利率市场化改革、企业产权异质与货币政策广义信贷渠道的效应  

Interest Rate Liberalization,Heterogeneity of Corporate Ownership Structure and the Effect of Broad Credit Channel

作　　者：战明华[1] 应诚炜[2] 

机构地区：[1]浙江理工大学经管学院,邮政编码310018 [2]中国农业银行浙江省分行营业部,邮政编码310000

出　　处：《经济研究》2015年第9期114-126,共13页Economic Research Journal

基　　金：国家社科基金项目(14BJY103);浙江理工大学高校应用经济学研究基地重大课题(2013ZDGG04);浙江工商大学高校应用经济学研究基地重点课题(20130302)的资助

摘　　要：从转轨时期中国两大经济结构特征——利率渐进市场化改革与企业产权异质性出发,文章将这两个特征以新的约束条件引入广义货币渠道作用机制的基准模型,构建了中国货币政策广义信贷渠道作用机制的拓展模型,并提出了两个相关假说。以1998—2007年的中国非上市公司的样本数据为基础,论文对假说进行了验证。研究发现,在金融摩擦一定和放松利率管制的条件下,紧缩性货币政策通过广义信贷渠道而对经济所产生的金融加速器效应,不是被弱化,而是被加强。但是,经济中国有比重的提高,对这一加速器效应起到了显著弱化的作用。研究得到了货币政策的操作须将金融摩擦程度纳入考虑的范围、减少金融摩擦应先于利率的完全自由化、在金融摩擦一定的条件下应重新审视国有企业的增长功能等政策含义。In the period of transformation, progressive liberalization of interest rate and heterogeneity of corporate ownership structure are two traits of China＇s economic structure. Based on those two traits, this paper introduces new constraints to Oliner＇s（1996） standard model of broad credit channel and builds an extended model of broad credit channel for China＇s monetary policy. This paper puts forward two hypotheses and tests them with a sample of China＇s unlisted companies during 1998--2007. The finding of this research is that when financial friction remains constant and the interest rate regulation is loosened, the financial accelerator effect of contractionary monetary policy on the economy through broad credit channel will be strengthened instead of weakened. However, the growing proportion of state-owned enterprises in the economy significantly reduces the effect of financial accelerator. The policy implications of this study include that financial friction should be considered in carrying out monetary policy, financial friction reduction should precede complete interest rate liberalization, and the impact of state-owned enterprises＇ growth should be reviewed given that the financial friction remains constant.

关 键 词：金融摩擦 经济结构 广义信贷渠道 金融加速器 

分 类 号：F832.5[经济管理—金融学] F271F832.4