新冠肺炎疫情下逆周期信贷政策效用研究:基于企业资产负债表渠道与银行风险承担渠道视角  

The Effectiveness of Counter-cyclical Credit Policies in the Context of COVID-19:From the Perspective of Corporate Balance Sheet Channel and Bank Risk-taking Channel

作　　者：肖虹[1] 裘益政 刘巧瑜 XIAO Hong;QIU Yizheng;LIU Qiaoyu(School of Management,Xiamen University,Xiamen 361000,China;School of Finance,Zhejiang Gongshang University,Hangzhou 310018,China;Quanzhou Fengze Tianquan Investment Consulting Limited Partnership,Quanzhou 362000,China)

机构地区：[1]厦门大学管理学院,福建厦门361000 [2]浙江工商大学金融学院,浙江杭州310018 [3]泉州市丰泽区天权投资咨询合伙企业,福建泉州362000

出　　处：《商业经济与管理》2022年第6期81-97,共17页Journal of Business Economics

基　　金：国家社会科学基金项目“应对突发公共卫生事件的逆周期信贷支持机制及其效用评价”(20BGL088);国家社会科学基金项目“政商关系演变与民营企业融资行为的影响研究”(19BGL072)。

摘　　要：文章以对冲COVID-19疫情影响的逆周期信贷政策实施作为“准自然实验”,运用PSM-DID模型,测度逆周期信贷政策对实体企业经营效率的影响(简称“逆周期信贷政策效用”),考察其企业资产负债表渠道与银行风险承担渠道的微观传导机制及路径,分析逆周期信贷政策效用的异质性。研究发现,逆周期信贷政策的实施显著修复了实体企业的经营效率,并具有随时间动态边际递增特征。同时,该政策具有“双渠道”传导特点,主要通过调节效应路径发挥作用。此外,该逆周期信贷政策效用受到企业性质、行业及区域的异质性影响。文章研究结论不仅拓展了现存文献,也为完善逆周期信贷政策设计和调控机制提供了决策参考依据。In this paper,the implementation of counter-cyclical credit policies to hedge against the impact of COVID-19 is taken as a quasi-natural experiment,and the PSM-DID model is used to measure the operational efficiency consequences of countercyclical credit policies for real enterprises (i.e.the utility of counter-cyclical credit policies),and to investigate the micro transmission mechanism and path of corporate balance sheet channel and bank risk-taking channel.This paper further analyzes the heterogeneity of the effectiveness of counter-cyclical credit policies.It is found that the implementation of counter-cyclical credit policies has significantly repaired the operational efficiency of real enterprises and has a dynamic marginal increase with time.At the same time,the policy has the characteristics of“dual channel”transmission,mainly through the effect of adjustment.In addition,the effectiveness of the counter-cyclical credit policies is affected by the heterogeneity of the enterprise nature,industry and region,and the counter-cyclical credit policies significantly improve the operating efficiency of private enterprises.The conclusion of this study not only expands the existing literature,but also provides a reference for improving the design and regulation mechanism of the countercyclical credit policies.

关 键 词：逆周期信贷政策 超效率EBM模型 实体企业经营效率 微观传导机制 

分 类 号：F822.0[经济管理—财政学]