货币政策对银行信贷与商业信用互动关系影响研究  

The Impact of Monetary Policy on the Relationship between Bank Loans and Business Credits

作　　者：饶品贵[1] 姜国华[2] 

机构地区：[1]暨南大学管理学院会计系 [2]北京大学光华管理学院会计系

出　　处：《经济研究》2013年第1期68-82,150,共16页Economic Research Journal

基　　金：国家自然科学基金项目(71272213;71032006和71132004);教育部人文社科一般项目(11YJC630166);教育部博士点基金项目(201144011220008);广东省自然科学基金项目(S2011040004337);中央高校基本科研业务费专项资金(12JNYH003)的资助

摘　　要：本文结合企业产权性质,研究货币政策变化对银行信贷与商业信用互动关系的影响,以提供我国货币政策信贷传导机制的微观证据。基于我国特定货币政策环境定义的货币政策紧缩年度虚拟变量和银行家信心指数,本文研究发现,在货币政策紧缩期,相对于国有企业,非国有企业在银行信贷方面受到的冲击更大,但企业以商业信用作为替代银行信贷的融资方式以弥补资金供给缺口。本文的研究证据表明货币政策的信贷传导微观机制在我国是存在的,同时也丰富了宏观经济政策与微观企业行为互动关系的研究。理解货币政策的信贷传导微观机制将有助于政策制定者确定更为合适的货币政策中介目标,从而更好地发挥其调节经济发展速度的作用。Considering firm ownership type, this paper investigates how Chinese monetary policy influences the relationship between bank loan and business credit and provides micro evidence on Chinese monetary policy＇s credit transmission mechanism. Using monetary policy contraction dummy variable and bankers＇ confidence index, we find the impact of monetary policies on firm borrowing is stronger for non-state firms, via-a-vis for state firms. During monetary policy contraction phase, non-state firms are more likely to obtain net business credit as alternative financing. Evidences in this paper indicate monetary policy credit transmission mechanism on a micro level exists in China, and it also enriches research on macroeeonomic policies and firm behaviors. Understanding monetary policy transmission mechanism should help policy-makers find more appropriate monetary policy intermediate target, so as to better adjust economic development.

关 键 词：货币政策 信贷传导机制 银行信贷 商业信用 产权性质 

分 类 号：F822.0[经济管理—财政学] F832.4