定向调控货币政策对小微企业的纾困效应研究  

Research on the Relief Effect of Targeted Regulation and Control of Monetary Policy on Small and Micro Enterprises

作　　者：李永建 黄祥钟 黄志刚 LI Yongjian;HUANG Xiangzhong;HUANG Zhigang(School of Economics and Management,Fuzhou University,Fuzhou 350108;Fujian Economic High-Quality Development Research Centert,Fuzhou University,Fuzhou 350108;Fujian Provincial Key Laboratory of Financial Technology Innovation,Fuzhou 350108)

机构地区：[1]福州大学经济与管理学院,福州350108 [2]福州大学福建经济高质量发展研究中心,福州350108 [3]福建省金融科技创新重点实验室,福州350108

出　　处：《系统科学与数学》2025年第3期794-812,共19页Journal of Systems Science and Mathematical Sciences

基　　金：国家自然科学基金项目(72273032);福建省社科研究基地重大项目(FJ2022MJDZ012)资助课题.

摘　　要：总量宽松货币政策难以在提振产出的同时兼顾风险防范,而定向调控货币政策能否兼顾二者,并纾解小微融资困境有待考证.文章构建包含银行对政策红利与坏账风险之间的权衡机制以及信贷偏好特征的DSGE模型,重点探讨定向降准与支小再贷款两类定向调控货币政策对小微企业的纾困效应.研究结果显示:从作用机制来看,定向调控货币政策通过信贷传导渠道与信号传递渠道均可促进经济增长,但二者在风险防控方面具有异质性.从纾困效应来看,定向降准对小微企业的纾困效果比支小再贷款政策更显著;从政策组合来看,总量宽松货币政策会削弱定向调控货币政策对小微企业的纾困作用,而定向调控货币政策之间搭配组合可进一步缓解小微企业融资困境并提高产出水平.此外,文章进一步从央行福利损失函数、政策前沿曲线以及社会福利分析等多重维度综合评判了定向调控货币政策的调控功效,进一步验证了研究结论的稳健性.It is difficult for the total monetary policy to boost output while taking into account risk prevention,while whether the targeted regulation and control monetary policy can take into account both and alleviate the dilemma of small and micro financing remains to be examined.This paper constructs a DSGE model that includes the trade-off mechanism between banks'policy dividends and bad debt risks and the characteristics of credit preference,focusing on the relief effect of targeted RRR reduction and small relending on small and micro enterprises.The results show that from the perspective of the mechanism,targeted regulation of monetary policy can promote economic growth through credit transmission channels and signal transmission channels,but the two are heterogeneous in risk prevention and control.From the perspective of the relief effect,the targeted RRR reduction has a more significant relief effect on small and micro enterprises than the policy of supporting small and micro enterprises.From the perspective of policy mix,the total loose monetary policy will weaken the relief effect of targeted regulatory monetary policy on small and micro enterprises,and the combination of directional regulatory monetary policy can further alleviate the financing difficulties of small and micro enterprises and improve the output level.In addition,this paper further comprehensively evaluates the regulatory efficacy of directional regulation and control of monetary policy from multiple dimensions such as central bank welfare loss function,policy frontier curve and social welfare analysis,and further verifies the robustness of the research conclusions.

关 键 词：稳增长 防风险 信贷传导渠道 信号传递渠道 DSGE模型 

分 类 号：F822.0[经济管理—财政学]