结构性货币政策工具对科技创新型企业融资的影响

The Impact of Structural Monetary Policy Instruments on the Financing of Science,Technology and Innovation-based Firms

近年来,货币政策工具在发挥总量调节功能的同时,也有力地支持了经济结构调整和转型升级。2013年起,为加强对“三农”、小微等重点领域及薄弱环节的金融信贷支持,中国人民银行创设了常备借贷便利、抵押补充贷款、定向降准等结构性货币政策工具,向实体经济精准释放流动性,以期达到优化调节经济结构的政策目的。本文从结构性货币政策工具与科技创新型企业融资间的关系出发,尝试对结构性货币政策工具支持科技创新型企业的效果进行评价,认为结构性货币政策工具能够促进科技创新型企业融资,且在不良贷款率较低、地区GDP增长率较高的金融机构中具有更强的政策传导效应,更能促进科技创新型企业贷款增量扩面。在此基础上,提出应从加强结构性货币政策工具支持力度,完善结构性货币政策工具设计,加强货币、财政、产业政策协调配合三个方面改善结构性货币政策工具传导效能。

In recent years,monetary policy tools have strongly supported economic restructuring and transformation and upgrading while playing the function of aggregate regulation.Since 2013,the People's Bank of China has created structural monetary policy tools,such as standing lending facilities and mortgage-supplemented loans,in order to strengthen financial support for key areas and weak links such as the"three rural areas"and small and medium-sized micro-enterprises,with a view to releasing liquidity precisely to the real economy,with a view to optimizing and regulating the structure of the economy.Starting from the relationship between structural monetary policy tools and financing of science and technology innovative enterprises,this paper tries to evaluate the effect of structural monetary policy tools in supporting science and technology innovative enterprises,and concludes that structural monetary policy tools are able to promote financing of science and technology innovative enterprises,and have a stronger policy transmission effect in financial institutions with lower non-performing loan ratios and higher regional GDP growth rates,and are more able to promote the incremental expansion of loans to science and technology innovative enterprises.On this basis,it is proposed that the transmission effectiveness of structural monetary policy tools should be improved in three aspects:strengthening the support of structural monetary policy tools,perfecting the design of structural monetary policy tools,and strengthening the coordination of monetary,fiscal and industrial policies.