Monetary policy shocks and firm investment decisions: Evidence from China

被引：2
作者：
Jiang, Lunan [2 ]
Chen, Yinghui [1 ]
Zhang, Lin [2 ]
机构：
[1] Beijing Normal Univ, Bay Area Int Business Sch, Zhuhai 519087, Peoples R China
[2] Henan Univ, Sch Econ, Jinming Campus, Kaifeng 475001, Peoples R China
来源：
INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS | 2024年 / 95卷
基金：
中国国家自然科学基金;
关键词：
Monetary policy shocks; Corporate investment; Ownership status; Growth opportunities; Market economy development; STATE OWNERSHIP; SHADOW BANKING; HIGH-FREQUENCY; UNCERTAINTY; RISK; CASH; IDENTIFICATION; FLUCTUATIONS; TRANSMISSION; OUTPUT;
D O I：
10.1016/j.irfa.2024.103413
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper investigates how unexpected monetary policy changes affect corporate investment decisions in China. Using monetary policy shocks estimated with a sophisticated technique, we show that Chinese public firms significantly change their investment to accommodate unexpected monetary policy shifts. Moreover, such a reaction is significant mainly when a restrictive monetary policy shock occurs and can last for six quarters. Further cross-sectional analyses confirm that the heterogeneous responses of investment depend on many firm-level characteristics, such as firm ownership, growth opportunities, local market development, and firm age.
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页数：19
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