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3019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。
央行担保品政策创新的信贷融资效应研究
摘要
参考文献
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引用本文
邓伟, 李语彤, 刘敏, 等. 央行担保品政策创新的信贷融资效应研究[J]. 财经研究, 2023, 49(5): 19-32.
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