The difficulty of financing for small and micro enterprises is a problem that the government has been paying much attention to. In particular, China has a large number of state-owned enterprises, which further increases the difficulty of financing for small and micro enterprises （SMEs）. This paper aims to explore the possible solutions from the perspective of monetary policy rules.
This paper firstly constructs an SVAR model and collects monthly data from January 2008 to December 2019 to analyze the impact of house price fluctuations on the amount of corporate loans and investment scale for large enterprises and SMEs. It is found that SMEs and large enterprises have obvious heterogeneity in credit financing constraints. Then the paper introduces financial friction by using the mortgage constraint mechanism with smooth characteristics, constructing a DSGE model with heterogeneity of corporate financing constraints, to explore the optimal monetary policy rules by taking social welfare loss function as the objective function. This paper also uses numerical simulation to analyze the transmission mechanism regarding how the optimal monetary policy can correct the credit heterogeneity distortion.
This study finds that: firstly, adding extra concern on credit volume and housing price fluctuations in Taylor's rules can both suppress distortion, but the effect is more obvious when adding direct concern on credit volume. Secondly, the addition of concern on the amount of credit in monetary policy rules has changed the expectations of financial institutions, stabilizing the supply of credit during the credit contraction cycle, while the amount of credit to large enterprises is relatively smooth. Therefore, a stable supply of credit plays a more important role in SMEs, through which the distortions are suppressed.
To solve the financing difficulties of SMEs caused by differentiated financing constraints, policy rules can add extra concern on the amount of credit besides the traditional focus on inflation and output gaps. This can not only stabilize the loan scale of large and small enterprises, but also reduce the gap of difficulty in obtaining loans between large and small enterprises and finally reduce social welfare losses.
Key words
Heterogeneous Loan Restraint Distortion /
Optimal Monetary Policy Rules /
DSGE Model
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Footnotes
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