分类号密级
U D C 编号
硕士学位论文
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研究生姓名：李语彤
指导教师姓名、职称：邓伟副教授
学科门类：管理学
专业名称：财务管理
研究方向：公司财务
入学时间：二〇一九年九月
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Monetary Policy Innovation and Corporate
Debt Financing
"Perspective of the Establishment of Central Bank
Collateral Framework
By Yutong Li
2022.05.26
货币政策创新与企业债务融资——基于央行担保品框架创设视角
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随着中国经济发展进入“新常态”，央行传统货币政策调控面对经济结构失衡的
局面显得力不从心。于是中国人民银行逐步推进货币政策体系创新，不仅创设了多种
创新型货币政策工具，而且构建起与之匹配的央行担保品框架，并不断丰富和发展其
内涵。区别于传统货币政策的总量调节，创新型货币政策意在通过政策工具操作来引
导资金流向实体经济，以解决企业融资难、融资贵的痛点问题。人民银行创设担保品
框架，并首次将高等级企业信用债券纳入抵押品范围，直接作用于特定实体企业，充
分体现了创新型货币政策的结构性调控功能。而目前关于货币政策创新背景下央行担
保品框架的作用仍鲜有研究，因此本文从创新型货币政策影响企业债务融资的角度出
发就此问题展开研究。
本文以货币政策创新背景下常备借贷便利和中期借贷便利的合格抵押品范围为
切入点，聚焦于首次被纳入央行担保品框架的高等级信用债券，研究了央行创设担保
品框架对其发行企业在债务融资方面的影响。具体而言，本文首先梳理了国内外学者
就创新型货币政策和企业债务融资方面的研究文献，归纳出现有研究方向并提出本文
的创新之处；其次，就中国创新型货币政策和央行担保品框架实践进行分析，对比总
结常备借贷便利和中期借贷便利两种政策工具的特点；再次，基于信号效应渠道、银
行信贷渠道、资产负债表渠道和利率渠道从理论上分析了创新型货币政策工具的作用
机制；最后，选取2007-2017年间在银行间市场发行了企业债和中期票据的企业为样
本，以央行担保品框架创设时间和企业发行债券的信用评级为作为分组标准，运用双
重差分法从企业债务融资规模、债务融资成本和债务期限结构三个方面进行了研究，
并采用倾向得分匹配法、改变样本区间以及替换变量等方法进行了稳健性检验。
实证分析的结果表明，对于债券被纳入央行担保品框架的企业而言，央行创设担
保品框架改善了其债务融资状况。相较于未受到政策影响的企业，发行了高等级信用
债券的企业可获得的银行借款规模扩大，债务融资成本下降，且长期借款占银行借款
的比例提高。此外，进一步研究发现央行创设担保品管理框架对企业债务融资的影响
会随着创新型货币政策工具操作规模的扩大而增强，且央行降低常备借贷便利操作利
率的政策公告会引导货币市场利率的降低，表明信号效应传导渠道有效。上述研究结
论表明央行创设担保品框架在微观层面具有积极的经济后果，研究央行担保品框架创
设对企业债务融资的影响不但在创新型货币政策的传导路径分析方面具有一定理论
意义，而且在评价政策调控效果和完善货币政策制度方面有重要现实意义。
关键词：央行担保品框架；创新型货币政策；企业债务融资
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货币政策创新与企业债务融资——基于央行担保品框架创设视角
Abstract
As China has entered a "new normal"in economic development,traditional monetary
policy regulation of the central bank appears to be useless in the face of an unbalanced
economic structure.Therefore,the People's Bank of China gradually promoted the
innovation of the monetary policy system,not only created a variety of innovative
monetary policy tools,but also established an appropriate central bank collateral
framework,and continuously enriched and developed its connotation.Different from the
total adjustment of traditional monetary policy,unconventional monetary policy aims to
guide the flow of funds to the real economy through the operation of policy tools,so as to
solve the problems of difficult and expensive financing for enterprises.The People's Bank
of China established a collateral framework,and for the first time included high-grade
corporate credit bonds into the collateral scope,directly acting on specific entity
enterprises,fully reflecting the structural control function of unconventional monetary
policy.However,there is still little research on the role of the central bank's collateral
framework under the background of monetary policy innovation.Therefore,this thesis
studies this issue from the perspective of how unconventional monetary policy affects
corporate debt financing.
Based on the scope of qualified collateral for Standing Lending Facility and
Medium-term Lending Facility under the background of monetary policy innovation,this
thesis focuses on the high-grade credit bonds that have been included in the central bank’s
collateral framework for the first time,and studies the impact of the central bank’s
establishment of a collateral framework on its issuing companies’debt financing.
Specifically,this thesis firstly combs the domestic and foreign scholars'research literature
on unconventional monetary policy and corporate debt financing,summarizes the existing
research directions and proposes the innovation of this paper;Secondly,conducts analysis
in practice of Chinese unconventional monetary policy and collateral management
framework,compare and summarize the characteristics of the two policy tools of Standing
Lending Facility and Medium-term Lending Facility;Thirdly,based on the signal and
expectation channel,bank credit channel,balance sheet channel and interest rate channel
monetary policy transmission paths,analyzes the mechanism of action of innovative
monetary policy tools theoretically;Finally,selects the enterprises that issued corporate
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Abstract
bonds and medium-term notes in the inter-bank market from 2007to 2017as samples,
takes the time of establishment for central bank's collateral framework and the credit rating
of the bonds issued by the enterprises as the grouping criteria,and use the
double-difference method to study the effect from the perspective of corporate debt
financing scale,debt financing cost and debt maturity structure,and the robustness test is
carried out using the propensity score matching method,resetting the grouping criteria and
replacing variables measurement.
The results of empirical analysis show that for the enterprises whose bonds are
included in the central bank's collateral framework,the central bank's creation of a
collateral framework improves their debt financing conditionspared with companies
that have not been affected by the policy,companies that have issued high-grade credit
bonds can obtain larger bank loan,lower debt financing costs,and increase in the
proportion of long-term debt.In addition,further research finds that the impact of the
central bank's creation of a collateral management framework on corporate debt financing
will increase with the expansion of the scale of unconventional monetary policy tools,and
the central bank's policy announcement to reduce the operating rate of the Standing
Lending Facility will lead to a reduction in money market interest rates.,indicating that
the signal effect conduction channel is effective.The above research conclusions show that
the establishment of the collateral framework by the central bank has positive economic
consequences at the micro level.Studying the impact of the establishment of the central
bank collateral framework on corporate debt financing not only has certain theoretical
significance in the analysis of the transmission path of unconventional monetary policy,
but also.It has important practical significance in evaluating policy effect and improving
the monetary policy system.
Key Words:Central Bank Collateral Framework;Unconventional Monetary Policy;
Corporate Debt Financing
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