The Impact of Structural Monetary Policy Instruments on the Financ-ing of Science,Technology and Innovation-based Firms
In recent years,monetary policy tools have strongly supported economic restructuring and transforma-tion and upgrading while playing the function of aggregate regulation.Since 2013,the People's Bank of China has cre-ated structural monetary policy tools,such as standing lending facilities and mortgage-supplemented loans,in order to strengthen financial support for key areas and weak links such as the"three rural areas"and small and medium-sized mi-cro-enterprises,with a view to releasing liquidity precisely to the real economy,with a view to optimizing and regulat-ing the structure of the economy.Starting from the relationship between structural monetary policy tools and financing of science and technology innovative enterprises,this paper tries to evaluate the effect of structural monetary policy tools in supporting science and technology innovative enterprises,and concludes that structural monetary policy tools are able to promote financing of science and technology innovative enterprises,and have a stronger policy transmission effect in financial institutions with lower non-performing loan ratios and higher regional GDP growth rates,and are more able to promote the incremental expansion of loans to science and technology innovative enterprises.On this basis,it is proposed that the transmission effectiveness of structural monetary policy tools should be improved in three aspects:strengthening the support of structural monetary policy tools,perfecting the design of structural monetary policy tools,and strengthening the coordination of monetary,fiscal and industrial policies.
structural monetary policy instrumentsscience and technology innovative enterprisespolicy trans-mission
万方数据
维普
