货币政策执行模式、金融错配与我国企业投资约束

于泽1,2 陆怡舟3 王闻达4

(1.中国人民大学经济学院)
(2.中国特色社会主义经济建设协同创新中心)
(3.华夏银行)
(4.中国人民大学汉青经济与金融高级研究院)

【摘要】近年来我国固定资产投资增速下降。从稳定增长和产业结构调整的角度,我国都需要稳定投资。本文利用上市公司数据发现,当前影响企业投资的一个主要因素是我国特色的货币执行模式。在这种模式中,窗口指导包括了合意贷款规模管制,这导致了流动性错配。商业银行为了规避合意贷款规模管制,会利用影子银行业务将高风险贷款转移到表外。这使得缺乏投资机会的成熟大型企业可以获得大量贷款,而成长性的中小企业虽然有较多的投资机会,但是因为抵押品等原因往往难以获得贷款。在这样流动性错配的环境下,金融和实体经济有所脱离,降低了企业投资。因此,我国未来需要放弃合意规模管制,在利率市场化的基础上采取宏观审慎管理的思路调控贷款增速。

【关键词】 投资机会; 融资约束; 合意贷款规模; 流动性错配; 宏观审慎管理;

【DOI】

【基金资助】 中国人民大学科学研究基金(中央高校基本科研业务费专项资金资助)(批准号:14XNQ011)资助

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ISSN:1002-5502

CN:11-1235/F

Vol , No. 09, Pages 52-64

September 2015

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摘要

  • 一、导论
  • 二、文献综述
  • 三、研究假说
  • 四、实证方法和数据
  • 五、实证结果
  • 六、结论和政策建议
  • 参考文献