社会融资规模作为货币政策中介目标的有效性分析  

An Analysis of the Effectiveness of Social Financing Scale as an Intermediary Target of Monetary Policy

作　　者：付彤杰 张衔[2] FU Tong-jie;ZHANG Xian(School of Economics and Finance,Chongqing University of Technology,Chongqing 400054,China;School of Economics,Sichuan University,Chengdu 610065,China)

机构地区：[1]重庆理工大学经济金融学院,重庆400054 [2]四川大学经济学院,四川成都610065

出　　处：《河北学刊》2021年第2期157-162,共6页Hebei Academic Journal

基　　金：2017年度国家社会科学基金西部项目“长江经济带生态环境协同治理机制研究”(17XJY010);2019年度四川大学中国特色社会主义政治经济学研究中心资助项目“中国特色社会主义政治经济学基本问题研究”(2019sq-经济01)。

摘　　要：社会融资规模作为中国特色的金融统计指标,是中国人民银行结合国际金融危机经验和中国金融改革实践的创新。社会融资规模作为货币政策中介目标的有效性,受到研究者的关注和讨论。本文在本质特征上指出社会融资规模替代广义货币(M2)和贷款规模作为中介目标的合理性及有效性,并对社会融资规模的现状、传导时滞、政策效果进行分析,最后提出扩大统计范围、增设统计项目、优化融资结构、加快改革创新、加强金融监管等措施。As a financial statistical index with Chinese characteristics,social financing scale is an innovation of the people’s Bank of China in combination with the experience of international financial crisis and the practice of China’s financial reform.The effectiveness of social financing scale as an intermediary target of monetary policy has been widely concerned by researchers.In essence,this paper points out that social financing scale replaces broad money(M2)and loans the rationality and effectiveness of fund scale as an intermediary target are analyzed,and the status quo of social financing scale,the transmission delay,and the policyeffect are analyzed.Finally,the improvement measures such as expanding the statistical scope,adding statistical items,optimizing the financing structure,accelerating reform and innovation,and strengthening financial supervision are put forward.

关 键 词：社会融资规模 货币政策 中介目标 有效性 

分 类 号：F830.9[经济管理—金融学]