货币政策调控怎样有效支持实体经济?——数量型与价格型工具的微观效应分析  

How Can Monetary Policy Control Effectively Support the Real Economy?——Microeconomic Effects of Quantity and Price Tools

作　　者：张炎炎 丁志国[1,2] 任浩锋[2] Zhang Yanyan;Ding Zhiguo;Ren Haofeng(Center for Quantitative Economics;School of Business and Management,Jilin University,Changchun 130012)

机构地区：[1]吉林大学数量经济研究中心,长春130012 [2]吉林大学商学与管理学院,长春130012

出　　处：《浙江社会科学》2022年第4期14-24,35,156,共13页Zhejiang Social Sciences

基　　金：国家社会科学基金青年项目“上市公司原始股东减持的主观动机,时机选择及市场影响研究”(19CJY060)。

摘　　要：新发展格局下,货币政策调控是否有效促进企业投资推动实体经济发展,是经济高质量发展的关键。本文以2010—2020年A股上市公司为样本,利用面板VAR模型检验数量型和价格型货币政策的微观效应,辨别货币政策有效支持实体经济发展的传导路径。研究发现,价格型货币政策工具主要通过影响企业融资约束和调节抵押品价值的变化影响企业固定资产投资,而数量型货币政策工具则通过缓解企业融资约束发挥作用,并且影响幅度是价格型工具的3倍。进一步研究发现,中国货币政策传导表现出明显的异质性特征。信贷歧视的存在使得货币政策对非国有企业的影响具有延迟性,年轻企业和西部地区企业对货币政策冲击更为敏感。本文研究表明,提高货币政策向实体经济的传导效率,一定不能忽视数量型和价格型工具的调控效果差异,科学把握“量价转换”节奏、政策工具协同并重,才能有的放矢地推动企业投资,实现经济高质量发展。Under the new development pattern,whether the monetary policy regulation can effectively promote enterprise investment and promote the development of the real economy is the key to high-quality economic development.Taking A-share listed companies from 2010 to 2020 as a sample,this paper uses the panel VAR model to test the micro effects of quantitative and price monetary policy,and identify the transmission path of monetary policy effectively supporting the development of real economy.The study found that price based monetary policy tools mainly affect enterprise fixed asset investment through the change of collateral value and alleviating enterprise financing constraints,while quantitative monetary policy tools play a role by alleviating enterprise financing constraints,and the impact range is three times that of price based tools.Further research shows that China’s monetary policy transmission shows obvious heterogeneity.The existence of credit discrimination makes the impact of monetary policy on non-state-owned enterprises delayed,and young enterprises and enterprises in the western region are more sensitive to the impact of monetary policy.This study shows that to improve the transmission efficiency of monetary policy to the real economy,we must not ignore the difference in the regulation effect of quantitative and price tools,scientifically grasp the rhythm of “quantity and price conversion” and pay equal attention to the coordination of policy tools,so as to promote enterprise investment and achieve high-quality economic development.

关 键 词：数量型货币政策 价格型货币政策 企业投资 融资约束 抵押品价值 

分 类 号：F822.0[经济管理—财政学] F275F832.51