A Re-Study on the Relationship between Quantitative Monetary Policy and Leverage Ratio of Industrial Enterprises in China
Based on the relevant data from 2001 to 2022,this paper uses the spectrum analysis meth-od and the panel vector autoregressive model to study the relationship between China's quantitative mon-etary policy and the leverage ratio of industrial enterprises from two perspectives:fluctuation relationship and dynamic influence.The results show that:(1)The sub-fluctuation cycle of the growth rate of broad money supply is close to the fluctuation cycle of the leverage ratio of industrial enterprises,indicating that there is a possibility that quantitative monetary policy can take into account the leverage ratio of industrial enterprises.Moreover,the changes in the growth rate of broad money supply lag behind the changes in the leverage ratio of industrial enterprises in both the short and long runs,indicating that the changes in the leverage ratio of industrial enterprises have a certain leading effect on macroeconomic fluctuations.(2)There is a dynamic process of two-way impact between quantitative monetary policy and the leverage ratio of industrial enterprises,but the impact of quantitative monetary policy changes on the leverage ratio of industrial enterprises is smaller than the impact of changes in the leverage ratio of industrial enterprises on quantitative monetary policy,indicating that although the transmission channel of quantitative mone-tary policy on the leverage ratio of industrial enterprises still exists,its effect is weakening.(3)Heteroge-neity analysis shows that there are differences in the interaction effect between quantitative monetary pol-icy and the leverage ratio of industrial enterprises and the self-strengthening effect of the leverage ratio of industrial enterprises under different conditions of industry category,ownership nature and enterprise size.
万方数据
维普
