中国货币政策在不同产权结构企业间的差异效应研究  

Research on Differential Effects of Monetary Policy among the Enterprises with Different Ownership in China

作　　者：李虹檠[1] 杨喆[1] 陈芳[1] 

机构地区：[1]华南理工大学经济与贸易学院,广州510006

出　　处：《软科学》2010年第9期51-56,共6页Soft Science

摘　　要：运用VAR模型实证检验了中国货币政策对不同产权结构企业的最终影响。结果表明,货币政策在国有及国有控股企业与"三资"企业、其他非国有企业之间存在明显的差异效应,从而影响到中央银行宏观调控的准确性和有效性。体制转型时期,不同产权结构企业面临不同的市场经营环境,形成不同的市场经营约束,由此形成不同的货币政策传导机制是差异效应形成的重要原因;同时,企业自身规模的大小和商业银行的信贷偏好也会促使差异效应的形成。By using VAR model,this paper empirically tested the final impacts of the monetary policy on enterprises with different ownership.The result shows,the unified monetary policy has different effects on enterprises with different ownership,such as state-owned enterprise,state-holding enterprise,foreign founded enterprise,and other non-state owned enterprise,and it will affect the accuracy and validity of Central Bank＇s macro-regulation.During the period of China＇s economic transition,the differential effects of unified monetary policy are due to the diverse transmission mechanism of monetary policy,which is generated by diverse business environment and market constraints.Moreover,the scale of enterprises and the preference of commercial bank credits can also cause the differential effects of monetary policy.

关 键 词：货币政策 差异效应 向量自回归模型 脉冲响应函数 

分 类 号：F820.0[经济管理—财政学]