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识别货币政策作用于微观企业财务状况的路径能够辅助企业有效完成经营管理决策。文章通过中介变量检验方法研究发现,企业有效产出是货币政策影响企业财务困境的重要渠道。进一步研究发现,宽松或者紧缩的货币政策环境下,银行信贷对企业财务困境表现出相反的效应。而产权性质的差异会使企业在不同货币政策环境下呈现出不同的承担能力。
The path of identifying the role of monetary policy in the micro-enterprise’s financial status can assist enterprises to effectively complete the management and decision-making. Through the study of the intermediary variable test method, the article finds that the effective output of enterprises is an important channel for monetary policy to affect the financial distress of enterprises. Further study found that under the loose or tightened monetary policy environment, bank credit showed the opposite effect on corporate financial distress. The differences in the nature of property rights will enable enterprises to assume different affordability in different monetary policy environments.