房价波动对货币政策效应的微观影响机制

本文以中国上市公司2011-2016年的数据为样本,将抵押品渠道和担保圈渠道为代表的微观企业特征纳入到渠道研究范围,从微观企业视角研究房价波动如何影响货币政策效应,并进一步分析房价波动所产生的非对称效应。实证结果表明:房价上涨会削弱紧缩性货币政策的效应,从而降低货币政策对企业投资规模的影响程度;房价波动对货币政策效应的影响主要体现在小规模企业、非国有企业和房地产企业。因此,货币政策应关注房价波动通过微观主体传播带来的影响,注重对企业内生互动的监测,发挥货币政策与宏观审慎政策"双支柱"的作用,这将是新经济时期完善结构性货币政策的一个非常重要的方面。

Taking the data of Chinese listed companies from 2011-2016 as a sample, this paper brings the characteristics of microenterprises represented by collateral channel and guarantee ring channel into the scope of channel research, studies how the fluctuation of house price affects the monetary policy effect from the perspective of micro-enterprise, and then analyzes the asymmetric effect caused by the fluctuation of house price. The empirical results show that the rise of housing prices will weaken the effect of tight monetary policy, so as to reduce the impact of monetary policy on the investment scale of the enterprise; the impacts of housing price fluctuations on monetary policy effect are mainly reflected in small enterprises, non state-owned enterprises and real estate enterprises. Therefore, monetary policy should focus on the impacts of price fluctuation brought by the spread of micro subject, pay attention to the monitoring of enterprise endogenous interaction, and give full play to the role of the monetary policy and the macro-prudential policy as ＂double pillars＂, which will be a very important aspect of improving structural monetary policy in the new economic period.