宽松货币政策、资产配置与企业创新

摘要/Abstract

摘要： 本文通过构建包括财富异质性的家庭部门和创新异质性的企业部门的动态随机一般均衡模型分析得出：宽松货币政策冲击房产资本及金融资本的价格和收益率上升，冲击生产资本的收益率降低，资金多流向传统企业用于房产和金融资产投资，对生产性投资和创新投资形成一定的挤出效应。高收入家庭的资产配置需求为宽松货币政策下的房产和金融资产提供了有力的需求支撑。在此过程中，部分应当被市场淘汰的传统企业未能被市场及时清算、创新企业未能得到宽松的资金支持，从而延缓了创新企业的发展速度、延长了经济低迷时间。货币政策从数量型向价格型转型，这一效应仍不会改善。

关键词: 企业创新, 资产配置, 货币政策

Abstract: Based on the perspective of individual asset allocation under loose monetary policy, through constructing the dynamic stochastic general equilibrium model with the wealth income gap family sector and the innovation heterogeneity enterprise sector, this paper draws some conclusions:(1) Loose monetary policy stimulates the rise of real estate and financial assets prices and yields. As the prices of real estate and financial assets rise, most of the incremental currency flows to traditional enterprises and is allocated to real estate and high-risk financial assets. (2) High-income residents' demand for asset allocation provides strong support for asset structure adjustment. (3) In this process, some traditional enterprises that should have been eliminated by the market still linger around, making it hard for innovative companies to benefit from loose economic policies and break away from prolonged low-speed growth. (4) After the credit monetary system replaces the gold standard monetary system, the loose monetary policy weakens market exit mechanism.

Key words: monetary policy, enterprise innovation, asset allocation

苗文龙. 宽松货币政策、资产配置与企业创新[J]. 管理评论, 2021, 33(12): 115-127.

Miao Wenlong. Loose Monetary Policy, Resident Asset Allocation and Corporate Innovation[J]. Management Review, 2021, 33(12): 115-127.

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