对2013年短期性钱荒发生原因的一个尝试性分析  

A Tentative Analysis on the "Short-term Shortage of Money" in China in 2013

作　　者：卫冕 李雄军[2] WEI Mian LI Xiongjun(Shaanxi Xike Angle Investment Management Co. , Ltd, Xi＇an, Shaanxi, 710119, China School of Economics and Management ,Xidian University ,Xi＇an , Shaanxi , 710071, Chin)

机构地区：[1]陕西西科天使投资管理有限公司,陕西西安710119 [2]西安电子科技大学经济与管理学院,陕西西安710071

出　　处：《西安石油大学学报（社会科学版）》2017年第5期48-53,共6页Journal of Xi’an Shiyou University:Social Science Edition

基　　金：陕西省社科界2015年重大理论与现实问题研究资助项目(2015Z062);中央高校基本科研业务费资助项目(JB140617)

摘　　要：从货币供给总量与融资结构两个维度,以金融理论与典型事实相结合的方法,尝试对中国短期性钱荒发生的原因进行分析。来自商品市场与金融市场的证据表明,中国的货币供给并未超发。由于以间接融资为主的中国融资结构中存在商业银行资产负债的期限错配和高利率贷款占比上升两个典型特征,因而容易在流动性冲击的特定时点发生短期性钱荒。From two dimensions of the total amount of money supply and the hnancmg structure, combined with the financing theory and typical facts ,the paper makes an attempt to analyze why the ＂short -term shortage of money＂ occurs in China. In fact, evidences from commodity markets and financial markets suggest that money supply in China has not exceeded its demand. But in the Chinese financing structure, which is mainly based on indirect financing, there are two typical characteristics：the maturity mismatch of assets and liabilities in commercial banks and the rising proportion of high interest rate loans, so the ＂short - term shortage of money＂ will occur easily when liquidity is tight.

关 键 词：短期性钱荒 货币超发 间接融资 

分 类 号：F832.3[经济管理—金融学]