数字金融、企业异质与货币政策利率渠道的结构效应  

Digital Finance,Enterprise Heterogeneous and Structural Effect of the Interest Rate Channel of Monetary Policy

作　　者：卢垚 战明华 Lu Yao;Zhan Minghua(School of Finance,Guangdong University of Foreign Studies,Guangzhou 510006,China;Institute of Fortune Management Research,Guangzhou 510006,China;School of Finance and Investment,Guangdong University of Finance,Guangzhou 510521,China)

机构地区：[1]广东外语外贸大学金融学院,510006 [2]广东金融学院金融与投资学院 [3]华南财富管理研究中心基地

出　　处：《南开经济研究》2023年第5期19-37,共19页Nankai Economic Studies

基　　金：国家社科基金重大项目“数字金融有效支持实体经济高质量发展研究”(21&ZD113)和国家社科基金重点项目“数字金融;传导效应变异与新时期价格型货币政策调控体系健全研究”(20AJY026)的资助。

摘　　要：本文围绕数字金融影响货币政策利率渠道可能产生的结构扭曲效应问题,通过在信贷市场存在异质摩擦的经济环境中构建数字金融作用机理的理论模型,提出研究假设,并利用中国微观企业和宏观时序样本数据,对假设进行实证检验。研究结果发现,(1)数字金融对货币政策利率渠道的效果具有显著的提升作用;(2)数字金融弱化了货币政策利率渠道的结构扭曲效应;(3)数字金融的作用存在扩张与紧缩政策下的非对称性,并受到企业产权性质的影响。本文的研究为促进“十四五”规划提出的健全市场化利率形成和传导机制,在当前经济下行压力增大时期优化货币政策操作路径,提供了理论依据和政策启示。Around digital financial how to affect the structure of the monetary policy inter-est rate channel may produce distortion effect,by in the presence of heterogeneous friction of the credit market economic environment,this paper build digital theory model of finan-cial mechanism,put forward three hypotheses,and use the macro and micro enterprises in China time-series data samples,empirical test of hypothesis.The results show that:(1)Digital finance significantly improves the effect of monetary policy and interest rate channel;(2)Digital finance weakens the structural distortion effect of the monetary policy rate channel;(3)The role of digital finance is asymmetric under expansion and contraction policies,and is affected by the nature of enterprise property rights.The research of this paper provides important policy enlightenment for promoting the sound market-oriented interest rate formation and transmission mechanism proposed in the 14th Five-Year Plan,and optimizing the monetary policy operation path in the current period of increasing eco-nomic downward pressure.

关 键 词：数字金融 企业异质 货币政策利率渠道 结构效应 

分 类 号：F49[经济管理—产业经济] F822.0F832