货币政策不确定性对企业全要素生产率的影响研究

段  进; 田  林

货币政策不确定性对企业全要素生产率的影响研究

引用本文：段进，田林.货币政策不确定性对企业全要素生产率的影响研究[J].财经理论与实践,2024,(1):19-26

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作者	单位
段进，田林	（湖南大学金融与统计学院，湖南长沙 410006）

中文摘要:依据2005—2021年A股上市企业数据，运用SVAR-SV模型，逐步分离宏观经济冲击和货币政策水平冲击，构建货币政策不确定性指数，考量货币政策不确定性对企业全要素生产率的影响。结果显示：相较于金融摩擦机制，货币政策不确定性主要通过实物期权和增长期权机制抑制企业全要素生产率增长；受企业异质性影响，货币政策不确定性对国有控股、中小规模和中西部企业全要素生产率的抑制效果更为显著。

中文关键词:货币政策不确定性全要素生产率 SVAR-SV模型

The Impact of Monetary Policy Uncertainty on Corporate Total Factor Productivity

Abstract:Based on data of A-share listed companies from 2005 to 2021, this paper utilizes the SVAR-SV model to separate macroeconomic shocks and monetary policy level shocks from monetary policy uncertainty shocks and constructs an index of China’s monetary policy uncertainty, conducts empirical research on the impact of monetary policy uncertainty on corporate total factor productivity. The findings indicate that a high level of monetary policy uncertainty negatively affects corporate total factor productivity growth, and real option mechanism and growth option mechanism are more important compared to financial friction mechanism. Under the influence of corporate heterogeneity, this effect is more pronounced for state-owned holding enterprises, small and medium-sized enterprises and enterprises located in the central and western regions in China.

keywords:monetary policy uncertainty total factor productivity SVAR-SV Model

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