Rresarch On The Impact Of Monetary Policy On Enterprise Investment Efficiency

As an important micro-subject of economic activities,enterprises' healthy development and smooth transition are related to the strategic adjustment of the entire country.As the main driving force for value growth,investment decisions are one of the company's core financial issues.How to make effective investment decisions and improve Investment efficiency is related to how companies maintain healthy and sustainable development in a rapidly changing environment.In order to study how macro monetary policy affects investment efficiency of micro-enterprises,this article selects all manufacturing companies in A-share listed companies in accordance with the 2012 industry classification standards of the China Securities Regulatory Commission.The quarterly financial data from the first quarter of 2010 to the fourth quarter of 2019 as a research sample.Based on the Richardson(2006)residual measurement model to measure the degree of inefficient investment of the enterprise,the monetary policy is mainly measured by the scale of social financing.Taking into account the use of money supply,credit scale and interest rate levels to express the impact of monetary policy on corporate investment efficiency,the following three conclusions are drawn:First,the degree of inefficient investment by the enterprise and the total social financing scale AFRE,the money supply model M2 and the new loan balance Loan are positively correlated,otherwise,the enterprise is invalid The degree of investment is negatively correlated with the benchmark interest rate Interest,that is,the looser the monetary policy,the higher the degree of inefficient investment by the enterprise.The second is the classification of the different types of ownership of the enterprise.On the whole,the degree of inefficient investment by the enterprise The impact is expressed both in the intercept term of the regression equation and in the slope of the interaction term with monetary policy.When the enterprise is a non-state-owned enterprise,there is a positive correlation between monetary policy and the inefficient investment of the enterprise;otherwise,when the enterprise is state-owned In the case of enterprises,there is a negative correlation between monetary policy and inefficient investment by enterprises.Third,after classifying and excluding some variables according to the size of the enterprise,on the whole,for small-scale enterprises,the looser the monetary policy,the inefficient investment of the enterprise The lower the degree,on the other hand,for large-scale enterprises,the looser the monetary policy,the higher the degree of inefficient investment by the enterprise,and according to the conclusion,it is proposed to focus on the impact of macro monetary policy on the investment efficiency of micro-enterprises,and to different ownership enterprises,different The heterogeneous impact of large-scale enterprises,more flexible use of monetary policy recommendations.