投資、貨幣政策與銀行競爭力之關係-以亞洲國家為例

本研究分析了亞洲五國製造業共6656間廠商的資金成本對於投資的影響，以及銀行競爭力的影響。以五國合併的實證結果來看，資金成本的變動統計上與理論上都對投資有顯著影響效果，且為負相關。各國的結果則不盡相同。銀行競爭程度顯著影響投資，貨幣政策相關利率也顯著影響廠商特性變數。因此在這五個亞洲國家中，除泰國外，貨幣政策是可以透過利率管道來影響資金成本和投資間的關係，利率的改變也會透過資金成本來影響廠商之投資。

關鍵字

貨幣政策；資金成本；投資； Boone Indicator

並列摘要

This paper analysis how bank competition affect the relationship between monetary policy and investment in China, Philippine, Singapore, South Korea and Thailand. The main findings from the pooled model are threefold. First, a change in the user cost of capital, which in turn affect by interest rates, has both statistically and economically significant negative effect on investment. However, the result varies in each country. Second, bank competition affects investment significantly. Third, the firm-specific interest rates are affected by changes in market interest rates, which are related to monetary policy. Overall, expect Thailand, the effects of the user cost on investment suggest that the interest rate channel of monetary policy is operative in these Asian countries. Changes in the level of interest rates have an impact on firm’s investment through the user cost of capital.