票据融资发展拐点机理及影响研究:以山东为例

Research on Notes Financing Turning Point Formation Mechanism and Effect:Shandong Province Case

本文以山东省为例,运用博弈论等方法对票据融资拐点机理及其对货币政策传导机制的影响进行了研究,阐述票据融资与货币政策传导机制、经济发展的具体关系,进一步论证了当前我国票据融资的"泡沫化"和功能的"变异化",并基于中央银行角度,从功能再造、机制创新及市场拓展等三个方面就畅通票据融资在货币政策传导中的作用提出了相关政策建议。

This article makes the research on the formation mechanism of turning point of notes financing and its effect on the monetary policy with the method of game theory, taking the case of Shandong Province. Further, this article represents the relationship among notes financing, its effect of monetary policy and economic development in detail, demonstrating the ＂Spumescence＂ and ＂distortion＂ of notes financing＇s function. Finally, the paper puts forward the policy recommendations aiming at optimizing the function of notes financing through the three ways： function reengineering, institution innovation and market expanding, from the angle of central bank.