金融危机、货币政策与企业资本投资——兼论经济新常态下货币调控何去何从

Financial Crisis,Monetary Policy and Firm Capital Investment:How to Carry out Monetary Regulation under the New Normal

回顾总结金融危机期间的货币调控经验,有助于政府部门提升经济治理水平,从而有利于国家经济的平稳增长。文章以2008年金融危机为研究背景,实证探究央行货币政策对企业资本投资的影响,结果显示:货币调控"由紧转松"对国有企业资本投资扩张的促进作用更强;而货币调控"由松转紧"对民营企业资本投资的抑制作用更强;与国企相比,民营企业始终表现出较高的投资效率;央行货币调控对国有企业与民营企业的资本投资产生非对称影响。金融危机期间,货币调控对经济总量的控制具有显著效果,但是对经济优化转型的引导作用却非常有限,金融资源配置效率依然受制于企业产权差异。在吸取金融危机期间我国货币调控经验得失的基础上,文章进而拓展探讨新常态下央行货币调控问题,指出新常态下央行货币调控应保持政策稳定性,以支持经济结构优化升级。文章有助于合理评估金融危机背景下央行货币调控在微观层面的落实效果,对政府部门转变宏观调控方式、主动适应经济新常态具有一定的启示意义。

A review of monetary regulation experience during the financial crisis helps the governments to enhance the level of economic governance, thereby being conducive to the steady growth of the national economy. Based on the background of 2008 financial crisis, this paper em- pirically studies the impact of monetary policy of the central bank on firm capital investment. It comes to the following conclusions： firstly, when the central bank has shifted its monetary policy from tight to loose, the capital investment scales of state-owned enterprises increase more than private enterprises; secondly, when monetary policy has been shifted from loose to tight, the capital investment scales of private enterprises are inhibited more than state-owned enterprises; thirdly, compared with state-owned enterprises, private enterprises have always exhibited higher investment efficiency; fourthly, monetary regulation of the central bank has the asymmetric in- fluence on capital investment of state-owned and private enterprises. During the financial crisis, monetary regulation has the significant effect very limited role in the guidance of upgrading on the control of economy quantity, but plays the economic structure; and the efficiency of financial resources allocation is still subject to the difference in the property rights of enterprises. On the basis of experience from monetary regulation in China during the financial crisis, this paper fur- ther explores how to carry out monetary regulation under the new normal,and points out that monetary regulation of the central bank should keep stability to support the upgrading of econom- ic structure. This paper can help to rationally evaluate the implementation effect of the central bank＇s monetary regulation on microeconomic level in the background of financial crisis, and also has significance for governments to transform macro-control mode and adapt to the new normal of economy.