Economic Resilience: The Role of Monetary Policy and Firm Characteristics in Corporate Investment

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F60076658%3A12510%2F25%3A43911280" target="_blank" >RIV/60076658:12510/25:43911280 - isvavai.cz</a>

Výsledek na webu

<a href="https://inproforum.ef.jcu.cz/artkey/inf-990000-0900_Proceedings.php" target="_blank" >https://inproforum.ef.jcu.cz/artkey/inf-990000-0900_Proceedings.php</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.32725/978-80-7694-143-4.30" target="_blank" >10.32725/978-80-7694-143-4.30</a>

Jazyk výsledku

angličtina

Název v původním jazyce

Economic Resilience: The Role of Monetary Policy and Firm Characteristics in Corporate Investment

Popis výsledku v původním jazyce

This study examines how monetary policy influences corporate investment in China, emphasising how firm characteristics shape heterogeneous investment responses.Using a panel of 5,440 firms from 2000 to 2024, we analyse how interest rates, inflation, and firm-level attributes—such as size, leverage, and liquidity—interact to determine capital expenditure decisions. The results show that both interest rates and inflation exert positive and significant effects on investment, reflecting structural features of China’s financial system and firms’ adaptive behaviour under macroeconomic fluctuations. Larger and more leveraged firms invest significantly more, while liquidity has a negative effect, suggesting precautionary savings motives. Subsample regressions reveal meaningful heterogeneity: large firms respond more strongly to interest rates, while small firms face internal financial constraints and show minimal responsiveness to inflation. These insights highlight the importance of firm-level characteristic0s in understanding monetary transmission and corporate resilience.

Název v anglickém jazyce

Economic Resilience: The Role of Monetary Policy and Firm Characteristics in Corporate Investment

Popis výsledku anglicky

This study examines how monetary policy influences corporate investment in China, emphasising how firm characteristics shape heterogeneous investment responses.Using a panel of 5,440 firms from 2000 to 2024, we analyse how interest rates, inflation, and firm-level attributes—such as size, leverage, and liquidity—interact to determine capital expenditure decisions. The results show that both interest rates and inflation exert positive and significant effects on investment, reflecting structural features of China’s financial system and firms’ adaptive behaviour under macroeconomic fluctuations. Larger and more leveraged firms invest significantly more, while liquidity has a negative effect, suggesting precautionary savings motives. Subsample regressions reveal meaningful heterogeneity: large firms respond more strongly to interest rates, while small firms face internal financial constraints and show minimal responsiveness to inflation. These insights highlight the importance of firm-level characteristic0s in understanding monetary transmission and corporate resilience.

Druh

D - Stať ve sborníku

CEP obor

—

OECD FORD obor

50204 - Business and management

Projekt

—

Návaznosti

I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Rok uplatnění

2025

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název statě ve sborníku

INPROFORUM 2025. Proceedings of the 19th International Scientific Conference INPROFORUM. Economy under Pressure.

ISBN

978-80-7694-143-4

ISSN

—

e-ISSN

—

Počet stran výsledku

15

Strana od-do

249-263

Název nakladatele

Jihočeská univerzita v Českých Budějovicích, Ekonomická fakulta

Místo vydání

České Budějovice

Místo konání akce

České Budějovice

Datum konání akce

6. 11. 2025

Typ akce podle státní příslušnosti

EUR - Evropská akce

Kód UT WoS článku

—