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基于货币政策的传导机制理论,以企业战略变革为研究对象,实证分析货币政策宽松和紧缩状态与趋势对企业战略变革幅度与方向的影响。在此基础上,从外部资金依赖程度、行业竞争强度与企业性质视角研究影响货币政策与企业战略变革关系的因素。研究结果表明,宽松的货币政策会激励企业实施更大幅度的战略变革与更大的战略方向调整,而且企业外部资金依赖度和行业竞争强度能够强化二者的关系,相比国有企业,私营企业的战略变革受货币政策的影响更大。
Based on the transmission mechanism theory of monetary policy, taking the strategic change of the enterprise as the research object, this paper empirically analyzes the influence of loose and tighter monetary conditions and the trend of the monetary policy on the magnitude and direction of the strategic change of the enterprise. On the basis of this, we study the factors that influence the relationship between monetary policy and enterprise strategic change from the perspective of external financial dependence, industry competition intensity and enterprise nature. The results show that loose monetary policy will encourage enterprises to implement more significant strategic changes and greater strategic direction adjustment, and the dependence of external financial resources and the intensity of the industry can strengthen the relationship between the two, compared with state-owned enterprises, private enterprises The strategic changes are more affected by monetary policy.