基于上市企业微观杠杆率的货币政策传导效率的研究——地方政府隐性债务视角

Leverage Ratio of Listed Enterprises and the Efficiency of Monetary Policy Transmission——From the Perspective of Implicit Local Public Debts

本文以上市企业微观杠杆率为切入点,探讨地方政府隐性债务这一当前重要且面临重大变革的供给侧要素对货币政策传导的影响。研究结果显示,以融资平台负债度量的地方政府隐性债务可以通过银行信贷挤出和利率扭曲两种机制影响货币政策传导的信贷渠道,从而显著降低货币政策传导效率。此外,相较而言,货币政策传导效率降低对民营企业和小规模企业融资的影响更大,是导致当前民营和中小企业“融资难、融资贵”问题的重要原因之一。

We discuss the influence of implicit local public debts on the monetary policy transmission from the perspective of leverage ratio of listed enterprises and find that implicit local public debts measured by LGFV(local government financing vehicle) liabilities significantly disrupt the credit channel of monetary policy transmission.Specifically,the disruption of monetary policy transmission channels is realized through the credit squeeze and interest rate distortion.In addition,the disruption of monetary policy transmission mainly impacts the small-scale enterprises and non-state-owned enterprises,which explains the financing difficulties of private and small enterprises.