Time-Varying Relationship between Dual-Pillar Policy Regulation and Corporate Financial Asset Allocation:An Empirical Test Based on the TVP-SV-VAR Model
The profound impacts of financial technology development and market institutional reforms on the traditional financial system pose significant challenges to the effectiveness of dual-pillar policy regulation.Utilizing the time-varying parameter stochastic volatility vector autore-gression(TVP-SV-VAR)model,this study empirically examines the dynamic impulse effects of dual-pillar policy regulation on corporate financial asset allocation.The findings indicate that the regulatory effects of monetary policy and macroprudential policy exhibit evolutionary characteris-tics over different periods,and their synergistic effects can effectively curb the excessive allocation of corporate financial assets.Compared to institutional environmental shocks,dual-pillar policy regulation demonstrates stronger efficacy and intensity in response to financial environmental shocks.Further analysis reveals that dual-pillar policies influence corporate financial asset allo-cation through mechanisms such as capital flow management,asset price stabilization,and finan-cial risk mitigation,with significant differences in effects between liquid and illiquid financial as-set allocations.The conclusions provide a novel theoretical perspective for understanding the fi-nancialization of brick-and-mortar enterprises and refining financial market institutions and of-fer a decision-making basis for government authorities to dynamically adjust dual-pillar policy regulation based on financial and institutional environments.
NETL
NSTL
万方数据
