央行担保品政策如何支持实体经济?——基于商业信用的视角

How Does the Central Bank Collateral Policy Support the Real Economy?Based on the Perspective of Trade Credit

2023年中央金融工作会议指出,要坚持把金融服务实体经济作为根本宗旨。因此,在我国构建基于担保品的货币政策框架背景下,科学地评价我国央行担保品政策的有效性对于更好地发挥货币政策服务实体经济高质量发展具有重要意义。本文基于银行间市场的AAA级公司信用类债券被首次纳入货币政策担保品范围这一制度背景,利用双重差分模型从企业商业信用融资微观视角对央行担保品政策支持实体经济及其作用机制进行研究。研究表明,央行担保品政策可以显著改善企业的商业信用融资,且这一结论在多种稳健性检验下都成立。作用机制检验发现,将公司信用类债券纳入央行担保品范围不仅会通过债券市场和银行信贷市场对企业融资产生促进作用,该效应还会进一步传导至产品市场,并对企业商品采购、产品销售、投资规模以及盈利水平产生积极影响,这表明央行担保品政策可以通过金融市场有效服务于实体经济。本文对于构建和完善基于担保品的货币政策调控框架,加快现代中央银行制度建设,构建中国特色现代金融体系,增强货币政策服务实体经济的质量,提高货币政策的资金配置效率具有重要启示。

The 2023 Central Financial Work Conference pointed out that finance servicing the real economy should be regarded as its fundamental purpose.Therefore,in the context of building a collateral-based monetary policy framework in China,the scientific evaluation of the effectiveness of the collateral policy of the People's Bank of China is of great significance for the better utilization of monetary policy to serve the real economy in high-quality development.This paper examines how the central bank collateral policy supports the real economy in China based on the quasi-natural experiment of including AAA-rated corporate credit bonds in the interbank market in the scope of monetary policy collateral from a firm-level trade credit perspective.The study finds that the collateral policy can significantly improve eligible firms'trade credit financing,and this finding is consistent with a variety of robustness tests.The transmission mechanism shows that including corporate bonds in the central bank's collateral scope improves corporate financing through the bond and bank loan markets.The effect is further transmitted to the product market and has a positive impact on firms'commodity purchases,product sales,investment,and profitability.This shows that central bank collateral policy can effectively serve the real economy through the financial market.This paper has important policy implications for constructing and improving the framework of collateral-based monetary policy,building a modern central banking system,constructing a modern financial system with Chinese characteristics,enhancing the ability of monetary policy to serve the real economy,and improving the efficiency of monetary policy resource allocation.