股权结构与货币政策传导的信贷渠道  

The Ownership Structure and the Bank Credit Channel of Monetary Policy Transmissions

作　　者：朱博文 张夏翡 

机构地区：[1]中国银监会山东监管局 [2]上海浦东发展银行济南分行

出　　处：《金融监管研究》2016年第2期61-81,共21页Financial Regulation Research

摘　　要：本文研究了股权结构在货币政策银行贷款渠道中的异质性作用。就贷款基准利率而言,国有控股大型商业银行和股份制商业银行的贷款规模会随其上升而显著下降,而城市商业银行对其变化反应并不敏感;就法定存款准备金率而言,国有控股大型商业银行信贷规模对其变化反应最不敏感。进一步研究发现:不同股权结构银行的房地产贷款对货币政策反应也存在差异;对于上市银行而言,货币政策不易传导至银行贷款渠道;股权集中度与第一大股东性质在银行贷款渠道中不具有异质性作用。This paper studies the heterogeneous role of bank ownership structure in the bank lending channel of monetary transmissions. The results indicate that, when the benchmark loan rate which we use to represent monetary policy rises, both the state-owned banks and the joint-equity banks＇ lending scales increase and the latter increase more. However, the lending behaviors of city commercial banks are not sensitive to the change of the benchmark loan rate, which harms the effects of the bank lending channel. When we use the required deposit reserve ratio to represent the monetary policy, the loan behaviors of state-owned banks are less sensitive to the change of monetary policy. We further find out that, the real estate loans of banks of different ownership structures are quite different when monetary policy changes. The bank lending channel of monetary transmissions is not effective among the listed banks. Ownership concentration and the character of the largest shareholder have no heterogeneous role in bank lending channel of monetary transmissions.

关 键 词：货币政策 银行贷款渠道 股权结构 

分 类 号：F822.0[经济管理—财政学]