| Since the 1970 s,macroeconomics has been paying more and more attention to "micro-foundation".The research field of corporate finance has gradually expanded to the macro,and the research on monetary policy affecting corporate investment behavior has begun to increase.For a long time,the status of “rational-economic man” hypothesis cannot be shaken,and elements with psychological color such as confidence are squeezed out of the mainstream economics attention space.Since the winners of Nobel Prize in Economics,Akerlof and Shiller(2009)regarded confidence and the relationship between confidence and economic operations as the cornerstone of the theory of animal spirit(irrational behavior),and Shefrin(2001)proposed behavioral company financial theory,the researches about the impact of monetary policy on confidence and that of confidence factors on corporate investment behavior have received increasing attention.From the reality,how to improve investment efficiency and enhance sustained growth momentum under the New Normal is an urgent problem for China.How to boost or stabilize entrepreneurial confidence and preferably play the role of entrepreneurs are problems that our country should pay great attention to.Focusing on how Chinese monetary policy plays a role in the efficiency of corporate investment by influencing entrepreneurial confidence is the key to strengthening the pertinence and accuracy of macroeconomic regulation.Under the above background,this paper focuses on the entrepreneurial confidence including psychological factors,and tests the channel of entrepreneurial confidence transmission that monetary policy affects the investment efficiency of enterprises(monetary policy → entrepreneur confidence → corporate investment efficiency)and its regulatory factors,which has strong academic and practical significance.On the basis of reviewing existing research results,this paper analyzes the mechanism of monetary policy affecting the efficiency of enterprise investment,and puts forward the research hypothesis that the monetary policy affects the investment efficiency of entrepreneurs and its regulatory factors.And using residual measurement model,mediation effect model,adjusted mediation effect model,panel data model and other methods,this paper systematically studies the mediating effect of entrepreneurial confidence and its adjustment factors that affect the investment efficiency of enterprises,and obtains the following results:Firstly,tight monetary policy will inhibit the efficiency investment of enterprises,and loose monetary policy will help enterprises improve non-efficiency investment.Especially private enterprises,due to the pressure of credit discrimination,they have a very strong sensitivity to the tight changes in monetary policy,that is,the impact by the change of monetary policy on private enterprise investment efficiency is far greater than that of state-owned enterprises.Moreover,this sensitivity is the hugest when the central bank adjusts the quantitative monetary policy tool(the statutory deposit reserve ratio).However,the impact of price monetary policy instruments(benchmark lending rate)on the investment efficiency of enterprises has not shown obvious difference between stateowned enterprises and private enterprises.Therefore,when implementing monetary policy,the monetary authorities should fully consider the different reactions of private enterprises and state-owned enterprises in the face of monetary tightening,and gradually realize a more moderate monetary policy based on price-based monetary policy as well as supplemented by quantity.And they can realize the simultaneous development of private enterprises and state-owned enterprises.At the same time,the government still needs to increase support for private enterprises,make a difference in financing private enterprises,and help private enterprises to improve confidence as well as investment efficiency.Secondly,the growth of entrepreneurial confidence has a very obvious effect on improving the efficiency of corporate investment,indicating that the role of human irrational behavior(confidence)on corporate investment efficiency is significant.At the same time,tight monetary policy will reduce the efficiency of corporate investment by weakening entrepreneurial confidence.It proves that there is a link of "monetary policy-entrepreneur confidence-enterprise investment efficiency" in the transmission channel of Chinese monetary policy,which confirming the existence of entrepreneurial mediation.Therefore,the central bank needs to fully consider the impact of monetary policy on people's psychological confidence when implementing monetary policy,by means of strengthening dialogue with entrepreneurs,issuing questionnaires or strengthening knowledge training to timely grasp the changes on entrepreneurial confidence,to stabilize entrepreneurial confidence,and to help improve corporate investment efficiency.Finally,the mediating effect of entrepreneurial confidence will be regulated by the uncertainty of economic policy and financing constraints,be weakened when the uncertainty of economic policy increases,and be increased when financing constraints decrease.Therefore,it is necessary for government departments to speed up the improvement of the socialist market economic system,to further deepen the interest rate marketization reform,and to reduce the uncertainty of macroeconomic policies to reduce their impact on entrepreneurial confidence.At the same time,enterprises themselves need to improve their governance structure,to cultivate their necessary confidence,and to actively communicate with the government,to reduce information asymmetry,to improve their financing constraints through proper management,and to improve corporate investment efficiency. |
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