货币政策、宏观审慎政策与企业投资效率:兼论“双支柱”协调效应  

Monetary Policy,Macro Prudential Policy and Enterprise Investment Efficiency:On the Coordination Effect of “Two Pillars”

作　　者：钟献兵[1] 马福春 谢婉芸 李柏润 Zhong Xianbing;Ma Fuchun;Xie Wanyun;Li Borun(Yuxi City Central Sub-branch,the People's Bank of China)

机构地区：[1]中国人民银行玉溪市中心支行

出　　处：《金融发展评论》2023年第1期10-24,共15页Financial Development Review

摘　　要：本文基于企业投资效率的视角,运用异质性随机前沿模型检验了货币政策与宏观审慎政策“双支柱”协调下企业的投资效率。研究发现:(1)融资约束的存在使得中国上市企业的投资支出比最优水平低了约25%,但在“双支柱”调控下,企业投资效率提高了5-10个百分点。(2)在“双支柱”调控下,现金流量缓解企业融资约束、降低未来融资不确定性的效果显著增强。股权融资在缓解企业融资约束方面效果显著,但在降低企业未来融资不确定性方面效果不佳;债务融资在缓解企业融资约束、降低企业未来融资不确定性方面效果显著,且有助于熨平货币政策非对称性对缓解企业融资约束、降低企业未来融资不确定性效果的影响。(3)在“双支柱”调控下,小规模企业投资效率呈现上升趋势;地区间投资效率的差异性不大、波动性不强;国有企业的投资效率呈现上升趋势,且高于样本均值和非国有企业。在上述研究结论提供的微观基础上,本文对进一步健全“双支柱”调控框架,提出了政策启示和建议。Based on the perspective of enterprise investment efficiency, this paper uses a heterogeneous stochastic frontier model to test the investment efficiency of enterprises under the “dual-pillar” coordination of monetary policy and macro-prudential policy. The research finds: 1) The existence of financing constraints makes the investment expenditure of Chinese listed companies about 25% lower than the optimal level, but under the “dual-pillar” regulation, the investment efficiency of enterprises increases by 5-10 percentage points. 2) Under the “two-pillar”regulation, the effect of cash flow in easing corporate financing constraints and reducing the uncertainty of future financing is significantly enhanced. Equity financing has a significant effect in alleviating corporate financing constraints, but it is ineffective in reducing the uncertainty of corporate financing in the future;debt financing has a significant effect in increasing and reducing corporate financing constraints and reducing corporate financing uncertainty in the future, and it helps to smooth the currency. The impact of policy asymmetry on the effect of alleviating corporate financing constraints and reducing the uncertainty of corporate financing in the future. 3) Under the “dual-pillar” regulation, the investment efficiency of small-scale enterprises shows an upward trend;the difference and volatility of investment efficiency between regions is not large;the investment efficiency of state-owned enterprises shows an upward trend, and is higher than the sample average and non-state-owned enterprises. state-owned enterprise. Based on the micro-foundation provided by the above research conclusions, the article puts forward policy implications and suggestions for further improving the “two-pillar” regulatory framework.

关 键 词：货币政策 宏观审慎政策 企业投资效率 异质性随机前沿分析 

分 类 号：F275[经济管理—企业管理] F822.0[经济管理—国民经济] F832.0