Abstract: Thispaperconstructsapaneldata modelandanintermediaryeffect modeltotestthe
impactofthecentralbank??sforwardguidanceonthecorporateinvestmentindifferentindustriesbyquantifyingthecentralbank
??sforwardguidancebytheautomaticassignmentmethodandusingquarterlydata
from2006to2019.Theresultsshowthatinthefullsample,thecentralbank??sforwardguidancehasasignificantimpactoncorporateinvestment,
andtheimpactisheterogeneousacrossindustries.Thatis,forwardguidancehasasignificantimpactoninvestmentinhigh-
techindustriesandmanufacturingindustries,
buthasnosignificantimpactoninvestmentinrealestateindustryandnewenergyindustry.Inthefull
sample,thesampleofhigh-techindustriesandthesampleofmanufacturingindustries,investorsentiment
playsanintermediary roleinthe process offorward guidanceaffectingthecorporateinvestment.
Moreover,mediationeffectisgreaterinhigh-techindustriesthanthatinmanufacturingindustries.

Key words: forwardguidance, corporateinvestment, investorsentiment, mediationeffect

摘要： 本文通过自动赋值法对中央银行前瞻指引进行量化,并构建面板数据模型、中介效应模型,利用2006—2019年季度数据检验了中央银行前瞻指引对不同行业企业投资的影响。结果表明:全样本中,中央银行前瞻指引会对企业投资产生显著影响,该影响存在行业异质性,即前瞻指引对高新技术产业、制造业的投资有显著影响,而对房地产业、新能源行业的投资则无显著影响。在全样本、高新技术产业样本、制造业样本中,投资者情绪在前瞻指引影响企业投资过程中发挥了中介作用,且高新技术产业中的中介效应大于制造业。

关键词:  , 前瞻指引, 企业投资, 投资者情绪, 中介效应