Motivations for Investment in Financial Assets of Entity Enterprises:Heterogeneous Impacts of Monetary Policy and Moderating Effects of Digital Finance
Monetary policy plays an important role in stimulating the real economy and can significantly influence the investment and financing behaviors of real enterprises.Understanding the specific mechanisms through which monetary policy affects entity enterprises'investment in financial assets is crucial for policymakers.It allows them to develop targeted countermeasures and policy interventions that can support the real economy,foster sustainable growth,and maintain financial stability.By comprehending these dynamics,policymakers can make informed decisions to steer monetary policy in a manner that aligns with their overarching economic objectives.This study focuses on the question of whether Chinese entity enterprises exhibit the"precautionary saving"motivation in financial asset investment.To explore this issue,a corporate investment decision-making model is constructed,which integrates factors of monetary policy and digital finance.By utilizing data from listed companies on the Shanghai and Shenzhen stock exchanges from 2011 to 2021,this study aims to investigate the heterogeneous effects of monetary policy on the motivation for financial asset investment among entity enterprises.Furthermore,this study explores the potential moderating effect of digital finance on this relationship.This study intends to provide insights into the complex dynamics between monetary policy,digital finance,and entity enterprises'investment motivation in financial assets.The findings are as follows.First,both the"precautionary saving"and the"investment substitution"can drive entity enterprises to engage in financial asset investment.Second,there are significant variations in the manifestation of corporate motivation for financial asset investment under different monetary policies.Under the influence of loose monetary policy,enterprises facing lower financing constraints exhibit a stronger propensity to engage in"precautionary saving"through investing financial assets.Enterprises facing higher financing constraints may be more inclined to invest in operating assets.Under the influence of tight monetary policy,the manifestation of the"precautionary saving"motivation across enterprises facing different financing constraints is reversed.For the"investment substitution"motivation,it is apparent under the influence of both loose and tight monetary policy,but tighter monetary policy has a stronger influence on it.Third,digital finance can enhance the heterogeneous effects of different monetary policies on the"precautionary saving"motivation,prompting enterprises facing lower financing constraints to further increase financial assets under loose monetary policy,and enterprises facing higher financing constraints to further increase financial assets under tight monetary policy.While digital finance serves to intensify the influence of loose monetary policy on the"investment substitute"motivation,it can also weaken the impact of tight monetary policy on this motivation.The contributions of this study are mainly reflected in the following aspects.First,by establishing a theoretical framework for the impact of monetary policy on firms'investment decisions,this study proves that different monetary policies have a heterogeneous impact on firms'motivation to invest in financial assets.Second,by incorporating digital finance into the theoretical model,this study contributes to existing research on digital finance.It not only enriches our understanding of digital finance but also sheds light on the moderating role of digital finance in influencing how monetary policy affects the investment motivation of financial assets among entity enterprises.Third,through comparative analysis of the investment behavior of enterprises in financial and real assets,this study explores the intrinsic relationship between these two fields.This allows us to consider the influence of both external policy conditions and the internal investment drivers of firms.
NETL
NSTL
万方数据
维普
