福建技术师范学院学报

为研究货币政策工具对企业投资水平的作用和影响，采用文献法、实证法等分析方法分别研讨了货币政策工具的有效性、货币政策对企业投资水平的影响渠道及传导机制，并运用投资加速模型分别对“存款准备金政策”和“利率政策”两者进行实证分析。研究结果表明，各个影响因素对企业投资的影响效果各有不同，呈现多方面联动的相互关系；不论是存款准备金还是利率水平与目标企业的投资水平都是呈现正相关的关系。为此提出，一是根据不同的调控对象，对货币政策工具的使用进行合理地权衡，应当选择能够对实体经济本身直接进行调控的货币政策工具，见效更快。二是央行对市场利率应严格监管，持续推进市场利率化的改革对宏观经济的调控作用。三是注重多种政策工具的联合使用，可以提高货币政策传导的效益。四是适当提高价格型货币政策工具的使用率以及改善其使用效果。

To study the role of monetary policy tools and their impact on enterprise investment levels, this paper employs literature review and empirical research methods to discuss the effectiveness of monetary policy tools as well as the channels and transmission mechanisms for the impact of the monetary policy on the level of enterprise investment respectively. The paper also uses the investment acceleration model to empirically analyze the "reserve requirement policy" and "interest rate policy". The research results show that the effects of various influencing factors on enterprise investment are different, and they are interrelated in a multi-dimensional way; both the reserve requirement ratio and interest rates are positively correlated with the target enterprise's investment level. Therefore, it is proposed that: firstly, the application of monetary policy tools should be reasonably balanced according to different regulatory objects and monetary policy tools that can directly regulate the real economy itself should be selected to achieve faster results. Secondly, the central bank should strictly strengthen the supervision of market interest rates and continuously promote the regulatory role of market interest rate reform for the macro economy. The third is to pay attention to the combination of a variety of policy tools, which can enhance the effectiveness of monetary policy transmission. Fourthly, it is necessary to appropriately increase the utilization rate of price-based monetary policy tools and improve their application effects.