全球金融危机后中国银行业的信贷配置与后期影响  

Credit Allocation and Subsequent Impact of Chinese Banks after the Global Financial Crisis

作　　者：钟宁桦[1] 施翌 解咪 ZHONG Ninghua;SHI Yi;XIE Mi

机构地区：[1]同济大学经济与管理学院,上海200092 [2]上海财经大学全球资源配置能力建设基地、国际经济合作研究院,上海200433

出　　处：《学术月刊》2023年第10期36-48,共13页Academic Monthly

基　　金：国家社会科学基金重大项目“新形势下地方政府性债务风险管控的目标、难点与实现路径研究”(19ZDA073);国家自然科学基金面上项目“2008年金融危机后我国金融效率下降与国有企业改革”(71973101);国家自然科学基金青年项目“‘稳就业’压力下的信贷配置:成效与代价”(72303143)的阶段性成果。

摘　　要：中国以银行为主导的金融体系是助力实体经济发展、维护社会稳定运行的重要支撑。基于多套微观数据,可尝试探讨2008年全球金融危机发生后中国银行业的信贷配置与后期影响。研究发现:在“四万亿”经济刺激计划实施期间,相较于其他类型的银行,国有银行更积极地配合刺激计划,更多将信贷配置到中西部地区,其中主要是中西部的国有企业获得了更多信贷支持。然而,在计划实施期间向中西部地区发放更多贷款的银行,在计划退出后的资产质量更差,并且这一影响在中长期持续存在。研究结果说明,国有银行与国有企业对逆周期宏观调控政策的有力落实,是中国在危机后能够迅速稳定经济与就业的重要原因,但也需注意与金融风险相关的中长期影响。China's bank-dominated financial system is an important support to fuel the development of the real economy and the stable operation of society.This paper attempts to explore the credit decision and subsequent effects of Chinese banks after the 2008 global financial crisis by analyzing multiple sets of microdata.We find that during the implementation of the“Four Trillion”economic stimulus plan,compared with other types of banks,state-owned banks cooperate with the stimulus plan more actively and allocate more credit to the central and western regions,and mainly local state-owned enterprises receive more credit support.However,banks that allocate more loans to the central and westerm regions during the stimulus period have worse asset quality after the exit of the plan,and this effect persists in the long run.The findings of this paper suggest that the effective implementation of counter-cyclical macroeconomic policies by state-owned banks and state-owned enterprises is an important reason for China's rapid stabilization of economy and employment after the crisis,but attention needs to be paid to the medium-and long-term effects associated with financial risks.

关 键 词：全球金融危机 银行信贷配置 经济刺激计划 

分 类 号：F83[经济管理—金融学]