货币政策、企业微观特征与信贷资源配置效率——基于产业间信贷配置的实证研究  

Monetary Policy,Enterprise Micro-Characteristics,and Credit Resource Allocation Efficiency--An Empirical Study Based on Inter-Industry Credit Allocation

作　　者：吉红云[1] Ji Hong-yun

机构地区：[1]上海理工大学管理学院,上海200093

出　　处：《生产力研究》2025年第2期8-14,F0003,共8页Productivity Research

基　　金：教育部人文社科青年基金项目“资本市场推动实体经济创新的微观机制与效率提升研究”(18YJC790059)。

摘　　要：货币政策是影响信贷资源配置效率的重要外生冲击。基于2003—2022年3358家A股上市公司的微观数据,详细探讨了货币政策如何影响信贷资源在传统产业、支柱产业和战略性新兴产业间的配置效率。研究结果表明,随着经济增长方式转型以及货币政策调控方式转变,信贷资源在产业间的配置效率显著提升。当货币政策放松时,与传统产业及支柱产业相比,更多的信贷资源流向新兴产业;商业银行能够更有效率地基于企业微观特征进行信贷配置,企业盈利能力与经营能力是影响银行信贷资源配置的主要因素,而企业规模因素的影响显著下降;在新兴产业内部,信贷资源在国有企业间的配置效率相对更高,对非国有企业的配置效率仍有待提高。Monetary policy is a significant exogenous shock affecting credit resouree allocation efficiency.Using microdata from 3,358 A-share listed companies(2003-2022),this study explores how monetary policy influences credit allocation efficiency among traditional industries,pillar industries,and strategic emerging industries.Results show that credit allocation efficiency across industries has improved significantly amid economic growth tranaformation and monctary policy adjuatments.Monctary caaing dirccte morc credit rcaourcca to.cmerging industries compared to traditional and pillar industries.Commercial banks increasingly allocate credit based on enterprise micro-characteristics,with profitability and operational capacity becoming key determinants,while the influence of firm size has declined.Within emerging industries,credit allocation efficiency is higher for state-owned enterprises,but remains suboptimal for non-state-owned enterprises.

关 键 词：货币政策 信贷配置 企业微观特征 产业升级 

分 类 号：F822.0[经济管理—财政学] F832.4