摘要
本文构建动态随机一般均衡模型,分析数字人民币追溯科技创新再贷款的资金流向和降低道德风险的可能性,及如何利用数字人民币提高货币政策的传导效果。研究显示:商业银行与企业之间的道德风险容易导致科技创新再贷款政策的传导效率下降;使用数字人民币追溯资金流向,可以疏通政策的传导堵点,引导资金更高效地流向科技创新企业。具体传导路径是:降低追溯成本,强化监管机制,扩大资金供给规模,增强供给积极性;约束违规行为,遏制资金挪用,确保资金用于科技创新活动。政策建议是:拓展数字人民币的应用场景,利用数字人民币追溯科技创新再贷款的资金流向,通过数字人民币降低科技创新再贷款的道德风险。本文的研究结论能够为推进数字人民币的未来发展、深入贯彻和落实金融“五篇大文章”中的数字金融和科技金融提供决策参考。
E-CNY,as the digital legal tender issued by the People’s Bank of China,employs consortium blockchain and distributed ledger technologies to ensure traceability and data immutability.In recent years,its application has expanded into areas such as enterprise financing.Against this backdrop,to foster technological innovation,China has introduced structural monetary policy tools such as the sci-tech innovation relending.While these policies have yielded some positive outcomes,moral hazard and other risks continue to make commercial banks cautious in lending for technological innovation.This paper proposes a practical approach for tracking and monitoring sci-tech innovation relending funds using e-CNY,with the aim of enhancing the precision and effectiveness of policy implementation.It also offers insights for advancing the application of e-CNY and strengthening the integration of digital finance with technology finance.This study develops a Dynamic Stochastic General Equilibrium(DSGE)model that incorporates both e-CNY and sci-tech innovation relending.It explores how e-CNY can enhance fund flow traceability,mitigate moral hazard,and improve the transmission efficiency of monetary policy.The findings show that moral hazard between commercial banks and enterprises undermines the effectiveness of relending policies by raising monitoring costs and leading to the misuse of funds.Using e-CNY for fund tracing optimizes the transmission mechanism of sci-tech innovation relending,enabling more accurate and efficient allocation of funds to technology enterprises.The mechanism operates through two main channels:first,it reduces tracing costs,strengthens regulation,and enhances the scale and incentives of fund supply;second,it deters misconduct,prevents fund diversion,and ensures that financing supports genuine sci-tech innovation activities.Based on these findings,the following policy recommendations are proposed:expand e-CNY application scenarios,use e-CNY to monitor capital flows in sci-tech innovation relending programs,and leverage e-CNY to reduce moral hazard in sci-tech innovation relending.This paper’s marginal contributions are threefold.First,from the perspective of traceability,it highlights the important role of e-CNY in strengthening fund tracking and supervision.Second,it constructs a theoretical framework that incorporates both e-CNY and the relending policy,analyzing how e-CNY influences the transmission channels and effectiveness of sci-tech innovation relending.Third,it demonstrates how e-CNY can mitigate moral hazard in the innovation lending process,offering a novel policy tool for reducing information asymmetry.Future research could explore the application of e-CNY traceability in fiscal policy and investigate the implications of e-CNY programmability for lending and supply chain finance.
作者
马理
闫芳
MA Li;YAN Fang(Hunan University,410079)
出处
《财贸经济》
北大核心
2025年第12期110-124,共15页
Finance & Trade Economics
基金
国家自然科学基金面上项目“中美货币政策分化调整对我国跨境资本流动的影响:头寸失衡、风险溢出与制度设计”(72473037)
湖南省学位与研究生教学改革研究项目“高级货币经济学课程教学改革与中国式现代化建设的货币人才培养”(2024JGYB094)
湖南大学金融与统计学院湘财证券宏观经济研究项目(2024056)。
