积极的货币财政政策促进“国民共进”的效应研究

摘要/Abstract

摘要： 在中国特色社会主义市场经济体制下，货币政策和财政政策促进国企和民企发展的作用机制、传导路径及政策效果有所不同。本文构建DSGE理论模型，考虑我国经济实际运行状况并纳入企业异质性特征，研究了税收、政府支出和货币政策等外生冲击对国有企业和民营企业就业、投资和产出的非对称影响。基于2010—2019年沪深A股国有企业和民营企业上市公司数据进行实证检验。研究发现：消费税、资本所得税和劳动所得税的减税政策能较好地惠及民企，推动民企发展；积极的财政支出和宽松的货币政策则更利于国企提升效率，同时引致国企挤占民企的融资和发展空间；另外，以劳动力替代弹性反映的“体制性优势”影响各宏观经济政策的效应。因此，为了避免单一宏观经济政策造成国企与民企“此消彼长”，应采用积极的财政政策和稳健货币政策的政策组合实现“国民共进”。

关键词: 财政政策, 货币政策, DSGE模型, 异质性企业, 国民共进

Abstract: Under the socialist market economy system with Chinese characteristics, monetary policy and fiscal policy have different mechanisms, transmission paths and policy effects in promoting the development of state-owned enterprises and private enterprises. In order to clarify the influence mechanism and promoting effect of active monetary and fiscal policies on the employment, investment and output of state-owned enterprises and private enterprises, this paper constructs a DSGE model based on China’s economic reality, and studies the dynamic effects of exogenous shocks such as technological progress, taxation, government expenditure and monetary policy on the employment, investment and output of the two types of enterprises. Moreover, the theoretical model simulation results are empirically tested by using the data of listed companies of state-owned and private enterprises in Shanghai and Shenzhen A-shares from 2010 to 2019. It is found that the tax reduction policies of consumption tax, capital income tax and labor income tax can better benefit and promote the development of private enterprises, while active fiscal expenditure and loose monetary policy are more conducive to improving the efficiency of state-owned enterprises, and at the same time lead to state-owned enterprises crowding out the financing and development space of private enterprises; In addition, the “institutional advantage” reflected by the elasticity of labor substitution affects the policy implementation effect of various macroeconomic policies. Therefore, in order to avoid the phenomenon that a single macroeconomic policy benefits either state-owned enterprises or private enterprises, active fiscal policy and sound monetary policy should be combined together to benefit both state-owned enterprises and private enterprises.

Key words: fiscal policy, monetary policy, DSGE model, heterogeneous enterprises, promoting both state-owned enterprises and private enterprises

王彦平, 陶慧芳, 李政, 温志强. 积极的货币财政政策促进“国民共进”的效应研究[J]. 管理评论, 2024, 36(11): 38-49.

Wang Yanping, Tao Huifang, Li Zheng, Wen Zhiqiang. Research on the Effect of Active Monetary and Fiscal Policies in Promoting Both State-owned and Private Enterprises[J]. Management Review, 2024, 36(11): 38-49.

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