社会融资规模与货币政策传导

AFRE and Monetary Policy Transmission

从2011年起,我国宏观调控引入了一个新的指标概念,这就是社会融资规模。温家宝总理在第十一届全国人民代表大会第四次和第五次会议上两次指出,要保持合理的社会融资规模。社会融资规模是指一定时期内实体经济从金融体系获得的资金总额,是全面反映金融对实体经济的资金支持以及金融与经济关系的总量指标。与货币供应量从金融机构的负债方统计不同,社会融资规模从资产方进行统计。社会融资规模在理论上得到了货币政策传导机制信用观点的支持。社会融资规模的推出,与近年来我国金融市场和产品不断创新、直接融资快速发展、非银行金融机构作用明显增强、商业银行表外业务大量增加、社会融资结构发生显著变化的经济金融环境相适应。实证研究也表明,我国的货币政策能有效影响社会融资规模,社会融资规模也对经济增长、物价水平、投资消费等实体经济指标产生较大影响,社会融资规模是反映金融与经济关系的良好指标。编制社会融资规模指标也有利于加强金融对实体经济的支持。

A new concept was introduced into macro - economic management in China this year, which is Aggregate Financing to the Real Economy （AFRE）. AFRE describes the total financing from the financial system to the real economy during a certain period. It is an aggregated indicator comprehensively depicting the financial support from the financial sector to the real economy, as well as the interaction between the financial sector and the real economy. AFRE collects information from the asset side of financial institutions＇ balance sheet, and this is different from money supply, which is a traditional indicator with information from the liability side. Theoreti- cal support for AFRE comes from the credit view of monetary policy transmission mechanism. The introduction of AFRE is deeply rooted in developments of the Chinese economic and financial environment, including the on- going innovations in financial markets and products, rapid expansion in direct financing, the enhanced role played by non - bank financial institutions and the increase in off - balance - sheet items in commercial banks. Empirical study using Chinese data also indicates that monetary policy can affect and manage AFRE effectively, and AFRE, in turn, can influence real economic indicators, such as economic growth, price level, as well as investment and consumption. AFRE is a useful indicator revealing the interaction between the financial sector and the real economy, and it helps to strengthen the link between both sides.