中国货币政策与产业政策协调效果评估

Analysis on the Effects of Monetary Policy and Industrial Policy Coordination

基于中国A股上市公司信贷融资的微观数据,通过系统广义矩估计检验了货币政策与产业政策的协调效果。结果表明,总体上货币政策与产业政策对于公司信贷融资均存在显著影响;控制政策的交互影响后发现紧缩货币政策与产业政策协调的效果较为理想,信贷资金从受产业政策抑制的公司流向政策鼓励的公司;宽松货币政策与产业政策结合效果欠佳,资金流向与政策初衷相悖。该发现充实了宏观经济政策与微观企业行为研究领域的经验证据,也有助于进一步理解货币政策与产业政策协调的效力。

Based on credit financing data of Chinese A-share listed companies, preliminary micro-level evidence is provided on the economic consequence of coordination between monetary policy and industrial policy. SYS -GMM results suggest that both monetary policy and industrial policy cause effects on credit financing behavior significantly. After controlling for interaction item, results suggest that the coordination between tight monetary policy and industrial policy is relatively effective, with credit funds flowing from corporate under suppressed policy to corporate under encouraged policy ; the combination of loose monetary policy and industrial policy is less effective, for credit flows contrary to the original intention of industrial policy. Our finding enriches the empirical evidence in the field of macroeconomic policies and corporate behavior, and helps to further understand and assess the effects of the coordination between monetary policy and industrial policy.