Abstract: This study focuses on whether different kinds of monetary policy tools can promote bank credit to small and micro enterprises under macroeconomic uncertainty. First, this paper adds monetary policy into a bank assets portfolio model with macroeconomic uncertainty, demonstrating the theoretical relationship among macroeconomic uncertainty, monetary policy and bank asset allocation. Then, based on the panel data of domestic commercial banks from 2004 to 2018, this paper empirically tests the effect of bank credit result when using different kinds of monetary policy tools under economic uncertainty. The conclusions show that macroeconomic uncertainty can inhibit bank credit, especially for banks with large share of small and micro enterprise loans; compared with quantitative monetary policy, price monetary policy can more significantly reduce the negative impact of uncertainty on small and micro credit of banks, and interbank interest rate has the strongest effect. The conclusions are of great political significance as they can help solve the problems of choosing suitable monetary policy to promote bank credit to small and micro enterprises, to ease the problem of economic uncertainty and help the development of small and micro enterprises.

Key words: macroeconomic uncertainty, price monetary policy, quantitive monetary policy, small and micro enterprises credit

摘要： 本文研究在宏观经济不确定条件下，不同货币政策工具能否促进银行对小微企业信贷投放。首先，将货币政策引入考虑了宏观经济不确定性的银行资产组合模型中，论证货币政策、宏观经济不确定性与银行信贷资产配置的理论关系。然后利用我国181家银行2004—2018年的数据，检验在宏观经济不确定条件下，不同货币政策工具对银行小微企业信贷行为调控的作用效果。研究结果表明：宏观经济不确定性会抑制银行信贷行为。其中小微企业信贷占比较大的银行受到的影响更为显著。与数量型货币政策相比，价格型货币政策能够更显著地减轻不确定性对银行小微信贷的消极影响。其中银行同业拆借利率的调控效果最强。研究结论对于选择适宜的货币政策工具促进银行向小微企业信贷投放，化解经济不确定性对银行信贷行为的影响并助力小微企业发展等具有政策借鉴意义。

关键词: 宏观经济不确定性, 价格型货币政策, 数量型货币政策, 小微企业信贷