我国货币政策对制造业的非对称性影响

Study on the Asymmetric Impact of China’s Monetary Policy on Manufacturing Industry

以我国制造业的三个细分行业作为样本,选取2013-2017年的月度数据建立VAR模型,借助脉冲响应函数和方差分解,对这三个行业进行对比分析,发现我国货币政策对制造业具有非对称性效应。从要素密集度因素、对外依存度因素和所有制形式这三个方面对出现这种行业非对称性效应的原因进行了分析,提出提高货币政策行业效应的建议,即:实行差异化的货币政策,进一步扩展我国金融市场的融资渠道,加强货币政策与其他政策的协调配合等。

This paper takes three subdivided industries in China’s manufacturing industry as samples.TIt selects the monthly data from 2013 to 2017 to establish the VAR model,and makes comparative analysis of the three industries with the help of impulse response function and variance decomposition.It is found that China’s monetary policy has an asymmetric effect on manufacturing industry.The article analyzes the causes of the asymmetric effects of such industries from three aspects:intensity,external dependence and ownership form.Suggestions for improving the monetary policy industry effect are put forward,such as implementing differentiated monetary policy,further expanding the financing channels of China’s financial market,and strengthening the coordination role of monetary policy and other policies.