央行担保品政策创新的信贷融资效应研究

央行担保品政策创新的信贷融资效应研究

A Research on the Credit Financing Effect of the Central Bank’s Collateral Policy Innovation

《财经研究》2023年49卷第5期 页码：19 - 32 online：2023年5月3日

作者

中：邓伟 , 李语彤 , 刘敏 , 杨国超

英：Deng Wei, Li Yutong, Liu Min, Yang Guochao

作者单位：中南财经政法大学 会计学院，湖北 武汉 430073

摘要及关键词

摘要：货币政策如何更有效地改善企业融资一直是中国经济面临的难题。经济新常态以来，中国人民银行创设了货币政策担保品框架，通过将央行信用与企业信用相挂钩的方式支持企业融资。文章以公司信用类债券被纳入合格担保品范围作为准自然实验，运用双重差分模型研究了央行担保品政策创新的信贷融资效应及其作用机制。研究发现，将公司信用类债券纳入合格担保品范围这一央行担保品政策创新显著扩大了企业的信贷融资规模，尤其是长期借款融资规模，并降低了企业的信贷融资成本。在货币政策担保品框架下，央行可以通过调整借贷便利操作规模和利率的方式有效影响银行信贷投放，从而起到改善企业信贷融资的作用。文章从企业信贷融资视角为央行担保品政策创新的有效性提供了实证证据，对于更好地实施基于担保品的货币政策以促进经济高质量发展具有重要启示。

关键词：央行担保品政策；合格担保品；公司信用类债券；信贷融资

Summary: How to improve corporate financing more effectively by monetary policy has been a difficult problem for China’s economy. Since the new normal of the economy, the People’s Bank of China has created a monetary policy collateral framework to support corporate financing by linking the central bank’s credit with corporate credit. This paper takes AAA-rated corporate credit bonds as the quasi-natural experiment, and uses the DID model to examine the credit financing effect and its impact mechanism of the central bank’s collateral policy innovation from the micro perspective of enterprises. The study shows that, the central bank’s policy innovation of including corporate credit bonds into the scope of qualified collateral has significantly expanded the scale of corporate credit financing, especially the scale of long-term loan financing, and reduced the cost of corporate credit financing. Further research finds that, under the framework of monetary policy collateral, the central bank can effectively affect the bank credit supply by adjusting the convenient operation scale of lending and operating interest rate, thus improving corporate credit financing. This paper provides empirical evidence for the effectiveness of the central bank’s collateral policy innovation from the micro perspective of corporate credit financing, which has important implications for better implementing the monetary policy based on collateral, improving corporate financing issues, and promoting high-quality economic development. The innovation and contribution of this paper are mainly as follows: First, it examines the micro-policy effect of the central bank’s collateral policy innovation from the perspectives of corporate credit financing cost, financing scale and financing structure, which expands and enriches the research scope of China’s new monetary policy, and provides empirical evidence at the micro level for the effectiveness of the monetary policy based on collateral. Second, it reveals the mechanism of the collateral policy innovation of the People’s Bank of China from both commercial banks and enterprises, which has practical significance for implementing the monetary policy based on collateral to better improve corporate financing. Different from the existing research on the mechanism of the central bank’s collateral policy from the perspective of bond spreads, this paper not only reveals the mechanism of the central bank’s collateral policy innovation from the perspective of bank credit supply, but also confirms the credit financing effect of the central bank’s collateral policy innovation from the perspective of corporate financing.

Key words:the central bank’s collateral policy; eligible collateral; corporate credit bonds; credit financing

其他信息

DOI：10.16538/j.cnki.jfe.20230115.102

收稿日期：2022-10-02

基金项目：国家社会科学基金后期资助项目（22FJYB001）；国家社会科学基金重点项目（22AGL013）；国家自然科学基金青年项目（72002221）

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