Monetary Policy,Cash Holding And Corporate Labor Investment

Monetary policy can have influence on micro enterprise investment behavior through its monetary policy transmission mechanism.That is to say the central bank use monetary policy tool,such as interest rate control policy and open market operations,to affect social investment and consumption by influencing intermediate targets such as the interest rate,credit rationing,asset prices,finally realizes the economic regulation and control goal.A large number of literature studies have shown that tight monetary policy will increase the degree of financing constraints of enterprises,and thus affect capital expenditure investment.However,few scholars pay attention to another important investment of enterprises--labor investment.In fact,in the era of knowledge economy,labor has become the core asset of enterprises,and effective labor investment can greatly improve the production efficiency and competitiveness of enterprises,so as to enhance the value of enterprises.Therefore,it is of great significance to explore whether monetary policy is the influencing factor of labor investment.In order to fully explore the relationship between monetary policy and enterprise labor investment,this paper takes cash holdings,government intervention,property right nature and other factors into the scope of investigation,selects A-share listed companies in Shanghai and Shenzhen as research samples,and constructs multiple linear regression model to analyze the samples.The empirical results show that tight monetary policy will inhibit labor investment,and this inhibition effect is more significant in private enterprises.Corporate cash holding can alleviate the inhibiting effect of tight monetary policy on labor investment,and this relieving effect is more significant in private enterprises.For state-owned enterprises,when the degree of local government intervention is serious,the impact of tight monetary policy on labor investment is weakened,and the mitigating effect of cash holding on tight monetary policy to restrain labor investment is weakened.The results of the paper have passed the robustness test from the perspectives of substitution regression model,variable substitution measurement method,adding new control variables,and considering the influence of other types of investment.Further analysis results show that tight monetary policy will inhibit enterprises from obtaining external borrowing funds.Compared with state-owned enterprises,this inhibition effect is more serious in private enterprises.Moreover,in state-owned enterprises,when the government intervention degree is low,the inhibiting effect will be more significant.The restraining effect of tight monetary policy on labor investment is more significant in enterprises with higher labor intensity.In the SOEs with high labor intensity,this inhibition effect is more significant in the SOEs with low government intervention.When the regional unemployment rate is low,the tight monetary policy has a significant inhibiting effect on labor investment.When the regional unemployment rate is high,the inhibiting effect is only significant in private enterprises.Tight monetary policy has a significant inhibiting effect on labor investment at different levels of education and different jobs.In this paper,the relation of monetary policy and the enterprise labor investment enrich the monetary policy regulation effect of literature research,and expand the influential factors of the enterprise labor investment.The results of the study provide reference for the formulation of national macro monetary policy and micro enterprise cash holdings decisions and labor investment strategy optimization.