货币政策、所有制结构与上市公司银行贷款  

Monetary Policy,Ownership Structure and Bank Loans of China's Listed Firms

作　　者：房义来[1,2] 王立清[1] 杨宝臣[1] 尹辉[3] 

机构地区：[1]天津大学管理学院,天津300072 [2]山东省农村信用社联合社泰安办事处,山东泰安271000 [3]中国农业银行总行结算与现金管理部,北京100005

出　　处：《西北农林科技大学学报（社会科学版）》2011年第6期63-69,74,共8页Journal of Northwest A&F University(Social Science Edition)

基　　金：教育部新世纪优秀人才支持计划资助项目(NCET-08-0397);天津大学自主创新基金

摘　　要：以沪深A股上市公司2003-2006年的数据作为研究样本,实证检验了货币政策、所有制结构与上市公司银行贷款的关系。研究发现,相对于国有上市公司、民营上市公司的贷款比率受货币政策影响更大。货币政策对公司长期贷款比率有正向影响,其中货币政策对国有上市公司长期贷款比例影响不显著,而对民营上市公司长期贷款比率影响显著。在我国金融、法制等制度不够完善的条件下,货币政策变化对不同所有制企业的影响是不同的。政府在货币政策调控时,应注重对民营企业贷款的影响。This study purpose to examine the link between monetary policy, ownership structure and bank loans in China^s listed firms. Using the samples of listed firms during 2003-2006,we find that,the monetary policy has more effect on individual controled listed firms than on state-controled firms. The monetary policy is positively correlated with the long-term loans rate. It has little effect on the long-term loan rate of state-controled firms, but distinct effect on that of individual-eontroled firms. This study shows that in the circumstance of inadequate economic systems and underdeveloped financial markets, monetary policy change has different effects on the firms of ownership structure. In monetary policy regulation and control, special attention should be paid to individual-controled firms loan financing.

关 键 词：货币政策 银行贷款 所有制结构 

分 类 号：F830.22[经济管理—金融学]