全球央行购买公司债的原因、效果及启示

The Reasons, Effects and Enlightenment of Central Bank Purchasing Corporate Bonds

中央银行购买公司债是次贷危机后货币政策理论的一项伟大创新和重要实践探索。通过对迄今为止购买过公司债的日本央行、英国央行和欧洲央行的公司债购买计划进行的系统梳理和总结,以及对中央银行购买公司债的理论依据进行分析,提出中央银行购买公司债的六大传导机制。对中央银行购买公司债的经验进行阐述后认为,鉴于当前实体经济依然存在融资难融资贵问题,中国央行在必要时也可实施公司债购买计划,以降低信用利差并提高货币政策传导效率。

The central bank’s purchase of corporate bonds is a great innovation and important practice exploration of monetary policy theory after the subprime mortgage crisis. This paper systematically sorts out and summarizes the corporate bond purchase programs of the Bank of Japan, the Bank of England and the European Central Bank. Afterwards, the theoretical basis for the central bank to purchase corporate bonds is studied, and the six major transmission mechanisms for the central bank to purchase corporate bonds are first proposed. Finally, the experience of the central bank to purchase corporate bonds is elaborated, which provides an important decision-making reference for the central bank to implement the corporate bond purchase program in the future. In view of the current problem of financing difficulties in the real economy, the People’s Bank of China can also implement corporate bond purchase program when necessary to reduce credit spreads and improve monetary policy transmission efficiency.