商业研究

商业研究

• 商经理论 • 上一篇    下一篇

结构性货币政策的传导路径与调控效应研究 ——基于缓解农业上市企业融资困难的视角

程璐，何广文   

  1. （中国农业大学 经济管理学院，北京 100083）
  • 收稿日期:2020-06-30 出版日期:2020-09-21
  • 作者简介:程璐（1982-），女，吉林德惠人，中国农业大学经济管理学院博士后，研究方向：货币政策、农村金融；何广文（1963-），男，四川达州人，中国农业大学经济管理学院教授，博士生导师，研究方向：农村金融、普惠金融。
  • 基金资助:
    中国博士后科学基金项目，项目编号：2020M670530。

Research on Transmission Path and Regulation Effect of Structural Monetary Policy： From the Perspective of Alleviating the Financing Difficulties of Agricultural Listed Enterprises

CHENG Lu,HE Guang-wen   

  1. (College of Economics and Management，China Agricultural University, Beijing 100083,China)
  • Received:2020-06-30 Online:2020-09-21

摘要： 结构性货币政策的定向调控效应会因政策工具使用的不同而差异巨大，本文考察了结构性货币政策对农业企业的传导路径和作用效果。考虑到差异性、特殊性和创新性等特点，结构性货币政策可以通过预期作用路径、利率与成本收益路径、信贷与定向支持路径和风险转移与风险补偿路径进行传导。基于农业企业微观数据，运用扩展的面板FAVAR模型实证分析研究发现：数量型和价格型结构性货币政策工具组合都会对农业企业的信贷可得性产生影响，且作用力度大于传统货币政策；数量型结构性货币政策工具组合对农业企业的盈利性影响不显著，而价格型结构性货币政策工具组合对农业企业的盈利性有显著影响，但存在滞后效应。因此，中央银行通过“精准发力”，采用价格型为主、数量型为辅的结构性货币政策工具，会更有利于缓解农业企业融资困境，实现乡村振兴和可持续发展。

关键词: 结构性货币政策, 农业企业, 传导路径, 面板FAVAR模型, 调控效应

Abstract: The directional regulation effect of structural monetary policy will vary greatly with the use of different policy instruments.This paper examines the transmission path and effect of structural monetary policy on agricultural enterprises.Considering the characteristics of difference, particularity and innovation, structural monetary policy can be conducted through expected path, interest rate and cost-benefit path, credit and directional support path, risk transfer and risk compensation path.Based on the micro data of agricultural enterprises, this paper uses the expanded panel FAVAR model to analyze the empirical results,finding the combination of quantitative and price structural monetary policy instruments will affect the credit availability of agricultural enterprises, and the effect is stronger than that of traditional monetary policy;the combination of quantitative structural monetary policy instruments has no significant impact on the profitability of agricultural enterprises, while the combination of price structured monetary policy instruments has a significant impact on the profitability of agricultural enterprises, but there is a lag effect.Therefore, adopting structural monetary policy instruments with price type as the main factor and quantity type as the supplement will be more conducive to alleviating the financing difficulties of agricultural enterprises and achieving rural revitalization and sustainable development.

Key words: structural monetary policy, agricultural enterprises, transmission path, panel FAVAR model, regulation effect