The Impact of Monetary Policy Uncertainty on Corporate Total Factor Productivity
Based on data of A-share listed companies from 2005 to 2021,this paper utilizes the SVAR-SV model to separate macroeconomic shocks and monetary policy level shocks from mone-tary policy uncertainty shocks and constructs an index of China's monetary policy uncertainty,conducts empirical research on the impact of monetary policy uncertainty on corporate total factor productivity.The findings indicate that a high level of monetary policy uncertainty negatively af-fects corporate total factor productivity growth,and real option mechanism and growth option mechanism are more important compared to financial friction mechanism.Under the influence of corporate heterogeneity,this effect is more pronounced for state-owned holding enterprises,small and medium-sized enterprises and enterprises located in the central and western regions in China.
monetary policy uncertaintytotal factor productivitySVAR-SV Model
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