新型货币政策工具对民营企业融资约束的影响——与传统货币政策工具的比较研究  

Impact of Application of New Monetary Policy Tools on Financing Constraints of Private Enterprises--Comparative Analysis with Traditional Monetary Policy Tools

作　　者：胡国晖[1] 龚雪 HU Guohui;GONG Xue(School of Economics, Wuhan University of Technology, Wuhan 430070, China)

机构地区：[1]武汉理工大学经济学院,湖北武汉430070

出　　处：《北京邮电大学学报（社会科学版）》2022年第2期46-54,116,共10页Journal of Beijing University of Posts and Telecommunications(Social Sciences Edition)

摘　　要：以上市民营企业为研究对象,从微观角度研究新型货币政策工具对民营企业融资约束的影响,并将其与传统货币政策工具进行比较分析。将中期借贷便利(MLF)、法定准备金率(SSR)、公开市场操作(OMO)三种货币政策工具分别嵌入投资-现金流敏感性的传统融资约束模型(FHP模型),收集民营企业2014—2019年的数据,对比不同货币政策工具对缓解民营企业融资约束的作用。实证结果表明,部分传统货币政策工具无法缓解上市民营企业的融资约束,而中期借贷便利作为新型货币政策工具可以有效降低民营企业的融资约束,是对货币政策工具体系的重要补充。Taking private listed enterprises as research subjects,the impact of the application of new monetary policy tools on financing constraints of private enterprises is studied from a micro perspective,and new tools are also compared with traditional monetary policy ones.Integrating three monetary policy tools-medium-term lending facility(MLF),statutory reserve ratio(SSR),and open market operations(OMO)into the traditional financing constraint model of investment-cash flow sensitivity,and collecting data of private enterprises from 2014 to 2019,the effects of different monetary policy tools on alleviating the financing constraints of private enterprises are compared.The empirical results show that some traditional monetary policy tools cannot alleviate the financing constraints of private enterprises,while MLF as a new monetary policy tool can effectively reduce the financing constraints of private enterprises and is an important supplement to the monetary policy tool system.

关 键 词：新型货币政策工具 民营企业 融资约束 

分 类 号：F822.1[经济管理—财政学]