货币政策、利率传导与中小企业融资成本——基于实际融资成本的实证研究

发布时间：2018-06-17 06:22

本文选题：货币政策 + 中小企业融资贵　；参考：《经济评论》2017年05期

【摘要】：中小企业融资贵问题一直是中国经济急需解决的重大问题。近年来政府采取了多项应对措施,其中货币政策一直是各界关注的焦点。本文采用银行信贷市场和民间借贷市场两类中小企业主要融资市场的实际利率衡量中小企业的实际融资成本,并构建OLS回归模型,分析货币政策对中小企业实际融资成本的影响,以此判断货币政策是否能解决中小企业融资贵问题。研究结果表明,央行无论通过释放流动性等数量型调控工具,还是降低贷款基准利率等价格型调控工具,都不能显著地降低中小企业的实际融资成本。因此,未来货币政策不应将解决融资贵作为主要目标,而应将政策重点继续集中于稳定物价水平和经济增速,融资贵问题从根本上还需要通过纠正经济和金融体制扭曲来解决。
[Abstract]:The problem of small and medium-sized enterprises financing is an important problem that needs to be solved urgently in China's economy. In recent years, the government has taken a number of measures, including monetary policy has been the focus of attention. In this paper, the actual financing cost of SMEs is measured by the real interest rate of the two main financing markets of bank credit market and private lending market, and the OLS regression model is constructed. This paper analyzes the influence of monetary policy on the actual financing cost of SMEs, so as to determine whether monetary policy can solve the problem of financing expensive for SMEs. The results show that the central bank can not significantly reduce the actual financing cost of small and medium-sized enterprises by releasing quantitative control tools such as liquidity or lowering the price control tools such as the benchmark interest rate of loans. Therefore, the future monetary policy should focus on stabilizing the price level and economic growth rather than on solving the problem of financing expensive, which needs to be solved by correcting the distortion of the economic and financial system.
【作者单位】：中国人民大学应用统计科学研究中心;中国人民大学经济学院;
【基金】：国家自然科学基金项目“企业异质性与最优货币政策研究”(项目批准号:71373266)资助
【分类号】：F275;F276.3;F822.0

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