摘要
本文通过手工搜集整理政府部门发布的通知公告、文件等信息构造宏观审慎政策指数,结合企业财务数据、实际贷款数据和年报文本数据,采用固定效应模型,分析宏观审慎政策对实体企业风险承担水平的影响,并深入探讨其作用渠道。研究发现,紧缩的宏观审慎政策会降低实体企业的风险承担水平,信贷和预期引导是主要传导渠道。进一步分析发现,宏观审慎政策可以弱化宽松货币政策对实体企业风险承担水平的刺激效应。
This paper constructs a macro-prudential policy index by manually collecting announcements and documents issued by government departments,and uses a fixed-effects model to analyze the impact of macro-prudential policy on the risk-taking level of enterprises by combining enterprise financial data,actual loan data and annual report text data.It is found that tight macro-prudential policies reduce the risk-taking level of real enterprises,which is mainly transmitted through the credit channel and the expectation guidance channel.Further analysis finds that macro-prudential policy can weaken the stimulating effect of accommodative monetary policy on the risk-taking level of enterprises.
作者
祁敬宇
杨小洋
蒋佳伶
郑宁
QI Jing-yu;YANG Xiao-yang;JIANG Jia-ling;ZHENG Ning
出处
《金融论坛》
北大核心
2023年第10期48-58,共11页
Finance Forum
基金
国家社科基金面上项目“习近平金融安全治理思想与当代金融监管实践”(18KBS140)
国家自然科学基金青年项目“中国家庭的数字鸿沟:测度、成因及影响研究”(72203021)
北京市教委科研计划一般项目“数字鸿沟对京津冀家庭福利的影响研究”(SM202311417006)。
关键词
宏观审慎政策
实体企业风险承担
信贷渠道
预期引导渠道
macro-prudential policy
enterprise risk-taking
credit channel
expectation guidance channel