流动性、抵押品价值和银行信贷配置研究

发布时间：2018-08-29 09:37

【摘要】：民营企业融资是一个具有普遍性的世界性问题。对社会主义制度下并且银行业金融机构在金融业中处于主导地位的我国来说，非公有制企业和中小企业的融资难贷款难的问题更为突出和显著。一直以来国内对民营企业尤其是中小企业融资问题的研究也从未间断。但是目前绝大部分的研究停留在描述性解释层面，对于模型化问题利用数理解释方面鲜有涉及。近期的温州民间借贷危机再次将民营中小企业融资推到了风口浪尖，因此研究国有经济部门和民营经济部门银行信贷差异的背后机理具有重要的理论和现实意义。本文认为在抵押品价值、公司流动性和银行贷款三者之间存在着循环的相互影响关系，并据此构造了一个理性预期一般均衡模型。模型强调了抵押品价值对企业贷款的重要作用，为分析企业贷款差异提供了一个理论框架。本文的分析表明，，由于拥有的资源不同，国有经济部门和民营经济部门拥有的初始清算价值不同，这使得他们之间产生初始的贷款差异。初始贷款差异在三者循环的相互作用下被强化，最后两经济部门实现为不同的均衡水平。本文还通过信贷渠道，探讨了货币政策对刺激银行贷款的效果。模型揭示，如果初始的总流动性较低，则总贷款容易陷入这样一种均衡信贷陷阱均衡，在该均衡中，即使中央银行大力增加贷款供给，额外增加的贷款也无法成功转化为企业的贷款。对此的政策含义是，必须配合使用财政政策直接提升企业的流动性，才能突破信贷陷阱。文章的扩展部分探讨了货币政策外生的情况下，偏向于国有经济部门的财政扩张政策会如何影响民营经济部门的信贷。研究结果表明民营经济部门的信贷会受到挤压。最后，基于理论，在分析了两部门的贷款差异的成因的基础上，本文提出了几点改善民营经济部门信贷的建议。文章认为缩小初始差距是解决信贷差异的关键。
[Abstract]:Private enterprise financing is a universal worldwide problem. Under the socialist system and the banking financial institutions in the leading position in the financial industry in China, non-public enterprises and small and medium-sized enterprises are more difficult to finance the problem of difficult loans and more prominent and significant. The domestic research on the financing of private enterprises, especially small and medium-sized enterprises, has never been interrupted. However, most of the current studies remain at the level of descriptive interpretation, and there is little concern about the use of mathematical interpretation for modeling problems. The recent private lending crisis in Wenzhou has once again pushed the financing of small and medium-sized private enterprises to the top of the wave. Therefore, it is of great theoretical and practical significance to study the mechanism behind the differences in bank credit between the state-owned sector and the private sector. This paper argues that there is a cyclic interaction among collateral value, corporate liquidity and bank loans, and constructs a rational expectation general equilibrium model. The model emphasizes the important role of collateral value on enterprise loan and provides a theoretical framework for analyzing the difference of enterprise loan. The analysis of this paper shows that the initial liquidation value of state-owned economic sector and private sector is different due to the different resources, which makes the initial loan difference between them. The initial loan difference is strengthened by the interaction of the three cycles, and the last two economic sectors achieve different equilibrium levels. This paper also discusses the effect of monetary policy on stimulating bank loans through credit channels. The model reveals that if the initial total liquidity is low, the total loan is prone to fall into such an equilibrium credit trap equilibrium, even if the central bank greatly increases the supply of loans. Additional loans could not be successfully converted into corporate loans. The policy implication of this is that the use of fiscal policies can directly enhance the liquidity of enterprises in order to break through the credit trap. In the extension part of this paper, the author discusses how the fiscal expansion policy in favor of the state-owned economic sector will affect the credit of the private sector under the exogenous circumstances of monetary policy. The results show that the private sector of the credit sector will be squeezed. Finally, based on the theory, based on the analysis of the causes of the difference between the two sectors, this paper puts forward some suggestions to improve the credit of the private sector. The paper thinks that narrowing the initial gap is the key to solve the credit gap.
【学位授予单位】：华中科技大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.4

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