企业动产融资与宏观审慎调控的配合效应

发布时间：2018-03-26 17:38

本文选题：金融冲击　切入点：动产抵押　出处：《金融研究》2017年06期

【摘要】：本文将资金供给方银行和资金需求方企业共同置于一个具有金融内生性的DSGE模型,通过分别引入动态拨备和动产抵押,同时从信贷资金供求两端入手,寻求缓解信贷顺周期性的解决方法。金融冲击下的模拟结果显示:(1)适度提高动产抵押在企业抵押贷款中的比重有助于缓解企业融资难问题,对经济下行期信贷过度紧缩造成的经济波动具有明显抑制作用;(2)相比传统的后顾性拨备,具有前瞻性和逆周期特征的动态拨备可以更好的熨平经济波动;(3)动态拨备力度从高和动产抵押力度适中的政策搭配导致福利损失最小化,而动态拨备和动产抵押力度双高的政策搭配会使福利损失最大化。本文建议:为缓解经济下行引发的信贷过度紧缩问题,可加快构建和完善动态拨备政策,同时应科学把握动产抵押的实施力度以进一步增强宏观审慎政策的有效性。
[Abstract]:In this paper, the capital supply-side bank and the fund demand-side enterprise are put together in a DSGE model with financial endogeneity, through the introduction of dynamic provision and chattel mortgage, at the same time, from the two ends of the supply and demand of credit funds, Finding solutions to ease the pro-cyclical nature of credit. Simulation results under financial shocks show that a modest increase in the proportion of movable property mortgages in corporate mortgages can help ease corporate financing problems. It has a significant inhibitory effect on the economic fluctuations caused by the excessive credit crunch in the downward period of the economy. Dynamic provisions with forward-looking and countercyclical characteristics can better balance economic fluctuations.) dynamic provisions minimise welfare losses from a combination of high and moderate levels of chattel mortgages. The policy combination of dynamic provision and chattel mortgage will maximize welfare losses. This paper suggests that in order to alleviate the excessive credit crunch caused by the economic downturn, we can speed up the construction and improvement of dynamic reserve policy. At the same time, we should grasp the implementation of chattel mortgage scientifically to further enhance the effectiveness of macro-prudential policy.
【作者单位】：南京大学商学院;交通银行上海市黄浦支行;
【分类号】：F275;F832.4

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