Abstract: Taking China’s A-share listed companies as samples, this paper studies the influences of two kinds of monetary policy transmission channels on corporate investment efficiency in different macroeconomic growth environments. The results show that during the period of steady economic growth, money supply is positively correlated with both corporate under-investment and over-investment, while credit supply is negatively correlated with under-investment and is positively correlated with over-investment. During the period of unsteady economic development, part of the effect of credit channel is inversed. During the period of economic growth lacking of strength, the loose money supply can improve corporate investment efficiency. It is also found that interest rate is an effective substitution variable of monetary channel. The above-mentioned influences have differences in intensity under different nature and characteristics of ownership and different industry characteristics. In further researches, it is also found that during the period of economic growth lacking of strength, enterprises may present significant “dormancy” effect and timely adjustment behaviors.

Key words: monetary policy; monetary channel; credit channel; macroeconomic growth; business investment efficiency