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货币政策,投资效率与民营企业期权价值
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TitleMonetary Policy, Investment Efficiency and Equity Value  
作者靳庆鲁 孔祥  
AuthorJin Qinglu and Kong Xiang  
作者单位上海财经大学会计学院 
OrganizationSchool of Accountancy and the Institute of Accounting and Finance, Shanghai University of Finance and Economics 
作者Emailacjql@mail.shufe.edu.cn; 
中文关键词货币政策 融资约束 资本逐利 投资效率 公司价值 
Key WordsMonetary Policy; Financing Constraints; Capital-Follow- Profitability; Investment Efficiency; Equity Value 
内容提要本文以2003到2009年民营企业的季度数据为样本,首先从货币政策影响公司融资约束和管理层投资决策灵活性的角度加以分析,并进一步检验了货币政策对公司投资效率和期权价值的影响。研究发现,宽松的货币政策减少了公司的融资约束,影响了管理层自主投资决策的灵活性。另外,研究还发现,当货币政策与企业盈利机会匹配时会促进效率投资,两者不相匹配时会造成非效率投资;高盈利能力公司的增长期权价值在宽松的货币政策时期更大,而低盈利能力公司的清算期权价值在紧缩的货币政策时期则更高。本文的经验证据有助于理解在不同的政府干预状态下,资本逐利这一经济规律的表现形式;同时,从公司投资的角度,评价宏观经济政策对微观经济实体的影响,也有助于决策部门制定恰当的经济政策从而促进宏观经济体系的良好运作。 
AbstractUsing quarterly data of family firms from 2003 to 2009, this paper investigates how monetary policy influences the financing constraints and managerial investment flexibility, and then examines how monetary policy affects the investment efficiency and equity value. We find that loose monetary policy reduces the company's financing constraints and managerial investment flexibility. In addition, we find that the matching between monetary policy and a company’s profitability opportunity will promote the investment efficiency, and mismatch will result in inefficient investments. Finally, we observe that the loose monetary policy increases the equity value of growth options for high-profitability firms, and the tight monetary policy increases the equity value of put options for low-profitability firms. This paper will be helpful for understanding the economic rule of capital-follow-profitability under different government intervention. Meanwhile, from the perspective of investment, this study will be helpful to evaluate the impacts of macroeconomic policy on the microeconomic entities, and then help the government develop appropriate economic policies to promote the good functioning of macroeconomic system. 
文章编号WP142 
登载时间2011-10-28 
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