银行产权异质性、影子银行与货币政策有效性  

Banking Property Rights Heterogeneity,Shadow Banking and the Effectiveness of Monetary Policy

作　　者：高蓓[1] 陈晓东 李成[1] GAO Bei;CHEN Xiaodong;LI Cheng(School of Economics and Finance,Xi an Jiaotong University;Jinhe Center for Economic Research,Xi an Jiaotong University)

机构地区：[1]西安交通大学经济与金融学院,710061 [2]西安交通大学金禾经济研究中心,710049

出　　处：《经济研究》2020年第4期53-69,共17页Economic Research Journal

基　　金：国家社科基金(17BJY193,19FJYB046,18BJL031)的资助。

摘　　要：货币政策调控能否有效传导至实体经济,对经济运行和稳定发展有着至关重要的影响。本文基于银行产权异质性决定的市场风险偏好,通过理论建模与实证检验,揭示货币政策传导效应在影子银行存在与否两种情形下的差异性。研究结果显示:当金融市场不存在影子银行时,股份制银行对货币政策调控的敏感性高于国有银行,主要源于两类银行的股东构成不同,高管任命和考核机制迥异;为了规避监管约束,金融市场催生出影子银行,隐性放松了银行贷款条件,导致货币政策有效性下降。但影子银行在不同发展阶段具有差异性,发展初期对贷款替代率较高,资金60%以上进入实体经济,对经济的边际贡献显著,其中,股份制银行的贷款替代尤为突出。此时,影子银行虽削弱了货币政策有效性,但也缓解了强硬政策“一刀切”迫使银行抽资断贷对经济的损伤;伴随对影子银行的监管加强,部分资金转向“同业”,此时影子银行对经济的贡献降低,但资金涌入资本市场推高了资产价格泡沫,积聚了大量金融风险。因此,与单一加强监管相比,持续深入的金融改革才是彻底化解金融风险、解决影子银行问题的根本出路。After the 2008 economic crisis,economic growth declined in China.Even with the easing of monetary policy,the growth rate of investment,especially private investment,has continued to decrease significantly.In contrast,the real estate and financial markets are booming,and the role of shadow banking continues to grow.The problem of“demobilization from real to virtual”has become prominent,and the transmission effect of monetary policy has declined.In this context,it is necessary to study the reasons for the decline in the effectiveness of monetary policy,including institutional defects.The results provide guidelines for activating financial markets and promoting economic development.For a long time,the dominant model of indirect financing has determined the absolute position of banks in the transmission of monetary policy in China.The five major state-owned banks occupy a prominent place in the financial system.As an essential hub in monetary policy transmission,they have a significant impact on the effectiveness of monetary policy.In reality,state-owned banks focus on loan security and have a low risk tolerance,which leads them to prefer loans to state-owned enterprises and to be cautious about lending to small and medium-sized enterprises.This invisible dual-track credit system has led to the long-term solidification of credit flowing to state-owned enterprises and has reduced banks'sensitivity to changes in financial markets.Thus,the transmission effect of monetary policy in state-owned banks has weakened.Therefore,on the institutional side,the heterogeneity of bank property rights has a major impact on the transmission of monetary policy in China.The rapid development of shadow banking after 2010 is related to this failure of monetary policy.Most studies focus on the effect of banking property rights on monetary policy and the impact of shadow banking on monetary policy.There are few studies of the influence of shadow banking on monetary policy under the heterogeneity of bank property rights.Accordingly,we co

关 键 词：银行产权异质性 影子银行 货币政策 金融监管 金融改革 

分 类 号：F83[经济管理—金融学]