“双支柱”调控框架、公司治理与金融去杠杆

Dual-Pillar Adjustment Framework, Corporate Governance and Financial Deleveraging

近年来,我国金融杠杆率呈现短期内快速攀升的态势。货币政策与宏观审慎政策协调配合虽然能够通过外部监管调控抑制银行业金融机构的杠杆水平上升,但其内生扩张的动力依然强劲。据此,本文将公司治理因素引入DSGE模型,模拟分析"双支柱"调控框架对于金融去杠杆的政策效果,并从提升银行业金融机构公司治理水平、完善央行"双支柱"调控框架两方面提出了政策建议。

In recent years, China’s financial leverage has shown a rapid rise in the short term. Although monetary policy and macro-prudential policy coordination can inhibit the rise of leverage in banking financial institutions through external regulation and control, the driving force for endogenous expansion is still strong. Based on this, this paper introduces corporate governance factors into the DSGE model, simulates the policy effect of the "Dual pillar" adjustment framework on financial de-leveraging. It also proposed policy recommendations from two aspects: improving the corporate governance level of banking financial institutions and improving the "Dual pillar" adjustment framework of the central bank.