垂直结构、歧视性信贷与货币政策传导有效性——兼论我国国有企业市场化改革

Vertical Structure, Discriminatory Credit and the Effectiveness of Monetary Policy Transmission: On the Market-oriented Reform of China’s State-owned Enterprises

本文基于2010—2020年度我国规模以上工业企业宏微观数据,考察了垂直结构背景下歧视性信贷对货币政策传导有效性的影响机制和作用效果。通过文献梳理和构建理论机制,提出了相关研究假说。实证检验表明:银行信贷对民营企业普遍存在歧视性行为,整体上融资不足;国有企业具备政府隐性担保优势,整体上融资过度。垂直结构背景下银行信贷歧视行为进一步抑制了我国货币政策传导有效性。在我国中东部地区,民营企业在信贷市场中处于明显劣势地位,是导致货币政策传导不畅的重要原因;西部地区此抑制现象略微减弱。经IV、GMM和DID等内生性处理方法检验,基准实证结果依旧稳健。通过微观数据进一步分析也印证了基准实证结论的可靠性。文章提出要继续深化国有企业市场化改革,推动“垂直结构”向“平行结构”发展;继续改善企业融资环境,规避民营企业信贷歧视陷阱;打通信贷政策所有制歧视传导阻滞,缓解货币政策调控实体经济体系不畅问题等对策建议,以实现我国实体经济持续高质量发展。

Based on the macro and micro data of China’s industrial enterprises above designated size from 2010 to 2020, this paper investigates the impact mechanism and effect of credit discrimination on the transmission effectiveness of monetary policy under the background of vertical structure.By combing the literature and constructing the theoretical mechanism, this paper puts forward relevant research hypotheses.The empirical test shows that the bank credit policy generally discriminates against private enterprises, and the overall financing is insufficient;state-owned enterprises have the advantage of implicit government guarantee and over financing as a whole.Under the background of vertical structure, bank credit discrimination further inhibits the transmission effectiveness of China’s monetary policy.In the middle east of China, private enterprises are in an obvious inferior position in the credit market, which is an important reason for the poor transmission of monetary policy;in the western region, this inhibition phenomenon weakened slightly.The benchmark empirical results are still robust after being tested by endogenous treatment methods such as IV, GMM and DID.The reliability of the benchmark empirical conclusion is also confirmed by further analysis of micro data.This paper proposes to continue to deepen the market-oriented reform of state-owned enterprises and promote the development from“vertical structure”to“parallel structure”;Continue to improve the enterprise financing environment and avoid the credit discrimination trap of private enterprises;in order to realize the sustained and high-quality development of China’s economy, countermeasures and suggestions are put forward, such as blocking the transmission of discrimination in ownership of communication loan policy and alleviating the problem of poor monetary policy regulation of the real economic system.