摘要
金融摩擦是影响资本配置效率的重要因素,也使得信贷渠道成为货币政策传导的重要渠道。有鉴于此,本文构建了一个包含双重金融摩擦和企业生产效率异质性的DSGE模型,研究了货币政策如何通过信贷渠道对产出和资本配置效率产生影响。研究发现:(1)双重金融摩擦环境下,逆周期性的企业外部融资溢价由顺周期的银行和企业资产负债表共同推动,从而货币政策对投资、产出等具有双重金融加速器效应。(2)由于信贷需求端存在金融摩擦异质性,紧缩性货币政策对民企融资的影响更为显著,并且通过信贷供给端摩擦产生的金融加速器效应放大,这会导致民营企业融资成本大幅上升。此时,信贷配置背离了企业生产效率与其借贷成本相匹配的原则,从而恶化企业间资本配置效率。对此,政府实施货币政策应充分考虑“双重金融加速器”效应,避免政策调控力度过大或过小;要改善民企融资困境,除了缓解金融摩擦异质性问题外,政府还应该关注政策对银行资产负债稳定性的影响,这有利于改善资本配置效率。
Financial frictions not only have the potential to cause an inefficient allocation of capital,but also make monetary policy via credit channel affect real output.Thus,to explore how monetary policy via credit channel affects output and the allocation of capital across production units,this paper proposes a highly tractable DSGE model featuring double financial frictions and heterogeneous entrepreneurs in production efficiency.We find that under the circumstances of double financial frictions,the counter-cyclical credit spreads of entrepreneurs have been affected by the pro-cyclical balance sheets of banks and firms,thus monetary policy has double financial accelerator effects on investment and output.We also find that due to the sectoral heterogeneity in financial frictions on the credit demand side,contractionary monetary policy has a greater impact on private-owned enterprises,and further raises their external financing costs through the financial accelerator of credit supply side,so the credit allocation fails to match enterprises'production efficiency with their borrowing costs,finally reducing efficiency of capital allocation.According to these findings,the government should consider the double financial accelerator effects for the conduct of monetary policy;to alleviate the financing difficulty of private-owned enterprises,besides improving the financial frictions heterogeneity,the government should stabilize the bank balance sheets,thereby increasing capital allocation efficiency.
作者
张四灿
张云
ZHANG Sican;ZHANG Yun
出处
《中央财经大学学报》
北大核心
2025年第6期114-128,共15页
Journal of Central University of Finance & Economics
基金
天津师范大学深入学习阐释党的二十大精神专项(项目编号:52WT2315)。
关键词
双重金融摩擦
异质性生产效率
货币政策
资本配置效率
Double financial frictions
Heterogeneous production efficiency
Monetary policy
Capital allocation efficiency
作者简介
通讯作者:张四灿,男,1985年10月生,天津师范大学经济学院副教授,研究方向为宏观经济理论与政策,联系方式为sicanzhang@163.com;张云,男,1981年11月生,南开大学经济学院教授,博士生导师,研究方向为宏观经济理论与政策。
