摘要
本文从融资约束和企业发展角度实证研究了新型货币政策工具对中小微企业的普惠效应,并重点考察了流动性溢出、定向信贷支持、政策信号作用等渠道的效果和机制。研究发现,当前新型货币政策工具主要通过定向信贷支持渠道发挥作用,而流动性溢出及政策信号,渠道的作用相对较弱;新型货币政策工具对中小微企业的作用仍存在支持方式较为被动、促进作用有待提升、调控易受宏观经济环境影响等局限,但相较于总量货币政策具有明显优势。本文建议,未来应围绕控风险、降成本、提效率、可持续等方面,拓宽正规融资渠道对中小微企业的覆盖支持力度,进一步促进新型货币政策的主动性和常态化发展。
This paper empirically studies the inclusive effect of new type of monetary policy instruments on SMEs from the perspective of financing constraints and enterprise development,and focuses on its effect and mechanism in the channels of liquidity spillover,targeted credit support,policy signal.It is found that new type of monetary policy instruments play a role more through targeted credit support channels instead of the channels of liquidity spillover and policy signal.At this stage,the role of new monetary policy tools on SMEs still has some limitations,including the passive operation mode,unremarkable effect,and too constrained by macroeconomic conditions.However,compared with the aggregate monetary policy,it still has obvious comparative advantages.In the future,we should focus on risk control,cost reduction,efficiency improvement and sustainability,to broaden the coverage and support of formal financing channels for SMEs which could form incentive compatibility and benign interaction mechanism,and to further promote the initiative and normalized development of new type of monetary policy instruments.
作者
姜旭
金成晓
Jiang Xu;Jin Chengxiao
出处
《财经科学》
CSSCI
北大核心
2022年第7期17-30,共14页
Finance & Economics
基金
国家自然科学基金面上项目“中国金融周期的波动特征、形成机理及其与经济周期的动态关联机制研究”(71873056)
教育部人文社科规划基金一般项目“基于状态识别与工具协调的货币政策与宏观审慎政策双支柱调控框架研究”(19YJA790036)的资助。
关键词
新型货币政策工具
普惠金融
借贷便利
结构性货币政策
融资约束
New Type of Monetary Policy Instruments
Inclusive Finance
Lending Facility Tools
Structural Monetary Policy
Financing Constraints
