摘要
企业杠杆率影响货币政策传导机制和经济运行效率,并与金融稳定密切相关。本文在抵押担保约束模型基础上,采用马尔科夫区制转移模型考察了企业杠杆率、经济增长与资产价格之间的区制结构性特征,并通过广义脉冲响应分析各因素相互传导的程度、路径与收敛性。研究表明:企业升杠杆容易、降杠杆困难;企业杠杆率与经济增长呈逆周期特性,与资产价格呈顺周期特性;企业杠杆率、经济增长与资产价格之间存在显著非对称效应。
Corporate leverage ratio affects the transmission mechanism of monetary policy and the efficiency of economic operation and is closely related to financial stability. Based on the collateral constraints model, Use of the Markov regime switching model to ex- amine the structural characteristics of corporate leverage ratio, economic growth and asset prices. ＆nd analysis the degree, path and convergence of the impact of mutual transmission of various factors through the generalized impulse response. Research shows that it is easy to raise corporate leverage ratio, but difficulty to reduce. Corporate leverage is counter- cyclical with economic growth, but a procyclical with asset prices. There are significant asymmetric effects with in corporate leverage ratio, economic growth and asset prices.
出处
《价格理论与实践》
CSSCI
北大核心
2017年第7期105-108,共4页
Price:Theory & Practice
基金
教育部人文社会科学重点研究基地项目"新常态下促进经济稳定增长的要素配置与产业升级政策研究"(16JJD790015)
国家社科基金重大项目"引领经济发展新常态的市场基础
体制机制和发展方式研究(15ZDC008)
国家自然科学基金项目"中国经济增长波动的转折点识别
阶段转换及预警研究"(71573105)
