结构性货币政策如何缓解中小企业融资困境——基于异质性银行视角的解释  

How Structural Monetary Policy Would Ease the Financing Constraints of SMEs?

作　　者：王朝阳[1] 闵逸杰 代伟 WANG Chaoyang;MIN Yijie;DAI Wei(University of the Chinese Academy of Social Sciences;School of Applied Economics,University of the Chinese Academy of Social Sciences)

机构地区：[1]中国社会科学院大学 [2]中国社会科学院大学应用经济学院

出　　处：《数量经济技术经济研究》2024年第11期67-88,共22页Journal of Quantitative & Technological Economics

摘　　要：本文构建了一个包含银行异质性和捆绑融资困境的动态随机一般均衡模型,解释结构性货币政策如何缓解中小企业融资困境。在面临风险冲击时,相比于经营更加稳健的大型银行,中小银行的存款稳定性较低,其资产负债表状况的恶化将降低中小银行给中小企业的信贷投放规模、推高对中小企业的信贷利率,从而加剧中小企业“融资难、融资贵”的问题。此时,旨在为中小银行提供流动性的结构性货币政策可以改善中小银行的信贷投放能力,从而缓解中小企业的融资困境。本文还发现,由于银行异质性,宽松的总量型货币政策将产生不利于中小企业的结构性效应。因此,应更加有针对性地实施结构性货币政策,更加注重总量型与结构性货币政策的协调配合,切实改善中小企业的融资困境。Small and medium-sized banks differ significantly from large banks and encounter many difficulties in their operation and development.Small and medium-sized banks generally have a lower capital adequacy ratio and provision coverage ratio than large state-owned commercial banks.Moreover,their asset quality and profitability are relatively poor,their risk management level is relatively low,and their ability to withstand risks is relatively weak.Therefore,small and medium-sized banks are more susceptible to the impact of economic fluctuations and financial crises.Moreover,compared with large state-owned banks,they lack brand effect and customer loyalty and they are more adversely affected by third-party payment and internet financial products.When facing risk shocks,households tend to withdraw deposits from small and medium-sized banks with higher risks and re-allocate them to large state-owned banks with higher security. Due to their high operating risk and low deposit stability, riskshocks lead to a contraction of loans by small and medium-sized banks, which inevitably cause financingshocks to small and medium-sized enterprises (SMEs) that have a closer connection to them. Thisphenomenon, called the binding financing dilemma, not only intensifies the financing constraints ofSMEs but also alters the transmission mechanism and efficiency of monetary policy and exacerbates thefluctuations of the financial system and the real economy.We develop a dynamic stochastic general equilibrium model that incorporates banks withheterogeneous binding financing constraints, which helps explain how structural monetary policy canalleviate the financing constraints of SMEs. This study makes two marginal contributions: First, itincorporates the heterogeneity and binding financing dilemma of large banks and small and medium-sizedbanks in the deposit market into the dynamic stochastic general equilibrium model, which enriches themacro-financial theory and enhances the explanatory power of macroeconomics for practical application.Second

关 键 词：结构性货币政策 中小企业融资困境 异质性银行模型 

分 类 号：F830.2[经济管理—金融学]