大、中、小企业货币紧缩效应及其差异研究

The Effects and Differences of Monetary Tightening on Large,Medium and Small Enterprises

中、小企业资金链断裂及破产潮是否是货币紧缩期的常态?为此,本文基于国家统计局工业企业数据,探讨了中国不同规模企业货币紧缩效应及其相互间的差异。研究发现,货币政策总体上基本有效,但是有偏的,对大、中、小企业的作用效果截然不同。大企业货币紧缩效应微乎其微,而中、小企业受到的冲击非常突出,中型企业尤为严重,不仅外部融资水平降低,而且主营业务收入、存货、利润全面显著下降。这种效应一方面严重背离货币紧缩的"全局"性要求及其真正目标;另一方面固化国内大、中、小企业"大者恒大、弱者更弱"的失衡生存状态,应引起高度重视。否则中、小企业困境将变成货币紧缩期的常态。

Is it normal for the funds chain collapse and bankruptcy of small and medium-sized enterprises during the monetary tightening period？ Using industrial enterprises data from national bureau of statistics of China, this article explores the effects and their discrepancies of monetary tightening on different scale enterprises in China. We find that monetary policy is basically overall effective, however, it is bias which has different impacts on large, medium and small enterprises respectively. Monetary tightening has little influence on large enterprises, while fierce shocks for small and medium enterprises, particularly most serious for medium firms. Not only is medium enterprises＇ external financing reduced, but also their sales, inventory, and profit are significantly decline. These are deviate from the monetary policy real targets, and deteriorating the ongoing imbalanced survival envirornment of large, medium and small enterprises.