本文以CSMAR数据库的上市公司作为研究样本，从企业投资支出的微观视角研究新型货币政策工具是否支持实体经济发展这一问题。本文采用PSM-DID模型对新型货币政策工具、企业融资约束和企业投资支出之间的关系进行实证分析。结果表明，整体上，新型货币政策工具并未对企业的投资支出产生影响。但实际上政策实施的过程比较复杂，与企业的融资环节也有很大关系。故进一步探索发现，对融资约束高的企业而言，新型货币政策工具的实施显著促进了其投资支出的增加。这一结论可以帮助央行优化结构性货币政策工具的同时充分考虑不同融资特征企业的发展需求。

This paper takes the listed companies in CSMAR database as the research sample, and studies whether the unconventional monetary policies promote the real economy from the micro-perspective of enterprise investment. This paper uses PSM-DID model to analyze the links among unconventional monetary policies, enterprise financing constraints and enterprise investment. The results point out that, on the whole, the unconventional monetary policies have no impact on the investment expenditure of enterprises. But in reality, policy implementation is much more complex, and it has much to do with the financing process of enterprises. Therefore, further exploration shows that for enterprises with high financing constraints, implementing unconventional monetary policies significantly promotes their investment. This conclusion could help the central bank optimize the structural monetary policies while fully considering the development needs of enterprises with different financing characteristics.