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Article: Monetary Policy and Corporate Investment: Evidence from Chinese Micro Data

TitleMonetary Policy and Corporate Investment: Evidence from Chinese Micro Data
Authors
KeywordsMicro-Transmission Mechanism
Monetary Policy
Issue Date2012
Citation
China And World Economy, 2012, v. 20 n. 5, p. 1-20 How to Cite?
AbstractThis paper investigates how a firm's characteristics restrict the influence of monetary policy changes on its investment behavior. Focusing on China's listed companies for a sample period from the first quarter of 2002 to the first quarter of 2011, we find that quantity-oriented and price-based monetary policies have heterogeneous impacts on corporate investment behavior, but the influence of monetary policies is constrained by the liquidity, inventory, size and asset-liability ratio of a firm. Firms with higher liquidity, lower inventory level and lower asset-liability ratios are less sensitive to the impact from two kinds of monetary policies. The larger the size of the firm, the less it is subject to influence from quantity-oriented monetary policy; it responds more to price-based monetary policy. The policy implication is that the monetary authorities should pay attention to the importance of policy-making based on the monetary demand of microeconomic entities. © 2012 The Authors China & World Economy © 2012 Institute of World Economics and Politics, Chinese Academy of Social Sciences.
Persistent Identifierhttp://hdl.handle.net/10722/177804
ISSN
2015 Impact Factor: 0.74
2015 SCImago Journal Rankings: 0.556
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorHuang, YSen_US
dc.contributor.authorSong, FMen_US
dc.contributor.authorWang, Yen_US
dc.date.accessioned2012-12-19T09:39:57Z-
dc.date.available2012-12-19T09:39:57Z-
dc.date.issued2012en_US
dc.identifier.citationChina And World Economy, 2012, v. 20 n. 5, p. 1-20en_US
dc.identifier.issn1671-2234en_US
dc.identifier.urihttp://hdl.handle.net/10722/177804-
dc.description.abstractThis paper investigates how a firm's characteristics restrict the influence of monetary policy changes on its investment behavior. Focusing on China's listed companies for a sample period from the first quarter of 2002 to the first quarter of 2011, we find that quantity-oriented and price-based monetary policies have heterogeneous impacts on corporate investment behavior, but the influence of monetary policies is constrained by the liquidity, inventory, size and asset-liability ratio of a firm. Firms with higher liquidity, lower inventory level and lower asset-liability ratios are less sensitive to the impact from two kinds of monetary policies. The larger the size of the firm, the less it is subject to influence from quantity-oriented monetary policy; it responds more to price-based monetary policy. The policy implication is that the monetary authorities should pay attention to the importance of policy-making based on the monetary demand of microeconomic entities. © 2012 The Authors China & World Economy © 2012 Institute of World Economics and Politics, Chinese Academy of Social Sciences.en_US
dc.languageengen_US
dc.relation.ispartofChina and World Economyen_US
dc.subjectMicro-Transmission Mechanismen_US
dc.subjectMonetary Policyen_US
dc.titleMonetary Policy and Corporate Investment: Evidence from Chinese Micro Dataen_US
dc.typeArticleen_US
dc.identifier.emailSong, FM: fmsong@hkucc.hku.hken_US
dc.identifier.authoritySong, FM=rp01095en_US
dc.description.naturelink_to_subscribed_fulltexten_US
dc.identifier.doi10.1111/j.1749-124X.2012.01299.xen_US
dc.identifier.scopuseid_2-s2.0-84867038667en_US
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-84867038667&selection=ref&src=s&origin=recordpageen_US
dc.identifier.volume20en_US
dc.identifier.issue5en_US
dc.identifier.spage1en_US
dc.identifier.epage20en_US
dc.identifier.isiWOS:000309395400001-
dc.identifier.scopusauthoridHuang, YS=36634455200en_US
dc.identifier.scopusauthoridSong, FM=7203075605en_US
dc.identifier.scopusauthoridWang, Y=36085719000en_US

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