| The outbreak and recurrence of COVID-19 have exacerbated the vulnerability and uncertainty of the domestic economy.In order to ensure sustained and high-quality economic development,China has continuously adopted macro monetary policies to stabilize and support the economy and ensure microeconomic activities.As one of the microeconomic entities,the daily operation and development direction of enterprises are affected by monetary policy,while enterprise investment is related to the production and development of enterprises themselves,and is extremely sensitive to market demand or cyclical fluctuations.Changes in investment activities will affect the future production capacity layout of enterprises,thus affecting national economic development.Therefore,there is an inseparable relationship between monetary policy and enterprise investment,The impact of macro policy adjustment on micro enterprise investment has also been the focus of academic research,and many scholars have gradually explored the channels and mechanisms between the two.In the middle of the 20 th century,Professor(O.K.Burell),a foreign scholar,introduced psychology into finance,and the rise and promotion of behavioral finance.The irrational behavior of economic individuals gradually attracted people’s attention.As an important decision-making individual within an enterprise,the level of self-confidence and other psychological factors of enterprise managers will have an impact on investment decisions within the enterprise,Therefore,it is of great significance to include manager confidence in the impact of monetary policy on enterprise investment to conduct research on improving the effectiveness of macro monetary policy.In addition,the level of manager confidence may be affected by the internal environment of the enterprise,the characteristics of managers themselves and the external characteristics of the enterprise.Further analyze whether the level of manager confidence is affected by regulatory factors,It has theoretical and practical significance to clarify the transmission channel of monetary policy.Based on the above analysis and existing literature research,this paper proposes that managers’ confidence plays an intermediary role in the impact of monetary policy on enterprise investment,and managers’ confidence is regulated by regulatory factors.Therefore,the financial data of A-share listed companies from 2010 to 2020 are selected as samples,and benchmark models,panel data models,intermediary effect models and regulatory intermediary effect models are constructed for verification.Based on the empirical results,corresponding conclusions are drawn:First of all,monetary policy will have a positive impact on enterprise investment,that is,the looser the monetary policy is,the higher the level of enterprise investment is,and there is a certain gap between state-owned enterprises and non-state-owned enterprises in the level of enterprise investment.Compared with state-owned enterprises,non-state-owned enterprises are more sensitive to monetary policy,which is mainly because non-state-owned enterprises lack support in government support and loan preferences.Therefore,the construction of financial market marketization is particularly necessary,especially for solving the financing difficulties of non-state-owned enterprises and the low investment efficiency of state-owned enterprises.Secondly,the level of managers’ confidence plays a significant positive role in the impact of monetary policy on enterprise investment.That is,when monetary policy tends to be loose,the level of managers’ confidence will increase significantly,thereby improving the investment level of enterprises.It can be seen that in the process of monetary policy transmission,the psychological factors of enterprise managers are also an important part.The central bank can establish a sound and effective information communication mechanism in combination with the current electronic information technology,Such as article push,website release and other ways to provide more policy information to economic entities to reduce economic fluctuations caused by public expectation deviation.Finally,the level of managers’ confidence will be adjusted by the educational background of managers and the equity balance of enterprises.The educational background of managers plays a negative role in regulating the intermediary effect of managers’ confidence,which is mainly because the higher the educational background of managers,the wider their cognition and vision,and the more rational they are to respond to changes in the economic situation;The intermediary effect of the company’s equity check and balance degree on the managers’ confidence also plays a negative role,which is mainly because the higher equity check and balance degree can restrain the improper behavior of the major shareholders and managers,and avoid irrational behavior by timely and effectively correcting the blind self-confidence of managers.Therefore,it is necessary for enterprises to implement a reasonable and effective governance mechanism,supervise and guide the psychological deviation of managers,so that managers can ensure the correct performance view,objectively judge the market form,accurately grasp investment opportunities,and maximize the investment income of enterprises. |
