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于泽1,2 陆怡舟3 王闻达4



【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;


【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;

Implementation model of monetary policy, mismatch of finance, and constraints on enterprise's investment in China

YU Ze1,2 LU Yizhou3 WANG Wenda4

(1.School of Economics at Renmin University of China)
(2.Collaborative Innovation Center for China Economy )
(4.Hanqing Advanced Institute of Economics and Finance at Renmin University of China)

【Abstract】In recent years, there is an accelerating rate of decrease in the investment into fixed assets in China. China needs to stabilize its investment for both a stable growth and industrial structure adjustment. This article uses data from listed companies and reveals that one of the main factors that affect corporate investment at the moment is the Chinese model of implementing monetary policy. In such model, the window guidance specifies a size control over consensus loans, resulting in liquidity mismatch. To avoid being limited by the control, commercial banks tend to transfer high-risk loans out of their balance sheet using shadow banking. As a consequence, those big mature corporations, though have few investment opportunities, can access a large amount of loans; while those growing small and medium-sized enterprises (SMEs), though having abundant investment opportunities, cannot access funding due to insufficient collaterals. Under the liquidity mismatch, finance has been detached from the real economy, resulting in a low level of corporate investment. Therefore, China should abandon its control over consensus loans, and regulate the growth rate of commercial loans under the macro-prudential management based on interest rate liberalization.

【Keywords】 investment opportunity; financing constraints ; size of consensus loan ; liquidity mismatch; prudent macro-management ;


【Funds】 Funded by Scientific Research Fund at Renmin University of China (supported by the Fundamental Research Funds for Central Universities) (Grant No.:14XNQ011) ;

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This Article



Vol , No. 09, Pages 52-64

September 2015


Article Outline


  • 1. Introduction
  • 2. Literature review
  • 3. Research hypothesis
  • 4. Empirical methodology and data
  • 5. Empirical result
  • 6. Conclusion and policy suggestions
  • References