结构性货币政策可以缓解金融资源错配吗?  

Can Structural Monetary Policy Alleviate the Misallocation of Financial Resources?

作　　者：张菀洺[1,2] 代伟 Zhang Wanming;Dai Wei

机构地区：[1]中国社会科学院大学商学院 [2]中国社会科学院大学中国资本市场研究中心 [3]中国社会科学院大学应用经济学院

出　　处：《中国社会科学院大学学报》2024年第2期64-87,157,F0003,共26页Journal of University of Chinese Academy of Social Sciences

基　　金：中国社会科学院大学校级科研专项重大项目“数字经济:工商管理学科数字经济人才培养基地”(校20220103);河南省重点研发与推广专项(软科学)一般项目“河南省科技贷实施效果与优化路径研究”(232400410312)的阶段性成果。

摘　　要：本文构建了信贷分配模型,从理论上探究货币政策对金融资源错配的影响,并使用2013—2021年的货币政策数据和A股上市企业数据进行了实证检验。研究发现,传统货币政策会加剧金融资源错配,而结构性货币政策能够弥补传统货币政策的不足,缓解金融资源错配。结构性货币政策可以引导资金从低效率企业流向高效率企业、从国有企业流向非国有企业、从大型企业流向中小型企业,进而提高金融资源配置效率。而且,价格型结构性货币政策在金融资源错配程度越高时缓解效应越强,数量型结构性货币政策则相反。中央银行应谨慎使用传统货币政策,避免加剧金融资源错配,并根据金融资源错配程度的不同,相机使用不同的结构性货币政策,以提高金融资源配置效率。This study constructs a credit allocation model to theoretically examine the impact of monetary policy on financial resource misallocation.Using monetary policy data and listed company microdata from 2013 to 2021 to conduct an empirical test,the study finds that traditional monetary policy exacerbates financial resource misallocation,while structural monetary policy can compensate for the shortcomings of traditional monetary policy and mitigate financial resource misallocation.Structural monetary policy can improve the allocation efficiency of financial resources by guiding the flow of capital from inefficient firms to efficient firms,from the state sector to the non-state sector,and from large firms to small and medium enterprises(SMEs).Moreover,the mitigating effect of price-based structural monetary policy is stronger when the mismatch of financial resources is higher,while the opposite is true for quantity-based structural monetary policy.Therefore,central banks should use traditional monetary policy cautiously to avoid exacerbating financial resource misallocation,and improve the efficiency of financial resource allocation by using different structural monetary policies depending on the degree of financial resource misallocation.

关 键 词：金融资源错配 结构性货币政策 金融资源配置效率 

分 类 号：F822.0[经济管理—财政学]