宽松性货币政策是否加剧了流动性错配:基于公司视角

Has Loose Monetary Policy Exacerbated Liquidity Mismatch:A Corporate Perspective

从微观角度研究货币政策对流动性错配的影响,结果表明:紧缩性货币政策显著加剧了公司流动性错配行为,这与传统宽松货币政策导致经济主体风险承担意愿增加、进而导致流动性错配加剧的观点不一致。进一步的研究发现,由于经济驱动的内生性带来经济主体资金需求具有内生性,紧缩性货币政策导致过度依赖银行融资的企业使用短期负债融资替代更难获取的长期负债融资以弥补资金缺口,是导致紧缩性货币政策下流动性加剧的原因。

This paper studies the effect of monetary policy on liquidity mismatch from a micro view. Unlike traditional viewpoints,the research result shows that it is the tight monetary policy rather than the easy one that has notably increased liquidity mismatch. The further study shows that the tight monetary policy forces the firms with fewer financial channels to substitute their long term debt with short term debt in order to cover their capital gap,which is the very reason that leads to the aggravation of liquidity under the tight monetary policy.