企业规模与货币政策的非对称效应

ENTERPRISE SCALE AND THE ASYMMETRIC EFFECTS OF MONETARY POLICY

在金融加速器模型的基础上,本文构建了含有企业异质性的动态随机一般均衡模型,并以此考察了我国货币政策对不同规模企业的非对称效应。研究结果表明,相对于大企业,中小企业更易受到紧缩性货币政策冲击的影响,中小企业产出下降幅度约是大企业的三倍。造成这种非对称效应的主要原因在于中小企业外部融资受到限制。此外,货币政策冲击通过信贷市场放大了经济波动,经济中存在着明显的金融加速器效应现象。因此,央行在制定货币政策时应考虑到货币政策对不同规模企业的非对称效应,并谨慎选择名义利率的调整幅度。

Based on the financial accelerator theory, this paper introduces the heterogeneity of enter- prises into a DSGE model, to investigate the asymmetric effects of monetary policy on enterprises of dif- ferent scales in China. The main conclusions of this paper are： the small-sized enterprises respond more strongly than large-sized enterprises when the nominal interest rate is adjusted. The output of small-sized enterprises decreases nearly three times as large-sized enterprises do, because of the large gap in the finan- cing capacity of heterogeneous enterprises. In addition, monetary policy shocks are amplified by credit market, and there is a significant effect of financial accelerator in the economy of China. Consequently, the monetary policy tools should be chosen cautiously according to the asymmetric effects on enterprises of different scales.