央行沟通影响企业融资约束吗?——来自银行信贷渠道的经验证据  

Does Central Bank Communication Affect Corporate Financial Constraints?——Evidences from Bank Credit Channel

作　　者：刘淼[1] 吕思圆 Liu Miao;Lv Siyuan(Finance School,Jilin University of Finance and Economics,Changchun 130117,China;Xining Central Sub-branch,The People's Bank of China,Xining810001,China)

机构地区：[1]吉林财经大学金融学院,吉林长春130117 [2]中国人民银行西宁中心支行,青海西宁810001

出　　处：《数量经济研究》2022年第2期137-158,共22页The Journal of Quantitative Economics

基　　金：教育部人文社科一般项目“中国信贷周期的形成机制演进、经济周期关联性及其宏观调控政策选择研究”(21YJA790036)的资助。

摘　　要：缓解企业普遍面临的融资约束问题是当前“稳宏观经济”的重要一环。本文从已有研究中鲜有关注的央行沟通视角出发,基于我国的银行主导型金融结构,考察了央行沟通经由商业银行传导对企业融资约束的影响。本文利用银行家问卷调查报告中的“银行家货币政策感受指数”量化了央行沟通的商业银行传导效应,并采用2004年第1季度至2019年第4季度的A股上市公司数据和两阶段最小二乘法(2SLS),检验了央行沟通对企业融资约束的影响及结论稳健性,发现央行沟通的商业银行传导会对企业融资约束产生显著负向影响,而且对银行依赖型企业和小型企业的影响更大。本文研究反映了央行沟通具有缓解企业融资约束从而稳定企业经营发展的潜在政策效力,同时揭示了商业银行在央行沟通过程中的重要中介作用。Alleviating the financial constraints generally faced by enterprises is an important part of“stabilizing the macroeconomy”.From the perspective of central bank communication rarely concerned in the existing research,and based on bank-oriented financial structure,we examine the impact of central bank communication on corporate financing constraints after it is transmitted through commercial banks.We use the“bankers’perception index of monetary policy”to quantify the transmission effect of commercial banks communicated by the central bank.The data of listed companies from 2004q1 to 2019q4 and 2SLS are applied to verify the impact of central bank communication on financial constraints and the conclusions’robustness.We find that the commercial bank transmission of central bank communication has a significant negative correlation with financial constraints and has a greater impact on bank-dependent and small enterprises.This study enlightens the potential of central bank communication to stabilize the operation and development of enterprises from the perspective of alleviating financial constraints.At the same time,it reveals the important intermediary role of commercial banks in the communication process of the central bank.

关 键 词：央行沟通 融资约束 商业银行传导 银行信贷 

分 类 号：F832.4[经济管理—金融学]