中文摘要：

本文将中国的总量货币从经济部门角度进行了分解，先用宏观层面的分解数据研究了企业部门货币需求。再利用中国上市公司2007--2014年的数据对企业的货币需求函数进行了实证检验，为宏观现象提供了微观层面的解释。实证结果显示．样本期内企业的货币需求呈现规模经济特征。20世纪90年代以来，行业结构和所有制结构的调整、金融市场的发展、货币政策等因素共同影响了中国企业部门的货币需求．并使该部门M2／GDP逐渐由上升转变为下降趋势。企业部门的货币持有能解释2009年以前总量M2／GDP的变动，但对2009年后该指标的再度上升没有明显贡献。据此推论，在货币增速持续下滑的背景下，不能将近年来中国货币化率的攀升仅仅归因于货币总量的“超发”。企业部门M2／GDP的下降和政府部门M2／GDP的飙升．意味着脱离实体经济的货币资金被大量闲置于政府部门，GDP因此增长乏力．成为货币化率上升的直接原因。为此，强化供给侧结构性改革，引导货币资金重回实体经济领域刻不容缓。

英文摘要：

This paper deconstructs aggregate money demand by economic sectors and studies the company sector. We also makes empirical test on money holding behavior of micro-economy based on data of Chinese listed companies, providing a micro-level explanation for the phenomenon. The empirical result shows that money demand of company sector is influenced by adjustment of industry structure and ownership structure, as well as development of finance market and monetary policy. Most of these factors lead to a declining money demand elasticity of company sector, therefore a declining of company sector＇s M2/GDP. In a word, it＇s not accurate to explain the trend of company sector＇s M2/GDP and aggregate M2/GDP by ＂diseconomies of scale exist in money demand＂ ,money, demand of company sector is not the reason of high level monetarization in China. It is important to improve the allocation of financial resources, the reform from supply side is the main solution to this problem.