货币政策、所有制差异与商业信用再配置——兼论新常态背景下供给侧治理的微观路径

Monetary Policy,Ownership Difference and Reallocation Effects of Trade Credit: A Microscopic Path of Supply-side Management in New Normal Economy

以2007年～2013年中国A股制造业上市公司为样本，考察企业商业信用再配置行为在新常态下的存在性、异质性及其演变逻辑，并以所有制差异为视角，揭示了货币政策对再配置行为的异质性影响。实证发现：与经济高速增长期不同，新常态下，国有企业呈现出比民营企业更强的再配置意愿，国企更大程度上推动了资本要素在微观主体之间的结构性再平衡；宽松货币政策对国有企业再配置意愿的强化效应高于民企，鉴于国有企业的融资比较优势，上述异质性提升效应意味着全社会资金再分配成本有所降低、资本要素在微观主体之间再平衡的效率有所提升。本文为理解新常态下的企业财务行为决策及其政策协调性、理解供给侧改革背景下企业通过财务决策来优化要素配置效率的能动性及其政策联动性提供了研究视角和分析逻辑，也为分析货币政策对供给侧微观治理的影响及优化政策评价机制提供了实证参考。

Using the panel data of a-share manufacturing listed companies covering the period from 2007to 2013, this paper investigates the existence, heterogeneity and evolution process of capital relocation effectconducted by trade credit and reveals impacts of monetary policy on reallocation effects which vary in enter-prises of different ownership types. The empirical results show that： In new normal economy, SOEs are morelikely to reallocate, which goes against the past and contributes the rebalance of capital distributions in re-turns; Easing monetary policy reduces the costs of reallocation and promotes the efficiency of capital rebal-ance because reallocation effects of SOEs react more intensively to easing monetary policy compared with pri-vate enterprises, which confirms the positive effect of monetary policy on supply-side structural reform.