积极的财政政策缓解了企业的融资约束吗?

Does Proactive Fiscal Policy Ease the Firm's Financing Constraints?

随着国际金融危机发生,大量调控政策的出台,人们越来越关注宏观经济政策在微观层面的传导机制,并期望基于此判断政策的实施效果。基于企业融资约束的变化,有利于理解积极财政政策的实施效果。积极的财政政策分别通过挤入效应与挤出效应两个渠道影响了企业的融资约束。其中,挤入效应通过直接渠道与间接渠道影响企业的融资约束。挤出效应通过利率传导机制和信贷配给机制影响企业的融资约束。实证研究发现:在积极财政政策背景下,国有企业受益于挤入效应,融资约束程度下降。然而,民营企业在受益于挤入效应的同时受制于挤出效应,融资约束却无显著改善。因此,基于积极财政政策的双重效应,对于政策制定者而言,国家实施积极的财政政策不仅要注重总量控制,更要注重结构化调整。对于企业而言,要采取差异化的措施来灵活应对国家的宏观调控政策。

As the promulgation of macroeconomic policy,the micro-foundation of transmission mechanism attracts more and more attention after the international finance crisis. The implementation effect is expected to be estimated as well. The effect of macroeconomic policy is easily understandable based on firm＇s economic behavior. Proactive fiscal policy affects firm＇s financing constraints through crowding-in effect and crowding-out effect. The crowding-in effect influences firm＇s financing constraints through direct and indirect channel. The crowding-out effect influences firm＇s financing constraints through interest rate transmission and credit rationing mechanism. Empirical study finds out： the degree of state-owned firm＇s financing constraints decreases,benefited from the crowding-in effect of fiscal policy. However,the private firm＇s financing constraints has no statistically significant change under the influence of crowding-in effect and crowding-out effect. Therefore,as for the policy maker,not only the total amount control of proactive fiscal policy,but also the structural adjustment should be focused on. As for the firms,differentiated strategy should be taken to meet the macro-policy.