corporate governance factors. The results show that the ownership difference of listed companies significantly affects the financing options of the company. Under the bank-led mode of resource allocation, the credit transmission channels of monetary policy are overall effective. However, the financing behavior of state-controlled listed companies supports the relationship credit view, which to a certain extent weakened The effect of the regulation and control of monetary policy; the difference of information disclosure of listed companies has a significant impact on corporate financing choices. Cross-listed companies are more sensitive to monetary policy than single listed companies, and cross-listed companies’ financing behavior supports the binding effect. In short, the use of monetary policy to control the real economy, corporate governance factors have a significant impact on the financing behavior of micro-entities. Finally, the paper puts forward the corresponding policy recommendations in the light of the conclusions of the study and the current reality.