数字金融、抵押品渠道与资产泡沫  

Digital Finance,Mortgage Channels,and Asset Bubbles

作　　者：王苗[1] 王文甫 WANG Miao;WANG Wen-fu

机构地区：[1]西南财经大学中国金融研究院 [2]四川大学经济学院

出　　处：《中央财经大学学报》2024年第10期50-62,共13页Journal of Central University of Finance & Economics

基　　金：国家社会科学基金重点项目“世界经济不确定性的测量、对我国金融风险效应及传导机制研究”(项目编号:22AZD120);国家社会科学基金重大项目“中国地方政府债务与金融稳定性研究”(项目编号:20&ZD081)。

摘　　要：本文将数字金融对抵押品的影响引入包含理性泡沫和企业投资效率异质性的DSGE模型中,以探究资产泡沫在经济周期时的作用机制以及数字金融如何通过抵押品渠道对上述作用机制产生影响。结果表明:(1)在经济周期中,资产泡沫通过正反馈循环机制和再分配机制发挥作用。正反馈循环机制是资产泡沫增加引发的投资和企业价值波动性增强,形成自我强化的资产泡沫膨胀循环。再分配机制则是资产泡沫通过影响信贷资源分配提高了投资门槛。(2)在经济周期中,数字金融利用抵押品渠道对内生信贷约束进行调节,不仅能削弱资产泡沫的正反馈循环机制,还通过降低投资门槛改变其再分配机制,最终有效应对经济周期的波动。进一步看,数字金融借助抵押品渠道还能缓冲市场负面情绪冲击,并削弱金融加速器的放大作用。本文的研究结论可为优化数字金融的发展以及防范金融体系风险提供新的理论视角。This paper studies how digital finance impacts asset bubbles in a DSGE model featuring rational bubbles and varying corporate investment efficiency.We explore the mechanisms of asset bubbles in economic cycles and the effect of digital finance on these mechanisms through the mortgage channel.Our findings indicate that asset bubbles function via positive feedback loops and redistribution mechanisms in economic cycles.The positive feedback loop involves an intensifying cycle of asset bubble expansion driven by increased investment and corporate value volatility,while the redistribution mechanism raises investment thresholds by affecting the distribution of credit resources.Additionally,we find that digital finance,through the mortgage channel,modulates endogenous credit constraints in economic cycles.This modulation weakens the positive feedback loop of asset bubbles and alters the redistribution mechanism by lowering investment thresholds,effectively smoothing economic cycle fluctuations.Furthermore,digital finance can mitigate the impact of negative market sentiments and weaken the amplifying effect of the financial accelerator through the mortgage channel.These findings provide a new theoretical perspective for optimizing digital finance development and mitigating financial system risks.

关 键 词：数字金融 资产泡沫 抵押品 

分 类 号：F832.1[经济管理—金融学]