中国结构性货币政策的有效性——基于金融加速器边际效应的理论和实证研究

The Effectiveness of Chinese Structural Monetary Policy:A Theoretical and Empirical Study Based on the Marginal Effect of Financial Accelerator

以发达国家为研究对象的传统理论不支持货币政策进行结构调控,认为结构问题由价格信号自动调整,无需外部政策干预。中国市场体系还在完善之中,大小企业应对外来冲击的风险分散能力存在差异。基于金融加速器边际效应的非对称视角,构建一个包含异质性企业特征的理论模型,使用宏观与微观上市公司数据进行实证研究发现:金融加速器边际效应对大小企业的差异性会导致经济结构进一步扭曲并恶化银行资产负债表,结构性货币政策通过风险补贴可以校正这种结构扭曲并提高银行资产负债表质量,从而在调结构的同时,实现促增长和弱化系统性风险的双重目标。

Traditional theories that focus on explaining the phenomenonin developed countries do not support the effectiveness of monetary policy in structural macroeconomic management.They believe that structural problems can be adjusted by price signals without extra policy intervention.However,China's market system is still under development,and small and large firms differ in their risk diversification abilities.Based on a new perspective from asymmetric marginal effect of financial accelerators,we build a theoretical model that features heterogeneous sfirm characteristics,and use macroeconomic data and listed firm micro-level data for empirical verification.The results show that the different marginal effect of financial accelerators on small and large firms can further distort the economic structure and worsen bank balance sheets.Structural monetary policy can correct this structural distortion through risk compensation thus improving bank balance sheets quality.It adjusts structure distortion while achieving the dual goals of promoting economic growth and reducing systemic risks.