新常态下多种货币政策工具对特征企业的定向调节效应

发布时间：2018-01-14 01:33

本文关键词：新常态下多种货币政策工具对特征企业的定向调节效应　出处：《管理世界》2017年02期 　论文类型：期刊论文

【摘要】：新常态下央行多种货币政策工具的组合操作形成了不可观察的潜在驱动力,对不同特征企业的投资产生不同的组合效应和特质效应。基于此,本文扩展Bernanke等(2005)的FAVAR,使用面板数据货币组合FAVAR模型揭示多种货币政策工具对特征企业的调节效应。研究发现:多种货币政策工具对不同特征企业的组合效应和特质效应具有显著差异,由此表明央行货币政策对特征企业具有定向调节效应。具体而言,1年期商业银行存款基准利率、支农再贷款利率对农业企业的调节效应较好;结构性货币政策工具SLF对民营企业的调节效应更为显著;银行间债券质押式7天回购利率和结构性货币政策工具SLF对小型企业的调节效果明显;M0和1年期商业银行存款基准利率对房地产企业具有更好的调节效应;1年期商业银行存款利率和M2对信息技术企业的调节效应更为显著;1年期商业银行存款利率则对制造业企业的调节效应相对更好。新常态下央行为实现定向调控目标,应基于货币政策工具对特征企业组合效应和特质效应的差异而对货币政策工具进行选择性操作。
[Abstract]:Under the new normal, the combination operation of various monetary policy instruments of central bank has formed unobservable potential driving force, which has different portfolio effect and special effect on the investment of different characteristic enterprises. This paper extends the FAVAR of Bernanke et al. 2005. Using panel data currency combination FAVAR model to reveal the regulatory effects of various monetary policy tools on characteristic firms. There are significant differences in portfolio effect and trait effect between different monetary policy tools. It shows that the monetary policy of the central bank has a directional adjustment effect on the characteristic enterprises, in particular, the benchmark deposit interest rate of the 1-year commercial bank and the interest rate of the agricultural reloan have a better adjustment effect on the agricultural enterprises. The adjustment effect of structural monetary policy tool SLF on private enterprises is more significant. Inter-bank bond pledge 7-day repo rate and structured monetary policy tool SLF have obvious effect on the adjustment of small enterprises. M0 and 1-year commercial bank deposit benchmark interest rate has a better regulatory effect on real estate enterprises; The adjustment effect of one-year commercial bank deposit interest rate and M2 on information technology enterprises is more significant. The one-year deposit rate of commercial banks has a better regulatory effect on manufacturing enterprises. In the new normal, the central bank aims to achieve the target of targeted regulation. The monetary policy instruments should be operated selectively based on the differences between the characteristic firm portfolio effect and the trait effect.
【作者单位】：中南财经政法大学金融学院;华东交通大学经管学院;
【基金】：国家自然科学基金项目(71161010、71371189、71661009) 国家社会科学基金项目(13BJY173) 中南财经政法大学“研究生创新教育计划”博士生科研创新课题(2015B0503)的资助
【分类号】：F822.0
【正文快照】： 一、引言新常态下货币政策的操作环境发生了明显的变化,突出表现为宏观经济面临着产业结构、收入结构和城乡经济结构的多重结构失衡以及金融市场创新和国际经济下行。面对新常态下货币政策环境的变化,央行货币政策目标调整为在对经济增长和通货膨胀进行区间管理的基础上更加注

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