预算软约束、融资溢价与杠杆率——供给侧结构性改革的微观机理与经济效应研究

发布时间：2018-03-26 14:18

本文选题：供给侧结构性改革　切入点：预算软约束　出处：《经济研究》2017年10期

【摘要】：本文针对我国部分企业中存在的预算软约束问题及其造成价格扭曲、资源错配的现实背景,在金融加速器理论的基础上,首先建立嵌入预算软约束的金融加速器机制,通过企业与金融机构债务契约优化问题,得到预算软约束企业的融资溢价方程,阐述预算软约束造成价格扭曲及资源错配的内生机理。然后构建动态随机一般均衡模型,阐释供给侧结构性改革"三去一降一补"五大任务对经济变量的具体影响,并通过参数调整揭示供给侧结构性改革削弱预算软约束,增强宏观调控政策有效性以及促进长期经济增长的微观机理和经济效应,进而为推进供给侧结构性改革和经济长期可持续发展提供理论依据和政策建议。
[Abstract]:Aiming at the problem of soft budget constraint in some enterprises in our country and the realistic background of causing price distortion and mismatch of resources, this paper first establishes the financial accelerator mechanism embedded in budget soft constraint on the basis of the theory of financial accelerator. Through the optimization of debt contracts between enterprises and financial institutions, the financing premium equation of enterprises with soft budget constraints is obtained, and the endogenous mechanism of price distortion and resource mismatch caused by soft budget constraints is expounded. Then a dynamic stochastic general equilibrium model is constructed. The paper explains the specific influence of the five tasks of supply-side structural reform on economic variables, and reveals that supply-side structural reform weakens the soft budgetary constraints through parameter adjustment. Enhancing the effectiveness of macro-control policies and promoting long-term economic growth of the micro-mechanism and economic effects, and then for the promotion of supply-side structural reform and long-term sustainable economic development to provide theoretical basis and policy recommendations.
【作者单位】：中国人民银行营业管理部;
【基金】：中国人民银行2016年度重点研究课题“新常态下中国经济增长趋势与供给侧结构性改革”阶段性研究成果
【分类号】：F121;F275;F832

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