Asymmetric effects of monetary policy on firm scale in China: A quantile regression approach

被引：9
|
作者：
Fang, Liting [1 ]
He, Lerong [1 ,2 ]
Huang, Zhigang [1 ]
机构：
[1] Fuzhou Univ, Sch Econ & Management, Fuzhou 350116, Fujian, Peoples R China
[2] SUNY Coll Brockport, Sch Business & Management, Brockport, NY 14420 USA
来源：
EMERGING MARKETS REVIEW | 2019年 / 38卷
基金：
中国国家自然科学基金;
关键词：
Monetary policy; Quantile regression; Firm size; Asymmetric effect; China; PANEL-DATA; PERFORMANCE; RISK;
D O I：
10.1016/j.ememar.2018.11.013
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study explores asymmetric effects of monetary policy on firm scale at different firm size levels. We find that Chinese firms respond to raising benchmark lending interest rates and deposit reserve requirements by decreasing their scales. Our quantile regression results also indicate that larger firms respond more strongly to both policy instruments by adjusting their scales to a greater degree than smaller firms. Moreover, SOEs react less strongly to policy changes than non-SOEs at all firm size distribution. The impact of monetary policy on firm scale is also stronger after commercial banks having greater leeway in setting interest rates.
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页码：35 / 50
页数：16
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