货币政策、企业融资约束与宏观审慎政策——基于动态面板系统GMM模型的实证分析

Monetary Policy,Corporate Financing Constraints and Macro Prudential Management——Empirical Analysis Based on Dynamic Panel System GMM Model

基于动态面板系统GMM模型实证,文章利用中国沪深上市企业在2008—2020年间的微观数据研究发现,中国人民银行的货币政策调整对企业融资约束具有显著影响,并且这种影响会因企业的产权性质、资产规模等的不同而呈现出异质性的特征。同时,宏观审慎政策与货币政策的协调使用,有利于在双支柱调控框架下缓解货币政策对企业融资约束的负向影响。因此,中国人民银行在制定货币政策时,根据各微观主体对其政策的不同反应有针对地采取动态化和结构化的调控机制,加强货币政策与宏观审慎政策之间的协调作用,大力增强双支柱调控框架的政策效果,着力打造促进货币金融更好地服务实体经济的长效机制。

Based on the empirical study of dynamic panel system GMM model,using the micro data of listed enterprises in Shanghai and Shenzhen from 2008 to 2020,this paper finds that the monetary policy adjustment of the People’s Bank of China has a significant impact on corporate financing constraints,and this impact will show the characteristics of heterogeneity due to the different property rights and asset scale of enterprises.At the same time,the coordinated use of macro prudential policy and monetary policy is conducive to alleviating the negative impact of monetary policy on corporate financing constraints under the framework of two pillar regulation.Therefore,when formulating monetary policy,the People’s Bank of China adopts a dynamic and structured regulation mechanism according to the different reactions of various micro entities to their policies,strengthens the coordination between monetary policy and macro prudential policy,vigorously enhances the policy effect of the two pillar regulation framework,and strives to create a long-term mechanism to promote monetary finance to better serve the real economy.