资本结构错配的逻辑机理及政策协同调控分析

Logical Mechanism of Capital Structure Mismatch and Analysis of Policy Coregulation and Control

基于城镇化进程中以房地产价格高企为代表的土地资本以及央行扩表带来的巨额货币量投放,“脱实向虚”成为现阶段资本结构错配的集中表现。从资本结构的供需函数入手,以产业资本、土地资本和金融资本为研究因子,通过分析其内在机理,透视出产生困境的逻辑基础。针对货币传导机制不顺畅的关键症结,央行把定向结构性操作工具作为实施货币政策的重要抓手,改善资本对银行投放信贷的实质性约束,真正起到定向调控、精准滴灌的作用。同时,配合资管新规,压缩商业银行在同业市场追逐流动性的空间。此外,发挥财政政策作用,分担央行货币政策逆周期调节的重担。

In the process of urbanization, land capital represented by high price of real estate and the huge amount of money put in by the expansion of the central bank have led to the “Transforming the economy from substantial to fictitious”of capital structure mismatch at the present stage. Starting from the supply and demand function of capital structure, industrial capital, land capital and financial capital are taken as the factors, and through the analysis of its internal mechanism, it shows the logical basis of the predicament. In view of the key crux of the unsmooth monetary transmission mechanism, the central bank regards the directional structured operation tool as an important way to implement monetary policy, improves the substantial restriction of capital on bank credit, and really plays the role of directional regulation and precise drip irrigation. At the same time, in line with the new regulations on capital management, commercial banks will have less room to pursue liquidity in the industry market. In addition, the role of fiscal policy should be played and the burden of counter-cyclical adjustment of the central bank's monetary policy should be shared.