货币政策的债券市场传导机制——基于不同经济性质企业的融资成本视角

Bond Market Transmission Mechanism of Monetary Policy——Based on the Financing Cost Perspective of Enterprises with Different Economic Nature

债券市场中货币政策传导机制发挥着怎样的作用,货币政策的利率传导渠道作用于国有企业与民营企业的效果是否有所不同,通过降低中介利率目标是否可以同时降低国有企业与民营企业的融资成本等问题是本文开展研究的出发点。本文通过2014年1月至2018年9月银行间债券市场的数据为样本进行回归分析,对国有企业与民营企业直接债务融资成本受到货币政策利率传导机制的差异性影响进行了实证性研究,并提出相关建议。

How does the monetary policy transmission mechanism work in the bond market?Are there any differences between the effects of interest rate transmission as they apply to SOEs and private enterprises?Is it possible to reduce financing costs of SOEs and private enterprises by reducing the target for the intermediary interest rate?This paper conducts a regression analysis of the inter-bank bond market data from January 2014 to September 2018.It provides an empirical study of the differentiated effects on direct financing costs of SOEs and private enterprises as a result of the monetary policy interest rate transmission mechanism.It also provides policy recommendations.