企业交易性金融资产配置行为可能是出于投机性动机也可能是出于资金储备动机。为此,本文分别从货币政策、股市周期与企业交易性金融资产配置之间的关系,及对企业投资行为的影响来识别企业配置交易性金融资产的动因。检验结果显示:当货币政策趋于宽松时,企业会显著提高交易性金融资产的配置水平,且民营企业增持交易性金融资产水平受货币政策变更影响更显著,而不同股市周期对企业交易性金融资产配置水平的影响并不存在显著差异。进一步检验发现,交易性金融资产配置显著缓解了民营企业面临的融资约束程度,主要表现为降低了民营企业的投资现金流敏感性,缓解了民营企业投资不足,并有效提升了民营企业研发费用支出的持续性。本文的实证结果表明,企业交易性金融资产配置具有资金储备的动机,这进一步拓展了我国货币政策冲击对微观企业投资行为的传导机制,此外还从企业交易性金融资产配置行为角度解释了货币政策调控效果不佳的可能原因。 The behavior of trading financial assets of enterprises may be out of speculative motivation may also be motivated by reserve funds. To this end, this paper respectively from the monetary policy, the stock market cycle and the relationship between the allocation of tradable financial assets and corporate investment behavior to identify the reasons for the allocation of tradable financial assets. The test results show that when the monetary policy tends to be relaxed, enterprises will significantly increase the level of the allocation of tradable financial assets, and the level of tradable financial assets held by private enterprises will be more significantly affected by the change of monetary policy. However, The impact of the level of financial assets allocation does not differ significantly. Further tests found that the allocation of trading financial assets significantly alleviate the financing constraints faced by private enterprises, mainly for the reduction of private enterprise investment cash flow sensitivity, alleviate the lack of investment in private enterprises, and effectively enhance the R & D expenditure of private enterprises The continuity. The empirical results of this paper show that the allocation of tradable financial assets in enterprises has the motive of capital reserve, which further expands the transmission mechanism of the impact of monetary policy on the investment of micro-enterprises. In addition, it explains the monetary policy from the perspective of the allocation of tradable financial assets Possible causes of poor regulation.