我国银行上市融资、信贷扩张对货币政策传导机制的影响  

The Impact of Banks' Public Financing,Credit Expansion on China's Monetary Policy Transmission Mechanism

作　　者：冯科[1] 何理[2] 

机构地区：[1]北京大学经济学院 [2]北京大学软件与微电子学院

出　　处：《经济研究》2011年第S2期51-62,共12页Economic Research Journal

基　　金：教育部哲学社会科学研究重大课题攻关项目"我国货币政策体系与传导机制研究"(项目编号:08JZD0015)的阶段性成果

摘　　要：近些年来,我国商业银行频繁的上市融资行为充实了资本金、降低了经营风险,但也带来了信贷的过度扩张,对货币政策传导机制产生了不利影响,进而削弱了货币政策效果。本文回顾了相关研究文献,并构建银行信贷传导渠道的理论模型进行分析,然后通过对Gunjia&Yuan(2010)的模型进行修正,用商业银行微观数据进行了经验分析。研究结果显示,资本充足率和信贷规模呈现显著正相关,上市融资对信贷扩张有显著影响,银行信贷渠道对货币政策的传导作用有限。In recent years,frequent public financing of China's banks have enriched the capital and reduced business risk,but it also brings excessive credit expansion and has a negative impact on monetary policy transmission mechanism.This paper reviews the relevant research literature,and then builds a bank credit transmission channel theory model.After the modification of Gunjia & Yuan(2010)model,this paper uses econometric analysis based on statistical data.The result shows that the lending behavior of banks are significantly affected by the public financing of banks,and the effectiveness of bank credit channel of monetary policy transmission mechanism is limited.

关 键 词：银行 上市融资 信贷扩张 货币政策传导机制 

分 类 号：F832.4[经济管理—金融学] F822.0F224