本文利用2008～2021年银行间7天同业拆借加权平均利率日度数据测算出我国货币政策不确定性程度,并考察其对于企业投资效率的影响.研究发现,货币政策不确定性会显著降低企业的投资效率,这一结果在替换相关变量、考虑模型内生性、宏观经济波动以及其他政策冲击等因素影响后依然稳健.机制分析发现,期限错配加剧、信贷可得性下降以及贷款成本上升是上述影响的作用渠道.基于手工整理与文本分析的方法,本文构建了央行沟通频率与预期管理强度两个指标,发现两者均能有效缓解货币政策不确定性对于企业投资效率的负向冲击.同时,"双支柱"调控框架下,无论是数量型货币政策还是价格型货币政策,与宏观审慎政策搭配使用时均能提升企业投资效率.进一步分析发现,货币政策不确定性对于投资不足、市场地位较低、信息不对称程度较高以及民营企业的影响更大.本文的研究对于我国货币当局"精准施策"、夯实"六稳"工作具有一定的政策启示,同时也为我国实施"双支柱"调控的有效性与科学性提供了一定的经验证据.

Studies consider the impact of financial support on agricultural technology adoption, but do not consider the role of the rapidly evolving Digital Financial Inclusion (DFI). This study analyzes the impact of DFI on farmers’ willingness to adopt agricultural technology (WTAAT) using data from the China Labor-force Dynamics Survey and the Digital Financial Inclusion Index of Peking University, China. The results show that DFI significantly increases farmers’ WTAAT, consistent with the results of robustness tests. Moreover, the analysis of moderating effects shows that the contribution of DFI to WTAAT increases with the level of financial market development. Finally, WTAAT is affected by DFI development among farmers who receive government subsidies, participate in production technology training, and have no local non-agricultural economy. Therefore, we propose policy recommendations for developing DFI in rural areas, improving the financial market environment, and increasing subsidies and technical training. Our study provides some empirical evidence for exploring the field of agricultural technology adoption from the perspective of DFI and also provides new ideas for combining the digital transformation of finance with sustainable agricultural development, enriching the development of research in this field, which may also provide policy insights for the development of agricultural modernization in China and other countries.

以"法与金融学"思想为基础,选取2007～2018年中国跨境投资企业为样本,手工构建"金融衍生品监管指数"作为监管法律的代理变量进行实证检验.研究发现:金融衍生品监管政策能促进我国企业的跨境投资水平提升,即存在"激励效应";长期来看,金融衍生品监管对民营企业跨境投资的正向影响作用更大,但短期内金融衍生品监管对国有企业的正向作用更大;股权过于集中,会促使金融衍生品监管对跨境投资产生抑制作用,而股权制衡可促进衍生品监管对跨境投资发挥正向作用.进一步研究发现,金融衍生品监管通过降低企业财务风险和缓解融资约束这两条渠道来最终影响企业跨境投资水平.

近年来,随着我国"一带一路"政策的推进,加速了我国企业"走出去"的步伐,同时,汇率机制改革与贸易摩擦也使人民币汇率波动幅度不断加大,由此,因汇率波动引起跨境投资企业失败的风险也逐步增加,企业往往通过衍生品投资对冲风险,但跨境投资企业来自我国不同的省份,市场发展程度差异对企业衍生品投资影响程度有所差别.本文通过分析市场化程度对风险对冲的影响,进而为跨境投资企业提供参考意见.