货币政策传导机制中的行业非对称性研究——基于上市公司财务数据

The industry asymmetry research in monetary policy transmission mechanism——Based on financial data of the listed Corporation

以近十年来我国经济发展变化以及货币政策执行情况为出发点,对货币政策在实施过程中产生的影响进行深入分析。研究发现:第一,确实存在货币政策行业非对称现象,即对于同一货币政策,各行业对其敏感度不同;第二,财务结构是影响企业对货币政策敏感程度差异的重要原因;第三,不同财务指标在货币政策传导机制中所起的作用效果不同,营运资本的作用较小,总资产规模和负债率的作用较大,资产规模较小的企业比资产规模较大的企业更易受到货币政策冲击的影响。

This article based on the change of economic developments and the monetary policy implementation of past decade, detailed analysis for the impact generated during the implementation of monetary policy. There are several conclusions as follows：firstly, The presence of the industry asymmetry mean that various industry have different sensitivity for the same monetary policy; secondly, financial structure is an important reason for its impact on the monetary policy of sensitivity; finally, Different financial indicators play different role in monetary policy transmission mechanism, The effect of working capital is small but total assets and debt ratio are bigger, Smaller scale enterprises are more vulnerable to the impact of monetary policy than bigger scale.