中文摘要：

地方政府融资政策逆周期性对货币政策执行效果产生重要影响。基于“欧拉方程”模型，利用2008年至2015年期间债券发行企业的面板数据，定量研究地方融资平台和普通企业融资约束问题。研究发现，地方融资平台所受融资约束小于普通企业，放松货币政策有利于缓解普通企业的融资约束，但地方融资平台融资约束主要受政府融资政策影响。由于地方政府融资政策和货币政策均存在逆周期特征，因此经济下行时，普通企业融资能力在货币政策宽松同时受到地方政府融资政策宽松挤压，货币政策对实体经济的支持效果明显减弱。政府应逐步建立地方政府投融资长效机制，减小其对货币政策调控实体经济的影响。

英文摘要：

The counter-cyclical characteristics of local government financing policy has a great impact on the implementation of monetary policy. Based on the ＂Eular equation＂ model,the panel data of bond issue firms from 2008 to 2015 are used to measure the local financing vehicles and general enterprise financing con- straints. The result shows that the local financing vehicles are less financially restrained than ordinary enter- prises. The easing of monetary policy is conducive to alleviating the financing constraints of ordinary enter- prises,but the local financing vehicles financing constraints are mainly affected by government financing poli- cies. Since the local government financing policy and monetary policy are counter-cyclical,during economic downturns,easing monetary policy and local government financing policy double the stress on general enter- prises＇ financing capacity;at the same time. Hence the supports from monetary policy for the real economy are significantly weakened. The government should plan to establish a long-term local government investment and financing mechanism to reduce its impact of the monetary policy on physical economy.