货币政策与银行贷款行为——基于公司与银行的双向视角研究  

Monetary Policy and Bank Lending Behavior: A Study From the Perspective of Firms and Banks

作　　者：朱博文[1] 张钰[1] 曹廷求[1] 

机构地区：[1]山东大学经济学院

出　　处：《财贸经济》2013年第12期57-67,共11页Finance & Trade Economics

基　　金：国家自然科学基金"治理风险导向的商业银行公司治理研究:理论发展与机制耦合"(71272119);国家社科基金重大招标项目"系统性金融风险防范与监管协调机制研究"(12&ZD069);教育部人文社科基金"基于公司治理的商业银行货币政策传导机制研究"(11CJJJ20)

摘　　要：本文运用公司与银行之间的借贷数据,同时对货币政策传导的资产负债表渠道和银行贷款渠道进行研究。我们以2001—2011年中国上市公司与银行借贷数据以及公司和银行特征数据为研究对象,分析了公司特征和银行特征如何影响货币政策传导的资产负债表渠道和银行贷款渠道。结果显示:贷款利率及同业拆借利率等价格型货币政策工具的变化主要通过资产负债表渠道传导,法定存款准备金率的变化主要通过银行贷款渠道传导。同时,公司规模越大,其贷款规模对货币政策反应越不敏感;银行规模越大,流动性水平越高,资本越充足,其贷款规模对货币政策反应越不敏感。此外,国有控股商业银行和非国有控股商业银行的货币政策传导机制之间也存在差异。We make an attempt at researching balance sheet channel and bank lending channel of monetary policy by using loan-level data between firm and bank. By using data of bank-firm lending, firm characteristics and bank characteristics, we get how firm characteristics and bank characteristics influence balance sheet channel and bank lending channel. Our results show that, monetary policy like bank lending rate and interbank offered rate work through balance sheet channel and statutory deposit reserve ratio works through bank lending channel. The larger the firm is, the size of the loan is not sensitive to monetary policy. If banks own larger scale, higher level of liquidity and capital adequacy ratio, the loan size will not be sensitive to monetary policy. State-owned commercial banks and non-state-owned commercial banks play different roles in monetary transmission mechanism.

关 键 词：货币政策 银行贷款渠道 资产负债表渠道 

分 类 号：F822.0[经济管理—财政学]