数字金融如何影响货币政策信贷传导效果?——基于银行贷款渠道的分析  

How does digital finance affect the effect of monetary policy credit transmission?Analysis based on bank loan channel

作　　者：张前程[1] 侯艳 ZHANG Qiancheng;HOU Yan(School of Economics,Anhui University,Hefei 230031,China)

机构地区：[1]安徽大学经济学院,合肥230031

出　　处：《天津商业大学学报》2023年第2期41-48,共8页Journal of Tianjin University of Commerce

基　　金：国家社会科学基金一般项目“利率放开后金融市场间利率传导阻滞的测度、成因与对策研究”(19BJY241)。

摘　　要：作为创新型金融业务模式,数字金融在改变传统金融服务模式的同时,会影响货币政策信贷传导机制和效果。文章立足于商业银行在信贷传导机制中的中介作用,基于商业银行和A股上市公司的面板数据,考察数字金融发展对货币政策银行贷款渠道传导效果的影响。研究发现:数字金融发展减弱了货币政策银行贷款渠道的传导效果;上述减弱作用在资产规模较小、流动性水平较低以及城商行和农商行中更为显著;具体而言,数字金融主要是通过挤压银行存款和降低企业信贷融资占比进而弱化了银行贷款渠道的传导效果。As an innovative financial business model,digital finance will affect the credit transmission mechanism and effect of monetary policy while changing traditional financial service model.Based on the mediating effect of commercial banks in the credit transmission mechanism and the panel data of commercial banks and A-share listed companies,the paper investigates the effect of digital finance development on the bank loan channel transmission of monetary policy.The findings are as follows.The digital finance development weakens the transmission effect of the bank loan channel of monetary policy.The weakening effect is more significant in urban and rural commercial banks with small asset scale and low liquidity level.To be specific,digital finance weakens the transmission effect of bank loan channel by squeezing bank deposit and reducing the proportion of corporate credit financing.

关 键 词：数字金融 货币政策 银行贷款渠道 

分 类 号：F821.0[经济管理—财政学]