“一带一路”倡议下中国企业走出去融资路径研究——基于货币政策视角
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摘要
以开辟"一带一路"合作新起点为契机,中国企业走出去在更大发展空间内整合资源要素,应对发展新挑战,开创发展新机遇,谋求发展新动力。按照国家宏观调控的决策部署,中国人民银行出台一系列非常规货币政策,坚持以结构调整为基本导向,坚持以扶优限劣为主要原则,着力解决外向型企业的融资瓶颈,优化信贷市场的资金配置,改进推动产业优化升级的支持政策,助力国家走出去战略的大力实施,加大对接供给侧改革的金融力度,增强服务实体经济的货币能力。
Taking the opportunity of opening up a new starting point of "the Belt and Road" cooperation, Chinese enterprises go out to integrate resource elements, cope with new challenges, create new opportunities, and seek new impetus for development in a larger development space. In accordance with the decisions and arrangements of macro-control, the Central Bank of China has issued a series of unconventional monetary policies, which are guided by structural adjustment and based on the principle of supporting advantages and limiting disadvantages, focusing on addressing the financing bottlenecks of export-oriented enterprises, optimizing the allocation of funds in the credit market, improving the supporting policies to promote the optimization and upgrading of industries, and vigorously implementing the development strategy of going out. In this way, the financial efforts of docking supply-side reform will be intensified and the monetary capacity will be enhanced to serve substantial economy.
Taking the opportunity of opening up a new starting point of "the Belt and Road" cooperation, Chinese enterprises go out to integrate resource elements, cope with new challenges, create new opportunities, and seek new impetus for development in a larger development space. In accordance with the decisions and arrangements of macro-control, the Central Bank of China has issued a series of unconventional monetary policies, which are guided by structural adjustment and based on the principle of supporting advantages and limiting disadvantages, focusing on addressing the financing bottlenecks of export-oriented enterprises, optimizing the allocation of funds in the credit market, improving the supporting policies to promote the optimization and upgrading of industries, and vigorously implementing the development strategy of going out. In this way, the financial efforts of docking supply-side reform will be intensified and the monetary capacity will be enhanced to serve substantial economy.
引文
[1] 管清友.货币政策新常态:总量稳定、结构优化[J].金融市场研究,2014,25(6):53-59.
[2]卢岚,邓雄.结构性货币政策工具的国际比较和启示[J].世界经济研究,2015(6):3-11.
[3]马贱阳.结构性货币政策一般理论和国际经验[J].金融理论与实践,2011(4):111-115.
[4]彭俞超,方意.结构性货币政策、产业结构升级与经济稳定[J].经济研究,2016(7):29-42.
[5]吴培新.美联储非常规货币政策框架[M].北京:经济管理出版社,2015.
[6]BERNANKE B S, GERTLER M. Inside the black box: the credit channel of monetary policy transmission [J]. Journal of economic perspectives, 1995, 9(4): 27-48.
[7]FOLEY-FISHER N, RAMCHARAN R, YU E. The impact of unconventional monetary policy on firm financing constraints: evidence from the maturity extension program[J]. Journal of financial economics, 2016, 122: 409-429.
[8]GAMBACORTA L, HOFMANN B, PEERSMAN G. The effectiveness of unconventional monetary policy at the zero lower bound[J]. Journal of money, credit and banking, 2014, 46: 615-642.
[9]GARCIA-POSADA M, MARCHETTI M. The bank lending channel of unconventional monetary policy: the impact of the VLTROs on credit supply in Spain[J]. Economic modelling, 2016, 58: 427-441.
[10]GERTLER M, KARADI P. A model of unconventional monetary policy[J]. Journal of monetary economics, 2011, 58(1):17-34.
[11]MEINUSCH A, TILLMANN P. The macroeconomic impact of unconventional monetary policy shocks[J]. Journal of macroeconomics, 2016, 47: 58-67.
(1)本文所指的“基于货币政策视角”,主要针对近年来中国人民银行所出台的非常规货币政策,进而分析中国企业走出去融资路径的优化问题。
(1)根据Gertler M. 和Karadi P.在《A Model of Unconventional Monetary Policy》一文中所开展的DSGE模型论证,中央银行在非常规货币政策的传导过程中发挥着公共金融中介的作用,用以弥补私人金融中介在危机发生后出现的部分市场功能缺失与弱化。
[2]卢岚,邓雄.结构性货币政策工具的国际比较和启示[J].世界经济研究,2015(6):3-11.
[3]马贱阳.结构性货币政策一般理论和国际经验[J].金融理论与实践,2011(4):111-115.
[4]彭俞超,方意.结构性货币政策、产业结构升级与经济稳定[J].经济研究,2016(7):29-42.
[5]吴培新.美联储非常规货币政策框架[M].北京:经济管理出版社,2015.
[6]BERNANKE B S, GERTLER M. Inside the black box: the credit channel of monetary policy transmission [J]. Journal of economic perspectives, 1995, 9(4): 27-48.
[7]FOLEY-FISHER N, RAMCHARAN R, YU E. The impact of unconventional monetary policy on firm financing constraints: evidence from the maturity extension program[J]. Journal of financial economics, 2016, 122: 409-429.
[8]GAMBACORTA L, HOFMANN B, PEERSMAN G. The effectiveness of unconventional monetary policy at the zero lower bound[J]. Journal of money, credit and banking, 2014, 46: 615-642.
[9]GARCIA-POSADA M, MARCHETTI M. The bank lending channel of unconventional monetary policy: the impact of the VLTROs on credit supply in Spain[J]. Economic modelling, 2016, 58: 427-441.
[10]GERTLER M, KARADI P. A model of unconventional monetary policy[J]. Journal of monetary economics, 2011, 58(1):17-34.
[11]MEINUSCH A, TILLMANN P. The macroeconomic impact of unconventional monetary policy shocks[J]. Journal of macroeconomics, 2016, 47: 58-67.
(1)本文所指的“基于货币政策视角”,主要针对近年来中国人民银行所出台的非常规货币政策,进而分析中国企业走出去融资路径的优化问题。
(1)根据Gertler M. 和Karadi P.在《A Model of Unconventional Monetary Policy》一文中所开展的DSGE模型论证,中央银行在非常规货币政策的传导过程中发挥着公共金融中介的作用,用以弥补私人金融中介在危机发生后出现的部分市场功能缺失与弱化。