Ownership Type, Investment Opportunities, and Interest Rate Transmission Mechanism of Monetary Policy: Empirical Research Based on Listed Companies in China

Abstract

Abstract:

The long-term elasticity of firms' investment in relation to the use cost of capital is a key issue of the interest rate transmission mechanism of monetary policy. Previous literature bases researches mainly on a macro rather than a micro level, and often ignores the heterogeneity of firms and institutional environment. Based on the dynamic error correction model and micro-level database over the period 2003-2013, this paper explores the heterogeneity of interest transmission mechanism of monetary policy caused by the heterogeneity of companies' investment opportunities and the ownership characteristics. The results show that, the interest rate transmission channel of monetary policy has no significant effect on companies which have less investment opportunities while a significant effect on companies which have more investment opportunities. In terms of ownership system, state-owned companies' investment is not sensitive to interest transmission channel, while non-state enterprises' investment is sensitive to it. Moreover, state-owned property right can weaken and even distort the interest rate transmission mechanism by changing the decisive role of investment opportunities in firms' investment decision making. In formulating and implementing monetary policy, the government should not only consider the heterogeneity of companies at micro level but also ownership system reform as well.

Key words: investment, interest transmission mechanism, investment opportunities, ownership system

He Yan, Luo Zhengying. Ownership Type, Investment Opportunities, and Interest Rate Transmission Mechanism of Monetary Policy: Empirical Research Based on Listed Companies in China[J]. , 2017, 29(11): 28-40.

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