关键词: 宏观审慎政策, 企业异质性, 信贷结构, 风险缓释

Abstract: In recent years，the problems in China's financial field have become increasingly obvious，mainly manifested as the imbalance of financial supply structure and the intensification of financial market risks Based on the financial accelerator model embedded with firm heterogeneity and macroprudential policies，this paper conducts signal source identification and numerical simulation，and examines the credit structure optimization effect and financial risk mitigation effect of different macroprudential policies from static and dynamic dimensions respectively
The research findings are as follows：First，macro-prudential monetary policy should focus on capital asset prices on the basis of traditional monetary policy rules，and macroprudential regulatory policy should focus on output gap and credit volume In addition，the effect of welfare loss improvement is most obvious when the two regulatory policy combinations are implemented Second，the intervention of macroprudential policies can effectively weaken the resource mismatch caused by financial supply shocks，and at the same time effectively alleviate the economic contraction caused by financial risk shocks and avoid the accumulation of financial risks Among them，macroprudential regulatory policies can play a better role in countercyclical regulation and financial stability Third，with the adjustment of economic structure，the allocation of financial resources among enterprises and the regulation effect of macroprudential regulatory policies are dynamic changes Under the impact of technology，the expansion effect of stateowned enterprises capital will gradually strengthen with the increase of the proportion of enterprises，which will further increase the squeeze on the financial resources of efficient enterprises The countercyclical regulation effect of regulatory policies will be strengthened with the increase of the proportion of stateowned enterprises，thus correcting the problem of resource misallocation
Compared with the existing studies，this paper introduces the firm heterogeneity into the financial accelerator mechanism and builds a DSGE model that considers the factors such as government implicit guarantee，financial risk impact and macroprudential policies，so as to effectively explore the policy effectiveness of macroprudential policies in optimizing the financial supply structure and explore the optimal macroprudential policies from the perspective of risk impact This study conforms to the policy guidelines of the “dual pillar” regulation framework of monetary policy and macroprudential，and has certain reference significance for improving the financial supervision system and realizing the “precise drip irrigation” of financial resources

Key words: macro-prudential policy, enterprise heterogeneity, credit structure, risk mitigation