2001-2010年我国货币政策与信贷资源配置的实证研究
发布时间：2018-07-25 09:36
【摘要】：商业银行信贷市场作为我国金融市场最重要的组成部分,对我国经济起着举足轻重的作用,而近年来央行货币政策的频繁运用也成为我国经济宏观调控的热点。本文根据我国2001-2010年间上市公司的季度数据以及货币政策数据,通过建立多元回归模型,考察货币政策是如何影响信贷资源配置的规模、结构和效率。通过实证研究发现,在扩张性货币政策时期,国有企业能够获得超额的信贷融资,而在银根紧缩时期,民营企业遭受的信贷融资损失也可能会更大,也即我国存在一定的“信贷歧视”；另外,在货币紧缩时期,企业收到的信贷融资会大幅减少,而这种减少主要发生在高成长企业,在排除了高成长性企业在货币紧缩期间主动减少了信贷需求、或者更加依赖其他融资手段,也并没有出现未来投资价值大大幅下降后,本文进而发现,在紧缩的货币政策时期,银行信贷资金实际上是在向低成长性的国有企业倾斜,由此降低了信贷资源配置的效率。另外,本文从信贷市场上的信息不对称、商业银行经营的基本原则和货币政策的影响角度角度,分析了我国信贷资源配置效率降低的原因,并有针对性的提出了一些可能的对策与建议。
[Abstract]:As the most important part of our financial market, the credit market of commercial banks plays an important role in our economy. In recent years, the frequent use of monetary policy of the central bank has also become a hot spot of macroeconomic regulation and control in our country. Based on the quarterly data and monetary policy data of listed companies in China from 2001 to 2010, this paper studies how monetary policy affects the scale, structure and efficiency of credit resources allocation through the establishment of multiple regression models. Through empirical research, it is found that in the period of expansionary monetary policy, state-owned enterprises can obtain excess credit financing, and in the period of tight monetary resources, private enterprises may suffer more losses in credit financing. In other words, there is a certain "credit discrimination" in China; in addition, during the period of monetary tightening, the amount of credit financing received by enterprises will decrease substantially, and this reduction will mainly occur in high-growth enterprises. After ruling out that high-growth firms actively reduced credit demand during monetary tightening, or relying more on other means of financing, and that there was no significant decline in the value of investment in the future, the paper further found that in a period of tight monetary policy, Bank credit funds are actually tilting towards low growth state-owned enterprises, thus reducing the efficiency of credit resource allocation. In addition, from the angle of information asymmetry in the credit market, the basic principles of commercial bank management and the influence of monetary policy, this paper analyzes the reasons for the decrease in the efficiency of credit resources allocation in China. And put forward some possible countermeasures and suggestions.
【学位授予单位】：北京林业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F822.0;F832.4;F224
本文编号：2143396
[Abstract]:As the most important part of our financial market, the credit market of commercial banks plays an important role in our economy. In recent years, the frequent use of monetary policy of the central bank has also become a hot spot of macroeconomic regulation and control in our country. Based on the quarterly data and monetary policy data of listed companies in China from 2001 to 2010, this paper studies how monetary policy affects the scale, structure and efficiency of credit resources allocation through the establishment of multiple regression models. Through empirical research, it is found that in the period of expansionary monetary policy, state-owned enterprises can obtain excess credit financing, and in the period of tight monetary resources, private enterprises may suffer more losses in credit financing. In other words, there is a certain "credit discrimination" in China; in addition, during the period of monetary tightening, the amount of credit financing received by enterprises will decrease substantially, and this reduction will mainly occur in high-growth enterprises. After ruling out that high-growth firms actively reduced credit demand during monetary tightening, or relying more on other means of financing, and that there was no significant decline in the value of investment in the future, the paper further found that in a period of tight monetary policy, Bank credit funds are actually tilting towards low growth state-owned enterprises, thus reducing the efficiency of credit resource allocation. In addition, from the angle of information asymmetry in the credit market, the basic principles of commercial bank management and the influence of monetary policy, this paper analyzes the reasons for the decrease in the efficiency of credit resources allocation in China. And put forward some possible countermeasures and suggestions.
【学位授予单位】：北京林业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F822.0;F832.4;F224
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