数字金融发展对中国货币政策有效性的影响——基于企业资产负债表渠道的分析  

The Impact of Digital Financial Development on the Effectiveness of Monetary Policy in China——An Analysis Based on the Corporate Balance Sheet Channel

作　　者：刘尧成 战文清 Liu Yaocheng;Zhan Wenqing(Wuxi Taihu University,Wuxi 214063,Jiangsu,China;School of Economics,Fudan University,Shanghai 200433,China)

机构地区：[1]无锡太湖学院,江苏无锡214063 [2]复旦大学经济学院,上海200433

出　　处：《金融发展研究》2023年第8期3-14,共12页Journal Of Financial Development Research

基　　金：国家社会科学基金项目“金融周期对中国经济波动的影响机制与应对策略研究”(19BJL020)。

摘　　要：本文基于2011—2020年的沪深两市部分A股上市企业面板数据,探讨了数字金融发展对货币政策资产负债表渠道的影响及内在机理。研究表明:数字金融发展能够弱化货币政策资产负债表渠道,数字金融发展能够缓解中国传统金融系统的结构失衡问题,弥补传统金融体系的不足,促进普惠金融的发展,表现为在非国有企业样本以及西部地区样本中,数字金融弱化货币政策资产负债表渠道的效应较强;进一步的传导渠道研究表明,在数字金融发展影响货币政策资产负债表渠道的过程中,能够有效驱动企业融资成本降低、信贷融资占比提升,即数字金融的发展弱化了“货币政策紧缩—企业资产缩水(杠杆率上升)—融资成本上升、信贷融资占比下降—投资下降”这一传导机制。研究结论为当前中国实施稳定经济的货币政策提供了经验证据。Based on the panel data of selected A-share listed firms in Shanghai and Shenzhen from 2011 to 2020,this paper explores the impact of digital financial development on the balance sheet channel of monetary policy and the intrinsic mechanism.The study shows that digital financial development can weaken the balance sheet channel of China's monetary policy,and digital financial development can alleviate the structural imbalance of China's traditional financial system,make up for the shortcomings of the traditional financial system,and promote the development of inclusive finance,which is manifested by the stronger effect of digital finance on weakening the balance sheet channel of monetary policy in the sample of non-state-owned enterprises as well as the sample of the western regions;further research on the transmission channel shows that in the process of digital financial development affecting the balance sheet channel of monetary policy,it can effectively drive down the cost of corporate financing and increase the proportion of credit financing,that is to say,the development of digital finance has weakened the transmission mechanism of"tightening of monetary policy—shrinking of corporate assets(leverage ratio rising)—rising cost of financing,declining proportion of credit financing—declining investment".

关 键 词：数字金融 货币政策 传导渠道 

分 类 号：F820.1[经济管理—财政学]