货币政策产业结构效应与非金融企业杠杆率分化  

Resecarch on the Industrial Structure Effect of China's Monetary Policy and the Differentiation of Leverage Ratio of Non-Financial Enterprises

作　　者：谢超峰[1] XIE Chao-feng(Business School,Henan Normal University,Xinxiang 453007,China;Upgrading of Industrial Structure in Soft Science Research Base,Henan Normal University,Xinxiang 453007,China)

机构地区：[1]河南师范大学商学院(河南师范大学产业结构转型升级软科学研究基地),河南新乡453007

出　　处：《经济体制改革》2023年第1期155-164,共10页Reform of Economic System

基　　金：河南省高校科技创新人才(人文社科类)支持计划(2021-CX-017)。

摘　　要：运用时变量自回归模型和动态面板模型,实证检验货币政策对非金融类企业杠杆率的影响。结果发现,货币政策在宏观上具有产业结构效应,在微观上表现为企业杠杆率分化,且不同货币政策工具对企业长短期杠杆率影响不同。进一步研究发现,由于存在金融加速器效应,各行业金融摩擦程度不同,货币政策会导致各行业的非金融企业杠杆率存在分化。同时,由于信贷歧视程度不同,货币政策调整也会导致国有与非国有企业的杠杆率分化。因此,在新发展阶段,在实施总量型货币政策进行宏观调控时,需注重去杠杆、稳增长以及调结构之间的关系,更需要政策之间的协调以保证杠杆率处在合理区间。Using the time-variable autorgressive model and dynamic panel model,the impact of monetary policy on the divergence of leverage of non-financial firms is examined empirically.It is found that monetary policy has an industrial structure effect at the macro level and a divergent leverage ratio at the micro level,and that different monetary policy instruments have different effects on the leverage ratios of firms in the long and short term.It is further found that monetary policy leads to a divergence in the leverage of nonfinancial firms across industries due to the existence of financial accelerator effects and different degrees of financial frictions across industries.At the same time,monetary policy adjustments also lead to a divergence in leverage between state-owned and non-state-owned enterprises due to different degrees of credit discrimination.Therefore,in the new development stage,when implementing aggregate monetary policy for macroeconomic control,it is necessary to focus on the relationship between deleveraging,stabilising growth and adjusting the structure,and to coordinate between policies to ensure that the leverage ratio is within a reasonable range.

关 键 词：货币政策 产业结构效应 金融加速器 杠杆率分化 

分 类 号：F822[经济管理—财政学]