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本文从智力资本视角出发,以2007~2013年我国A股上市公司为样本,运用分位数回归方法实证考察了货币政策对企业价值创造效率的影响路径。研究发现:(1)对于总体样本而言,宽松货币政策只能显著提升企业物质资本的价值创造效率,却缺乏对智力资本增值效率的积极推动作用,进而也就无法增进企业总体资源的价值创造效率。(2)货币政策对具有不同产权背景、融资约束状态的企业存在异质性的影响。与非国有控股企业、弱融资约束企业相比,宽松货币政策能够更有力地提升拥有较高结构资本价值创造能力的国有控股企业、强融资约束企业的结构资本效率,进而弱化、抵消宽松货币政策对人力资本增值效率的负面效应,最终实现企业总体价值创造效率的提升。
This article from the perspective of intellectual capital, 2007-2013 A-share listed companies in China as a sample, the use of quantile regression method empirically investigated the impact of monetary policy on enterprise value creation efficiency. The findings are as follows: (1) For the overall sample, the loose monetary policy can only significantly enhance the value creation efficiency of the enterprise’s material capital, but lacks the positive promotion effect on the capital efficiency of the intellectual capital and thus can not enhance the value creation of the overall resources of the enterprise effectiveness. (2) The impact of monetary policy on the heterogeneity of enterprises with different property rights and financing constraints. Compared with non-state controlled enterprises and weakly-financed constrained enterprises, loose monetary policy can enhance the structure of state-owned enterprises with higher value of structural capital creation more strongly and capital adequately control the structural capital efficiency of enterprises, thereby weakening and easing loose monetary policy Negative effects on the efficiency of human capital appreciation, and ultimately achieve the overall efficiency of enterprises to create efficiency.