普惠金融稳定器与加速器效应研究——基于企业融资约束视角  

Research on the Macroeconomic Stabilizer and Accelerator Effects of Financial Inclusion:Based on the Perspective of Enterprises'Financing Constraints

作　　者：梁洁莹 刘小勇[2] 张展培 Liang Jieying;Liu Xiaoyong;Zhang Zhanpei

机构地区：[1]广东财经大学智能财会管理学院 [2]华南理工大学经济与金融学院

出　　处：《统计研究》2024年第6期71-85,共15页Statistical Research

基　　金：国家社会科学基金一般项目“新时代区域协调发展的财政体制研究”(19BJL045)。

摘　　要：厘清普惠金融缓解中小企业融资约束的机制,对破解中小企业融资难题和实现高质量发展具有重要意义。本文构建了一个包含准入、效度和特定化配比三种普惠金融维度的动态随机一般均衡模型,探究普惠金融如何通过影响企业融资约束,进而影响经济增长和稳定。模型稳态分析显示,普惠金融准入、效度和特定化配比的改善分别通过降低企业破产风险、降低外部融资溢价和增加贷款补贴以缩减企业存贷利差,缓解企业融资约束,促进经济增长。其中,效度的作用最为明显。动态效应分析显示,效度和特定化配比有利于抑制经济负面冲击造成的企业破产概率提升和信贷缩减,平抑冲击造成的经济波动,发挥稳定器作用;准入有利于加速企业自有资本积累和融资成本下降,放大经济正面冲击带来的经济增长,发挥加速器作用。据此,从长期来看应着力构建和完善普惠金融市场化服务体系,促进普惠金融多维度协调发展;从短期来看应注重建立应对经济波动的普惠金融方案,加强经济冲击识别和不同普惠金融政策工具的择时运用。It is of great significance to clarify how financial inclusion alleviates financing constraints of small and medium-sized enterprises and thus promote the high-quality development of China.This paper builds a DSGE model incorporating three different dimensions of financial inclusion:breadth,efficiency and specific allocations,to explore the effects and mechanisms of the financial inclusion on enterprises'financing constraints,and in turn on the economic growth and stability.Steady-state analysis shows that the rise in breadth,efficiency and specific allocations will decrease the interest spreads of enterprises,respectively by lowering bankruptcy risk,reducing external financing premiums and offering credit subsidies,and thus alleviate their financing constraint and promote the economic growth.In particular,the efficiency works best.Dynamic analysis shows that when the economy faces negative shocks,the efficiency and specific allocations can reduce the bankruptcy probability of enterprises and reduce macroeconomic fluctuations,operating as a stabilizer;when the economy faces positive shocks,the breadth can speed up the own-capital accumulation,reduce the financing cost,and amplify the economic growth,acting as an accelerator.In the long run,efforts should be made to improve different dimensions of the financial inclusion,especially to build an inclusive financial market service system;in the short term,strategies and policies should depend on the present economic shocks,strengthen the identification of economic shocks and corresponding selection of different financial inclusion tools.

关 键 词：普惠金融 融资约束 稳定器与加速器效应 动态随机一般均衡模型 

分 类 号：F832[经济管理—金融学]