CAJ | 학술논문

采用面板门限回归模型研究数量型与价格型货币政策工具对企业的风险传导效应，结果表明：数量型与价格型货币政策工具对企业均存在风险传导效应，且价格型货币政策工具的风险传导效应强于数量型货币政策工具；数量型与价格型货币政策工具对高财务杠杆企业的风险传导效应均强于低杠杆企业，且数量型货币政策工具风险传导效应的非对称性强于价格型货币政策工具。因此央行在选择货币政策工具时应纳入微观企业风险感知及响应的考量，避免企业风险共振而削弱货币政策的理论效力。
채용면판문한회귀모형연구수량형여개격형화폐정책공구대기업적풍험전도효응，결과표명：수량형여개격형화폐정책공구대기업균존재풍험전도효응，차개격형화폐정책공구적풍험전도효응강우수량형화폐정책공구；수량형여개격형화폐정책공구대고재무강간기업적풍험전도효응균강우저강간기업，차수량형화폐정책공구풍험전도효응적비대칭성강우개격형화폐정책공구。인차앙행재선택화폐정책공구시응납입미관기업풍험감지급향응적고량，피면기업풍험공진이삭약화폐정책적이론효력。
The panel threshold regression model is used to compare the risk transmission effect of quantity instrument and price instrument＇s on enterprises. Results show that： Quantity instrument and price instrument have both risk transmission effect on enterprises, and the risk transmission effect of price instrument is greater than quantity instrument; both quantity instrument and price instrument have greater risk transmission effect on high-leverage firms than low-leverage firms, and the asymmetry is greater for quantity instrument than price instrument. Hence the risk perception and response of micro-enterprises should be considered when choosing monetary policy instrument to avoid risk resonance weakens the theoretical effect of monetary policy.