金融结构与货币政策传导——数字金融在边际上改变了什么?

Financial Structure and Monetary Policy Transmission:What has Digital Finance Changed on the Margin?

基于宏观时间序列数据和微观上市公司面板数据,从金融功能观的视角出发,本文研究了相对传统金融,数字金融究竟是否以及如何在边际上改变了货币政策传导的问题。在对二者的金融功能进行理论与实证区分基础之上,我们分析了数字金融在边际上对货币政策利率渠道和信贷渠道传导环节的差异化影响。研究发现:第一,数字金融相对于传统金融的优势主要体现在便利支付、储蓄动员和配置资源三方面。第二,相较于传统金融,数字金融在边际上强化了货币政策的整体作用效果,二者之间更多地表现为互补关系而非替代关系,这可能源自二者的功能边界决定了它们与不同类型企业组成了具有分割性的金融市场。第三,数字金融分别通过完善利率期限结构和提高企业投资利率敏感度两个环节强化了利率渠道传导,但并未明显弱化信贷渠道。第四,数字金融的边际作用效果存在较为明显的区域异质性,但不存在明显的行业异质性。研究给出了应将政策工具选择和政策规则调整置于金融结构变迁背景之下,以及应结合两类金融结构与不同类型企业组成不同类型金融市场的特征,创新货币政策工具和操作方式,以更有效服务实体经济等政策建议。

Based on macro time series data and micro panel data of listed companies,from the perspective of financial function,this paper studies whether and how digital finance has changed the transmission of monetary policy at the margin compared with traditional finance.Based on the theoretical and empirical distinction between the two financial functions,we analyze the differential impact of digital Finance on the transmission links of monetary policy interest rate channel and credit channel.The research found that:first,the advantages of digital finance compared with traditional finance are mainly reflected in three aspects:facilitating payment,saving mobilization and resource allocation.Second,compared with traditional finance,digital finance strengthens the overall effect of monetary policy on the margin,and the relationship between them is more complementary than substitution.This can be attributed to the fact that their functional boundaries determine that they form a segmented financial market with different types of enterprises.Third,digital finance has strengthened the transmission of interest rate channels through two links:improving the term structure of interest rate and improving the sensitivity of enterprise investment interest rate,but has not significantly weakened the credit channel.Fourth,the marginal effect of digital finance has obvious regional heterogeneity,but there is no obvious industry heterogeneity.The study gives the policy implications that the choice of policy instruments and the adjustment of policy rules should be placed under the background of the change of financial structure,and that the characteristics of different types of financial markets composed of two types of financial structures and different types of enterprises should be combined to innovate monetary policy instruments and operation methods to serve the real economy more effectively.