异质产业金融结构与货币政策非均质效应

The Non-Homogeneous Industry Financial Structure and Heterogeneous Effects of Monetary Policy

本文从货币政策对产业经济影响非均质的假设出发,通过设计包含9个指标的产业金融结构指标体系,对中国证监会所分12类产业建立面板模型,实证研究货币政策对我国金融结构异质产业的非均质影响。通过定义和研究货币政策组合传导机制,发现金融加速器效应普遍存在于产业经济范围内,不同产业金融加速器效应大小的异同是由商业周期中各产业金融结构的变化所决定的,并对货币政策实施效果有不同程度的放大或抵消作用。

This article starts from the assumption which of the impact of monetary policy on the industrial economy is heterogeneous, and designs index system that including nine indicators of financial structure. We set up the panel model to empirically study 12 categories of industries that regulated by China Securities Commission for researching the heterogeneous impact of monetary policy on the non - homogeneous industries. We found that financial accelerator effects were widespread in every industry by studying mixed transmission mechanism of monetary policy. The size of financial accelera- tor effects of different industries was decided by the changes of industry financial structure in the business cycle, and amplified or offset the effects of monetary policy.