量化宽松政策对我国企业债务风险的差异性影响  

The Heterogeneous Impacts of Quantitative Easing on the Debt Risk of Chinese Enterprises

作　　者：张靖佳[1] 刘澜飚 马雪卓 ZHANG Jingjia;LIU Lanbiao;MA Xuezhuo(Nankai University,Tianjin,China)

机构地区：[1]南开大学APEC研究中心,300071 [2]南开大学金融学院 [3]南开大学经济学院国际经济研究所

出　　处：《经济学动态》2020年第3期52-68,共17页Economic Perspectives

基　　金：国家自然科学基金青年项目“量化宽松政策及其退出对中国企业杠杆率的影响”(71803089);国家社会科学基金“防范化解重大风险”研究专项(18VFH007)的阶段性成果。

摘　　要：本文基于国际货币政策突变对我国微观企业债务风险的影响,探究了量化宽松政策对我国非金融企业债务融资产生的减压器和助推器渠道及其有效性。本文首先从行业维度构建了我国各行业外部融资依赖程度对量化宽松政策的反应系数矩阵,并利用中国工业企业数据库2010-2013年的数据检验政策反应指标对微观企业债务融资水平的影响。结果表明:量化宽松政策对我国企业的综合作用呈现债务风险减压器效应;从企业所有制差异来看,量化宽松政策对民营企业和外资企业具有债务风险减压器的作用,而对国有企业却呈现债务风险助推器效应;从企业规模差异来看,量化宽松政策通过资产价格上升渠道,对大企业产生更大的减压器作用,而小企业受到的减压器作用略弱;从地区的金融发展程度差异来看,量化宽松政策对金融发展水平低的地区产生了较大的减压器作用,而对金融发展水平较高的地区来说,助推器的作用一定程度上弱化了减压器作用。本文有助于揭示在金融供给侧改革进程中企业债务风险变化的国际动因,并从差异性角度为不同所有制、不同规模和地区企业的债务融资水平在国际政策冲击下的应对提供了相应的建议。Based on the impact of the sudden change of international monetary policy on the debt risk of China's micro-enterprises,this paper explores the shock absorber and accelerator channels generated by quantitative easing as well as the effectiveness of quantitative easing on debt financing of China's non-financial enterprises.It is found that,overall,quantitative easing affects corporate debt risk as a shock absorber.From the perspective of enterprise ownership,quantitative easing has a shock absorber effect on the debt risk of private and foreign enterprises,but an accelerator effect on the debt risk of state-owned enterprises.From the perspective of the scale of enterprise,quantitative easing has a greater shock absorber effect on large enterprises than on small enterprises.From the perspective of the level of financial development,quantitative easing has a greater shock absorber effect on areas with low level of financial development than on areas with high level of financial development.This paper reveals the international motivation for the change of corporate debt risk in the process of financial supply-side reform,and provides specific suggestions for enterprises with different ownership and scale as well as in different regions to deal with the impact of international policy shock.

关 键 词：量化宽松政策 债务融资 差异性 

分 类 号：F27[经济管理—企业管理]