银行业垄断是导致货币政策抑制中小企业的原因吗  

Does Banking Monopoly Cause the Tight Monetary Policy Inhibiting the SMEs?

作　　者：孙大超[1] 王博[1] Wang Gang 

机构地区：[1]南开大学经济学院,天津300071 [2]图卢兹大学经济学院

出　　处：《金融研究》2014年第6期99-114,共16页Journal of Financial Research

基　　金：南开大学中央专项业务费专项基金(NKZXB1221)的资助

摘　　要：本文通过构建关系银行框架下的银行业市场结构与货币政策异质性冲击的理论模型,分析了不同银行业垄断程度下,适度从紧的货币政策对不同规模企业的异质性冲击,并以1999到2009年持续经营的19000多家中国工业企业数据为样本进行了经验分析。结果表明,相比于大型企业,适度从紧的货币政策更多的抑制了中小企业的银行融资能力,而银行业垄断导致这种非对称性冲击显著增加,银行业垄断是导致货币政策信贷传导渠道扭曲的重要原因。本文的研究为理解货币政策异质性冲击提供了新的理论和经验证据,也为更好的实施货币政策调控提供了新的思路。This paper builds a model in the relationship banking context to analyze how bank competition will affect the heterogeneity effects of monetary policy. And exploiting a panel data of about 19 thousand Chinese manufacturing firms that survive during 1999 -2009, an empirical test is provided. We find evidence that monetary policy has bigger influence on SMEs. Banking monopoly is the major reason leading to credit transmission channel distortion of the monetary policy. In this paper, we have offered new evidence for understanding the asymmetric effect of monetary policy among enterprises of different size, which provides a new insight for the implementation of monetary policy.

关 键 词：货币政策非对称效应 银行业市场结构 企业规模 

分 类 号：F832.3[经济管理—金融学] F822.0F276.3