分类号F8密级
U D C 005编号
硕士学位论文
货币政策担保品扩容对企业债务融资
的影响研究
研究生姓名：姜娜
指导教师姓名、职称：邓伟副教授
申请者类别：非专项计划
申请者学习方式：全日制
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：二〇二〇年九月
二〇二三年六月
The Impact of Monetary Policy
Collateral Expansion on the Enterprise
Debt Financing
By Na Jiang
2023.06
货币政策担保品扩容对企业债务融资的影响研究
摘要
作为稳定宏观经济和向市场提供流动性的重要工具，货币政策会如何影响企业
的债务融资备受关注。在我国进入经济新常态以来，央行创新性地推出了以常备借
贷便利（SLF）和中期借贷便利（MLF）为主的多种借贷便利货币政策工具，此类
创新型货币政策工具要求商业银行质押合格担保品给中央银行以获取流动性。
2018年6月1日，央行扩大MLF 合格担保品范围，将更低评级的AA、AA+级
公司信用类债券纳入MLF 担保品范围。本文基于2018年MLF 担保品扩容这一政策
事件，以在银行间市场和交易所市场发行债券的公司为样本，研究了央行担保品扩
容政策对企业债券融资和信贷融资的影响。本文的研究发现如下：第一，从债券融
资角度看，MLF 担保品扩容后，新增担保品债券的发行显著增加，尤其对低主体评
级的企业以及政策推出时无存续新增担保品债券的企业而言，这一作用更为显著；
第二，从信贷融资角度看，对于新增担保品债券的发行企业而言，MLF 担保品扩容
改善了其信贷融资环境，相较于非担保品债券发行企业，新增担保品债券发行企业
的银行借款水平显著上升；第三，进一步研究表明，MLF 合格担保品范围扩大后，
新增担保品债券发行企业的商业信用融资也显著提升。
现有研究主要关注借贷便利货币政策本身，而较少关注到其基于担保品的实施
前提，且国内文献基于企业融资视角研究MLF 担保品范围变动时，往往只关注融资
成本，而鲜有文献从规模的角度进行讨论。本文以融资规模为切入点，从企业债券
融资、信贷融资以及商业信用融资多重视角考察了央行担保品扩容的政策效果，对
利用新型货币政策促进经济高质量发展具有重要意义。本文的研究结论表明，央行
担保品扩容政策有助于平衡企业直接融资与间接融资比例失衡问题以及解决企业
“融资难、融资贵”问题，这表明央行能够通过调整货币政策担保品范围，可以起
到引导商业银行信贷资金投向，促进经济高质量发展的作用。
关键词：MLF 担保品扩容；新增担保品债券；债券融资；信贷融资；商业信用
1
货币政策担保品扩容对企业债务融资的影响研究
Abstract
As an important tool to stabilize the macro economy and provide liquidity to the market,
there has been much attention on how monetary policy will affect corporate debt financing.
Since China entered the new economic normal,the central bank has innovatively introduced
a variety of lending facilities monetary policy tools,mainly standing lending facilities (SLF)
and medium-term lending facilities (MLF),which are innovative monetary policy tools that
require commercial banks to pledge eligible collateral to the central bank to obtain liquidity.
On June 1,2018,the central bank included lower-rated AA and AA+corporate credit
class bonds into the scope of MLF collateral.Based on the policy event of MLF collateral
expansion in 2018,this thesis examines the impact of the central bank's collateral expansion
policy on corporate bond financing and credit financing,using a sample of companies that
issue bonds in the interbank and exchange markets.The findings of this thesis are as follows:
(1)from the perspective of bond financing,the issuance of new collateral bonds increased
significantly after the MLF collateral expansion,especially for firms with low main ratings
and firms without existing new collateral bonds at the time of policy introduction;(2)from
the perspective of credit financing,for firms issuing new collateral bonds,the MLF collateral
expansion improved (2)from the perspective of credit financing,the expansion of MLF
collateral improves the credit financing environment for new collateral bond issuers,and the
bank borrowing level of new collateral bond issuers increases significantly compared with
non-collateral bond issuers;(3)further research shows that the expansion of MLF eligible
collateral also significantly improves the commercial credit financing of new collateral bond
issuers.
Existing studies mainly focus on the borrowing facility monetary policy itself,while
less attention is paid to the premise of its collateral-based implementation,and when
domestic literature studies changes in the scope of MLF collateral from the perspective of
corporate financing,it tends to focus only on the cost of financing,while few literature
discusses it from the perspective of scale.This thesis examines the policy effects of central
bank collateral expansion from multiple perspectives of corporate bond financing,credit
financing,and commercial credit financing,using the scale of financing as an entry point,
which is important for using new monetary policy to promote high-quality economic
development.The findings of this thesis show that the central bank's collateral expansion
policy can help balance the imbalance between direct and indirect financing and solve the
problem of "difficult and expensive financing"for enterprises,and by adjusting the scope of
monetary policy collateral,it can play a role in guiding the investment of commercial banks'
credit funds to promote high-quality economic development.
Key Words:Expansion of MLF Collateral;New Collateral Bonds;Bond Financing;
Credit Financing;Business Credit Financing
I
目录
导论.............................................................................................................7
一、研究背景..........................................................................................7
二、研究意义..........................................................................................9
三、研究内容........................................................................................11
四、研究方法........................................................................................11
五、研究创新........................................................................................11
第一章文献综述....................................................................................13
第一节中央银行担保品管理框架相关研究.....................................13
一、基于担保品的结构型货币政策研究.........................................13
二、央行担保品框架内容研究.........................................................14
三、合格担保品范围变动的相关研究.............................................15
第二节企业债务融资相关研究.........................................................16
一、企业债券融资的影响因素研究.................................................16
二、企业信贷融资的影响因素研究.................................................17
三、货币政策对企业债务融资的影响研究.....................................19
第三节文献述评..................................................................................19
第二章理论分析与研究假设................................................................21
第一节担保品扩容政策的作用机制.................................................21
一、稀缺性效应.................................................................................21
二、增信效应.....................................................................................21
三、信号效应.....................................................................................21
第二节研究假设..................................................................................22
一、MLF 担保品扩容与企业债券融资...........................................22
二、MLF 担保品扩容与企业信贷融资...........................................23
第三章MLF 担保品扩容对企业债券融资的影响...............................27
第一节研究设计..................................................................................27
一、样本选取与数据来源.................................................................27
二、模型设计.....................................................................................28
三、变量定义.....................................................................................28
第二节MLF 担保品扩容对新增担保品债券发行的影响................30
一、基准回归.....................................................................................30
二、基于企业主体信用评级的差异化影响检验............................31
三、基于政策时点有无存续新增担保品债券的差异化影响检验32
第三节稳健性检验与分析..................................................................33