This article analyzes the direct and indirect effects of monetary policy environment and economic policy uncertainty on firm efficiency based on the data of listed firms in China from 2007 to 2022.The results show that both tight monetary policy environment and highly volatile economic policy uncertainty significantly inhibit firms'effi-ciency improvement,and economic policy uncer-tainty magnifies the importance of monetary policy environment.This finding holds after accounting for endogeneity issues and conducting a series of robustness tests.Further heterogeneity analysis shows that a tighter monetary policy environment has a more significant dampening effect on the effi-ciency of firms facing stronger borrowing constraints and high capital dependence;the moderating effect of economic policy uncertainty on the monetary pol-icy environment is more significant in the secondary and tertiary sectors.Therefore,maintaining a mod-erately loose monetary policy environment and a relatively stable economic policy while emphasizing the coordinating role between the two is crucial for Chinese enterprises to improve their efficiency,grow positively,and contribute to the new develop-ment pattern.
NETL
NSTL
万方数据
