货币政策异质性对高新技术企业金融化的影响

货币政策作为调整国家经济的重要手段，不仅会对国民经济起到整体调节作用，也会影响企业做出的投资决策。本研究以国家重点关注的高新技术企业为样本，研究了不同的货币政策对企业金融化的影响。研究表明，紧缩型的货币政策与高新技术企业的金融化程度负相关，这种负相关关系还随着分位点的增大而增大；同时，相对于数量型货币政策，价格型货币政策对高新技术企业的金融化影响更大。按企业的融资约束进行分组研究发现：无论是数量型货币政策，还是价格型货币政策，均对融资约束大的企业产生更大的影响。

The Influence of Monetary Policy Heterogeneity on the Financialization of High-tech Enterprises

As an important means of adjusting the national economy, monetary policy will not only play an overall regulatory role on the national economy, but also affect the investment decisions made by enterprises.This article takes the high-tech companies that the country pays attention to as a sample, and studies the impact of different monetary policies on corporate financialization.Research shows that tightening monetary policy is negatively correlated with the degree of financialization of high-tech enterprises. This negative correlation also increases with the increase of the quantile. At the same time, compared with quantitative monetary policies, price-based monetary policies have a greater impact on the financialization of high-tech enterprises.A grouping study based on the financing constraints of enterprises found that both quantitative monetary policies and price-based monetary policies have a greater impact on enterprises with large financing constraints.