公司融资结构调整、部门异质性与中国信贷渠道的存在性

发布时间：2018-01-14 05:10

本文关键词：公司融资结构调整、部门异质性与中国信贷渠道的存在性　出处：《财经研究》2010年12期 　论文类型：期刊论文

【摘要】：在理论总结与对中国经济环境分析的基础上,文章从两个新的视角对中国货币政策信贷渠道进行了重新探讨:一是特定货币政策环境下公司融资结构调整;二是产权异质性条件下的信贷配给。研究结果表明,中国的独立信贷渠道的确存在,然而,其作用机制并非是基于像上市公司这样的企业的微观融资结构调整效应,而是经济中国有与非国有并存的产权异质性所导致的信贷配给效应。对于上市公司,独立信贷渠道的作用是微弱的,这一结果对于公司行业及规模是稳健的。实证结果同时显示,与通常的预期不同,在获取银行信贷方面处于相对优势地位的国有投资受银行信贷变化影响更大。
[Abstract]:On the basis of theoretical summary and analysis of China's economic environment, this paper re-discusses the credit channels of China's monetary policy from two new perspectives: first, corporate financing structure adjustment under the specific monetary policy environment; The second is the credit rationing under the condition of heterogeneity of property rights. The research results show that independent credit channels do exist in China, however. The mechanism is not based on the micro-financing structure adjustment effect of such enterprises as listed companies, but on the credit rationing effect caused by the coexistence of non-state-owned property rights heterogeneity in economic China. The role of independent credit channels is weak and the results are robust for the firm's industry and size. The empirical results also show that they differ from the usual expectations. State-owned investments, which have a comparative advantage in accessing bank credit, are more affected by changes in bank credit.
【作者单位】：浙江理工大学经济管理学院;浙江大学管理学院;
【基金】：教育部规划基金资助项目(07JA790028) 浙江省自然科学基金资助项目(Y6080177)
【分类号】：F832.4;F224
【正文快照】： 一、引言始于2008年的全球性金融危机的影响广度与深度为二战以来所仅有。在解决本次危机的过程中,各国不约而同地采取了大规模放松信贷的宽松货币政策。从中国来看,政策实施的一个主要表现是银行信贷的大规模增长。于是,面对如此大量的新增信贷,一个基本的问题是:这会带来真

【参考文献】