摘要
运用时变量自回归模型和动态面板模型,实证检验货币政策对非金融类企业杠杆率的影响。结果发现,货币政策在宏观上具有产业结构效应,在微观上表现为企业杠杆率分化,且不同货币政策工具对企业长短期杠杆率影响不同。进一步研究发现,由于存在金融加速器效应,各行业金融摩擦程度不同,货币政策会导致各行业的非金融企业杠杆率存在分化。同时,由于信贷歧视程度不同,货币政策调整也会导致国有与非国有企业的杠杆率分化。因此,在新发展阶段,在实施总量型货币政策进行宏观调控时,需注重去杠杆、稳增长以及调结构之间的关系,更需要政策之间的协调以保证杠杆率处在合理区间。
Using the time-variable autorgressive model and dynamic panel model,the impact of monetary policy on the divergence of leverage of non-financial firms is examined empirically.It is found that monetary policy has an industrial structure effect at the macro level and a divergent leverage ratio at the micro level,and that different monetary policy instruments have different effects on the leverage ratios of firms in the long and short term.It is further found that monetary policy leads to a divergence in the leverage of nonfinancial firms across industries due to the existence of financial accelerator effects and different degrees of financial frictions across industries.At the same time,monetary policy adjustments also lead to a divergence in leverage between state-owned and non-state-owned enterprises due to different degrees of credit discrimination.Therefore,in the new development stage,when implementing aggregate monetary policy for macroeconomic control,it is necessary to focus on the relationship between deleveraging,stabilising growth and adjusting the structure,and to coordinate between policies to ensure that the leverage ratio is within a reasonable range.
作者
谢超峰
XIE Chao-feng(Business School,Henan Normal University,Xinxiang 453007,China;Upgrading of Industrial Structure in Soft Science Research Base,Henan Normal University,Xinxiang 453007,China)
出处
《经济体制改革》
CSSCI
北大核心
2023年第1期155-164,共10页
Reform of Economic System
基金
河南省高校科技创新人才(人文社科类)支持计划(2021-CX-017)。
关键词
货币政策
产业结构效应
金融加速器
杠杆率分化
monetary policy
industrial structure effects
financial accelerators
divergence of leverage
