企业财务波动视角的货币政策传导微观效应研究  

Micro Effects of Monetary Policy Transmission from the Perspective of Corporate Financial Fluctuations

作　　者：黎春[1] 赵德武[2] Li Chun;Zhao Dewu(School of Statistics, Southwestern University of Finance and Economics,Chengdu, Sichuan 611130, China;School of Accounting, Southwestern University of Finance and Economics,Chengdu, Sichuan 611130, China)

机构地区：[1]西南财经大学统计学院,成都611130 [2]西南财经大学会计学院,成都611130

出　　处：《金融经济学研究》2019年第2期14-24,53,共12页Financial Economics Research

基　　金：国家社会科学基金项目(16BGL059);国家社会科学基金重大项目(18zda124);国家自然科学基金项目(71102180)

摘　　要：以A股上市公司为研究样本,通过财务指数变量的引入,将微观财务信息提炼为宏观财务指数,突破了货币政策与企业财务的宏微观属性差异,采用SVAR模型研究了货币政策传导对企业财务波动的微观效应,研究发现,中国货币政策传导的货币渠道与信贷渠道都具有显著的微观效应,比较而言货币渠道的影响作用普遍大于信贷渠道;同时,货币政策能够显著影响企业的负债规模、现金流量水平和成长能力,但对企业盈利能力和营运水平难以产生效力,说明目前中国货币政策效力更多体现在对微观经济的规模型调节,而对内涵式的企业财务质量促进作用不足。建议央行在制定具体货币政策时充分考虑与利用利率对经济的及时调节效应。Using data on Chinese A-share listed enterprises,this study employs financial indices as variables,incorporating refined micro financial information into macro financial indices in order to differentiate between the macro and micro attributes of monetary policies and corporate finance.A structural vector autoregressive model is employed to study the micro effects of monetary policy transmission on corporate financial fluctuations.The results show that the monetary and credit channels of monetary policy transmission in China exhibit significant micro effects.In general,the effects of the monetary channels are greater than those of the credit channels.Furthermore,monetary policies have a significant effect on the debt scale,cash flow level,and growth capability of enterprises,but have very little effect on enterprises′ profitability and operating levels.Thus,the effects of China’s current monetary policies manifest in the scale-based regulations of the micro economy,but play an insufficient role in promoting the financial quality of intensive enterprises.It is recommended that the People′s Bank of China fully consider and use the timely regulatory effect of interest rates on the economy when formulating specific monetary policies.

关 键 词：货币渠道 信贷渠道 财务指数 微观效应 

分 类 号：F822.0[经济管理—财政学]