本文利用1999—2012年上市公司数据,采取SYS-GMM动态面板方法实证检验了货币政策对企业投资的影响,结果发现,货币政策对企业投资具有显著的影响;并且,货币政策对不同产权性质企业投资的影响存在差异,对民营控股企业的影响较大,对国有控股企业的影响相对较小。进一步的研究发现.金融发展强化了货币政策对企业投资的影响作用,并且这种强化作用在民营控股企业中更为明显。 Using the data of listed companies from 1999 to 2012, the paper uses the dynamic panel method of SYS-GMM to empirically test the impact of monetary policy on corporate investment. It is found that monetary policy has a significant impact on corporate investment. Moreover, The impact of investment is different, which has a greater impact on privately controlled enterprises and relatively less impact on state-controlled enterprises. Further research finds that financial development has strengthened the effect of monetary policy on the investment of enterprises, and this strengthening effect is more obvious in private holding enterprises.