结构性货币政策缓解民营、小微企业融资约束分析--以定向中期借贷便利为例

How Structural Moneytary Policy Helps to Relieve the Financing Restriction of Private Enterprises and Small and Micro Enterprises:Taking Targeted Medium-term Lending Facility as an Examyle

调整信贷结构,扶持民营、小微企业发展是结构性货币政策调控的重要目标之一,本文以定向中期借贷便利为例,剖析了价格型结构性货币政策"定向降息"机制在信贷资金调控与经济稳定两方面的作用。研究发现,结构性货币政策可以通过"定向降息"降低企业融资成本,引导信贷资金流向下游民营、小微企业,促进目标企业发展,具有"降成本、调结构"的功能。而下游企业发展会对上游企业形成需求拉动效应,有助于实现上下游企业协同发展与经济稳定的双重经济目标。进一步分析表明,在信贷萎缩、金融风险上升的情况下,结构性货币政策容易引发上下游企业产出背离,削弱经济内在稳定性。因此,央行应特别注重通过降准等其他政策工具维持市场整体流动合理充裕,为结构性货币政策的实施提供必要的流动性环境。

One of the important objectives of structural monetary policy is to adjust credit structure and support the development of private,small and micro enterprises.Taking the targeted medium-term lending facility as an example,this paper analyzes the role of the"targeted interest rate reduction"mechanism of price-based structural monetary policy in credit fund regulation and economic stability.The finding is that structural monetary policy can reduce the financing cost of enterprises,guide the flow of credit funds to downstream private enterprises,small and micro enterprises,promote the development of target enterprises.The downstream enterprises have a demand effect on the upstream enterprises,which helps to achieve the dual economic goals of coordinated development of upstream and downstream enterprises as well as economic stability.Further analysis shows that under the condition of credit shrinking and financial risk rising,it is easy for structural monetary policy to lead to the output deviation of upstream and downstream enterprises and weaken the internal stability of economy.Therefore,the central bank should pay special attention to maintain reasonable and sufficient market liquidity by reducing reserve requirement ratio and using the other policy tools,so as to provide the necessary liquidity environment for the implementation of structural monetary policy.