دانلود مقاله ISI انگلیسی شماره 96652
کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
96652 2017 41 صفحه PDF سفارش دهید 10317 کلمه
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Monetary policy, cash holding and corporate investment: Evidence from China
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : China Economic Review, Volume 46, December 2017, Pages 110-122

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پیش نمایش مقاله

چکیده انگلیسی

This paper uses 13,766 firm-year observations between 2003 and 2013 from China to investigate the effects of monetary policy on corporate investment and the mitigating effects of cash holding. We find that tightening monetary policy reduces corporate investment while cash holdings mitigate such adverse effects. The cash mitigating role is especially significant for financially constrained firms, non-state-owned enterprises (non-SOEs) and those firms located in a less developed financial market. Cash holding also improves investment efficiency when monetary policy is tightening and tightening monetary policy enhances the ‘cash-cash flow’ sensitivity. Our empirical evidence calls for a critical evaluation on the monetary policies implemented in China which are less effective for state-owned enterprises. It also calls for a necessity for local government to further develop regional financial markets to protect vulnerable businesses, such as non-SOEs and financially constrained firms, from external shocks in order to maintain their sustainable growth and competitive advantages.

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پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.