Research On The Effects Of Monetary Policy Tools To The Investment Level Of High-tech Listed Company

Since the subprime mortgage crisis happened in the US, the economy of the whole world has been impacted. In order to eliminate the impact of the crisis, most of the countries has payed more attention to the effectiveness of monetary policy on the economy. As a successful model to get rid of the crisis, Chinese central bank;s monetary policy operation has already gotten attention of the world. In this context, how is the efficency of China’s monetary policy tools to economic especially to micro enterprise,?Whether there is a difference between the influence of various monetary policy tools to the enterprise? These problems needs to be explored. In addition, China’s report to eighteen showed: In order to drive our economy, we need a combination of technology and economy. Therefor, we have to promote the healthy development of the high-tech industry. In this context, whether the high-tech industry’s investment level is reasonable,?Whether the monetary policy can effectively control the investment level of high-tech listed companies? All of this need to be researched.This article is based on company investment theory, the transmission channels of monetary policy’s influence to the investment level theory and asymmetry theory and use the micro data to make an empirical study, which is to find how the monetary policy infect the high-tech listed company. The empirical results show that the monetary policy tools can influence the investment level of high-tech listed companies effectively,. The resulr also show that the influence of monetary policy tools to investment in state-owned and private listed companies is different and the efficency of various monetary policy tools to invest is related to the company’s characteristics. Legal deposit reserve rate, the benchmark lending interest rate and the improvement of balance of central bank bills will reduce the investment level of high-tech listed companies. The improvement of legal deposit reserve rate, the benchmark lending interest rate and the balance of central bank bills will reduce the investment level of high-tech listed companies. But the readjustment of the three monetary policy instruments are different,the legal deposit reserve rate can effect the investment level of high-tech listed companies most efficently,, while the influence of the benchmark lending rate was the most invalid. With a look at the efficency of monetary policy tools to state-owned and private high-tech listed companies, we can conclud that the balance of central bank bills and benchmark lending rates have a higher impact on the private high-tech listed companies, while the influence of the legal deposit reserve is more efficency to the state-owned companies. The interaction effect of monetary policy tools and the feature of company on the level of investment mainly exists in the private company: if the rate of assets and liabilities of the company is higher, the influence of deposit reserve balance and balance of central bank bills on corporate investment is stronger. If thecompany’s net cash flows is higher or the return on net assets is higher, the influence of all the three monetary policy instruments will be weaker.