结构性货币政策对我国企业投融资影响研究

Research on the Impact of Structural Monetary Policy on the Investment and Financing of Chinese Enterprises

2013年以来,央行相继创设了一系列结构性货币政策工具,并取得了较好的成效。以此为背景,本文梳理了几种主要结构性货币政策工具的理论路径,并运用因子分析法和面板FAVAR模型进行实证分析,探寻几种结构性货币政策工具的实施效果,并提出改进方案。研究表明:按照国家统计局的划分标准,依据不同地区的经济特征,现有货币政策工具在我国西部地区实施效果最好,有效改善了我国中小企业的投资环境,同时缓解了国有企业的过度投资,改进了政策资金漏损的问题。同时,央行应制定激励相容政策以疏通货币政策的传导路径,并重视政策资金的管理,对资金的用途进行全流程跟踪。

Since 2013,the central bank has created a series of structural monetary policy tools and achieved good results.Against this background,this paper reviews the theoretical approaches of several major structural monetary policy tools and conducts an empirical analysis using factor analysis and panel FAVAR models to explore the implementation effects of several structural monetary policy tools,and propose improvements.The study shows that,according to the classification criteria of the National Bureau of Statistics(NBS)and the economic characteristics of different regions,the current monetary policy tools have the best effect in western my country,effectively improving the investment environment of small and mediumsized enterprises in China,while alleviating the over-investment of state-owned enterprises and improving the leakage of policy funds.In addition,the People’s Bank of China should formulate incentive compatible policies to clear the transmission path of monetary policy,pay attention to the management of policy funds,and track the use of funds throughout the process.