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