财政政策影响银行信贷的渠道分析  

The Transmission Mechanism Analysis of the Impact of Fiscal Policy on Bank Credit

作　　者：严涣 肖卫国[1] Yan Huan;Xiao Weiguo

机构地区：[1]武汉大学经济与管理学院

出　　处：《财经科学》2021年第7期81-92,共12页Finance & Economics

基　　金：国家社科基金一般项目“我国流动性结构失衡的宏观经济影响与货币政策选择研究”(14BJY187)。

摘　　要：在货币政策信贷传导不畅的背景下,本文利用SVAR模型实证检验财政政策对银行信贷的传导渠道。结果显示:税收收入变动可以通过外部融资溢价渠道、抵押品渠道和银行流动性渠道引起银行信贷反向变动;财政支出变动可以通过外部融资溢价渠道和抵押品渠道引起银行信贷同向变动,而通过银行流动性渠道引起银行信贷反向变动。因此,政府应加大财政支出规模和减税降费力度,降低实体经济融资成本,缓解企业融资难融资贵的问题;同时,需注重财政支出和税收收入两大财政政策工具的协调搭配,促进财政政策与房地产市场的良性循环;还要注重财政政策与货币政策在银行层面的协调配合,共同把控市场流动性。In the context of the transmission of monetary policy is not smooth,this paper uses SVAR model to empirically analysis the impact of fiscal policy on bank credit.The results show that the change of tax revenue can cause the reverse change of bank credit through external financing premium channel,collateral channel and bank liquidity channel;and that the change of fiscal spending can cause the change of bank credit in the same direction through external financing premium channel and collateral channel,but the reverse change of bank credit through bank liquidity channel.The policy suggestions are as follows:the government should enlarge the scale of fiscal spending,reduce taxes and fees,so that reduce the financing cost of the real economy,and alleviate the problem of financing difficulty and high cost;At the same time,we should pay attention to the coordination of fiscal spending and tax revenue,promote the virtuous circle of fiscal and real estate market;And pay attention to the coordination of fiscal policy and monetary policy at the bank level,jointly control market liquidity.

关 键 词：财政政策 银行信贷 外部融资溢价 抵押品 银行流动性 

分 类 号：F832.5[经济管理—金融学]