统计与决策2024，Vol.40Issue(15)：132-137,6.DOI:10.13546/j.cnki.tjyjc.2024.15.023
非金融企业宏观杠杆率波动与货币政策传导路径
Macro Leverage Ratio Fluctuation of Non-financial Enterprises and Transmission of Monetary Policy
摘要
Abstract
Based on the macro-leverage ratio of non-financial enterprise sector and the data of listed companies in China from 2000 to 2020,and on the basis of identifying the exogenous impact of quantitative monetary policy,this paper studies the im-pact of corporate debt burden on monetary policy transmission from macro and micro perspectives by using the state-dependent local projection method.The results show that when the macro leverage ratio is in a high leverage period,the easing monetary poli-cy has a greater promotion effect on investment of state-owned enterprises than private enterprises,a greater promotion effect on real GDP and real investment,and is more likely to cause inflation,and that compared with the financial accelerator effect of high leverage enterprises,the expected return effect of low leverage enterprises is greater.Heterogeneity analysis finds that smaller and younger firms with fewer cash holdings respond more to monetary policy shocks.关键词
企业杠杆率/金融摩擦/货币政策/微观异质性Key words
leverage ratio of enterprises/financial friction/monetary policy/micro heterogeneity分类
管理科学引用本文复制引用
郑志强,马永健,范爱军..非金融企业宏观杠杆率波动与货币政策传导路径[J].统计与决策,2024,40(15):132-137,6.基金项目
国家社会科学基金重点项目(21AJY007) （21AJY007）
国家社会科学基金重大项目(19ZDA137) （19ZDA137）
