关键词: 跨境融资宏观审慎政策, 企业金融化, 经营风险, “双支柱”调控;

Abstract: Exploring the micro effects of macro-prudential policies is beneficial for regulatory authorities to better grasp the mechanism of policy and implement more precise regulation. Taking the event of the People’s Bank of China implementing macro prudential management of the full caliber cross-border financing as a quasi natural experiment, this paper uses the data of listed enterprises to construct a double difference model to analyze the impact of macro prudential policies of cross-border financing on the operational risks of micro enterprises. The findings show that the macro prudential policies of cross-border financing can help reduce the operational risks of enterprises, and this policy effect is more obvious in the highly leveraged enterprises and enterprises with strong financing constraints. The mechanism analysis reveals that to carry out macro prudential management of cross-border financing can suppress the degree of financialization of enterprises, thereby reducing their operational risks. Further research has found that a tight monetary policy combined with macro prudential policies for cross-border financing can further reduce operational risks for enterprises. The“dual pillar”regulation can bring better operational stability effects, and the combined effect of the two policies is mainly reflected in the mature and declining enterprise samples. Therefore, the regulatory authorities should continue to improve the macro prudential management framework for cross-border capital flows, unblock the transmission channels of macro policies at the micro level, and further establish and improve the“dual pillar”regulatory framework, enhance the consistency of macro policy orientation, and firmly hold the bottom line of preventing systemic financial risks.

Key words: macro-prudential policy for cross-border financing, corporate financialization, operational risk, two-pillar regulation and control