本文基于“负债一通缩”理论建立了一个带有内生性信贷约束的DSGE模型,将资产价格纳入信贷约束的传导机制中。本文重点分析了国内信贷规模、资产价格与投资水平之间的相互作用,从而弥补了我国在这方面理论研究的缺失。同时,又填充了国外这类模型关于本国银行信贷约束研究的空白。本文的模型模拟结果与中国实际数据的长短期特征拟合度较高。研究发现:(1)内生性信贷约束对于我国各个经济变量的长期趋势没有显著的影响;(2)一旦信贷规模触及约束上限,我国经济将在短期受到剧烈冲击,这也是目前我国经济指标整体表现不佳的原因。面对2015年6月底至今的股灾,我国应该放松信贷约束条件,稳定股票市场,同时,下调基准利率来降低企业的融资成本。 This paper builds a DSGE model with endogenous credit constraints based on the theory of “debt-deflation”, and puts the asset price into the conduction mechanism of credit constraints. This article focuses on the analysis of the interaction between domestic credit scale, asset prices and investment levels, thus making up for the lack of theoretical research in this area in China. At the same time, it also fills in the blank of the research about the credit constraint of domestic banks in foreign countries. The simulation results of this paper are in good agreement with the long-term and short-term characteristics of China’s real data. The results show that: (1) Endogenous credit constraints have no significant effect on the long-term trend of various economic variables in China; (2) Once the credit limit reaches the upper limit of constraint, China’s economy will be hit hard in the short term. This is also the overall performance of China’s economic indicators Bad reason. In the face of the stock market crash from the end of June 2015 to the present, China should relax credit constraints and stabilize the stock market. At the same time, the benchmark interest rate should be lowered to reduce the financing costs of enterprises.