货币政策不确定性与农业企业全要素生产率货币政策不确定性与农业企业全要素生产率周开元1，沙德春²，花俊国1，许欣3（1.河南农业大学经济与管理学院，河南郑州450046；2.河南农业大学信息与管理科学学院，河南郑州450046；3.河南农业大学国际教育学院，河南郑州450046)摘要：以2007一2021年中国农业上市公司为样本，实证考察货币政策不确定性影响农业企业全要素生产率的效果、机制和异质性特征。研究发现：货币政策不确定性负向影响农业企业全要素生产率；创新投入和资产不可逆程度在两者关系中发挥中介效应，企业金融化则发挥遮掩效应；货币政策不确定性对全要素生产率的负向影响主要体现于中西部地区农业企业，对大型企业相对较弱，较高的股权制衡度和创新投入水平能够缓解这种负向影响。基于研究结论，为有效提升农业企业全要素生产率水平提出意见建议。关键词：经济政策不确定性；农业企业；全要素生产率中图分类号：F273.1文献标识码：A文章编号：1004-292X(2023)08-0111-05MonetaryPolicyUncertaintyandAgriculturalFirms'TotalFactorProductivityZHOUKai-yuan',SHADe-chun?,HUAJun-guo',XUxin3(1.SchoolofEconomicsandManagement,HenanAgriculturalUniversity,ZhengzhouHenan450046,China;2.CollegeofInformationandManagementScience,HenanAgriculturalUniversity,ZhengzhouHenan450046,China;3.InternationalEducationCollege,HenanAgriculturalUniversity,ZhengzhouHenan450046,China)Abstract:Usingthesampleoflistedagriculturalfirmsfrom2007-2021,theeffect,mechanismsandheterogeneouscharacteristicsofmonetarypolicyuncertainty(MPU)influencingagriculturalfirms'totalfactorproductivity(TFP)areinvestigated.Itisfoundthat:MPUhasanegativeimpactonagriculturalfirmsTFP;InnovativeinputandassetirreversibilitybothplayamediatingeffectintheprocessofMPUinfluencingTFP,whilefinancializationlevelplaysasuppressingeffect;MPU'snegativeimpactismainlyinagriculturalfirmsincentralandwestprovinces,andisrelativelyweakerforlarge-scalefirms,higherequitybalancedegreeandinnovationinputlevelcanalsomitigatesuchnegativeimpact.Basedonthefindings,suggestionsareproposedoneffectivelypromotingagriculturalfirmsTFPgrowth.Keywords:Monetarypolicyuncertainty(MPU);Agriculturalfirms;Totalfactorproductivity(TFP)...
