股权性质、宏观政策与信贷资金配置

发布时间：2018-01-17 23:22

本文关键词：股权性质、宏观政策与信贷资金配置　出处：《南京大学》2014年硕士论文　论文类型：学位论文

【摘要】：30余年的银行业市场化改革成就巨大,那么信贷市场上资金配置市场化程度如何呢?十八届三中全会关于金融改革的规定指出,发挥市场在资源配置中的决定作用,使得金融更好地服务实体经济,因此作为一个以直接融资方式为主体的国家,信贷资金的优化配置尤为重要。已有文献对信贷资金市场股权性质歧视的关注比较多,但是分析样本均有所局限,同时也未从数量上分析股权性质歧视平均程度,更未分析货币政策、产业政策在信贷资金配置中的作用。基于此,本文主要分析企业信贷资金获得方面股权性质歧视状况,并在研究样本、研究方法和研究框架上试图完善。通过混合OLS回归模型、面板回归模型以及Blinder-Oaxaca回归分解法,分别对1998-2009年中国工业企业数据库以及2008-2012年上市公司数据库进行分析,从数量上估计信贷资金配置中股权性质歧视存在的程度以及各个因素对信贷资金配置差异的影响程度。此外,本文也分析了紧缩性货币政策、产业政策在信贷资金配置中产生的影响,检验产业政策和货币政策是否存在信贷传导渠道。本文发现,国有企业与私营企业之间存在较为明显的信贷资金配置差异,该差异中存在股权性质歧视,股权性质歧视决定的部分占总差异的比例约为20%左右；其中,非上市公司面临的股权性质歧视要高出上市公司10%左右。紧缩性货币政策将会减少整体企业信贷资金配置,而且紧缩性货币政策将会相对地增加私营企业的信贷资金配置；国家支持的产业政策将会增加该行业整体信贷资金配置,但是私营企业相对于国有企业得到较少的信贷资金,这些分析证实了产业政策和货币政策存在信贷传导渠道。同时,具体指标的分析发现,能够解释国有企业与私营企业之间产生的平均信贷资金配置差异的主导因素为规模、销售利润率、长期偿债能力以及短期偿债能力,其中上市公司和非上市公司样本中解释信贷资金配置差异的主导因素有所不同。
[Abstract]:More than 30 years of banking marketization reform has made great achievements, so what is the degree of marketization of capital allocation in the credit market? The third Plenary session of the 18 CPC Central Committee pointed out that the market plays a decisive role in the allocation of resources, so that finance can better serve the real economy, therefore, as a country with direct financing as the main body. The optimization of the allocation of credit funds is particularly important. There is more attention to the nature of equity discrimination in the credit market, but the analysis samples are limited. At the same time, there is no quantitative analysis of the average degree of equity discrimination, much less the role of monetary policy and industrial policy in the allocation of credit funds. This paper mainly analyzes the equity discrimination in the acquisition of corporate credit funds, and tries to improve the research samples, research methods and research framework through the mixed OLS regression model. Panel regression model and Blinder-Oaxaca regression decomposition method. This paper analyzes the database of China's industrial enterprises from 1998 to 2009 and the database of listed companies from 2008 to 2012. This paper estimates the degree of equity discrimination in the allocation of credit funds and the influence of various factors on the differences in the allocation of credit funds. In addition, this paper also analyzes the contractionary monetary policy. The impact of industrial policy on the allocation of credit funds and the existence of credit transmission channels in industrial policy and monetary policy. There are obvious differences in the allocation of credit funds between state-owned enterprises and private enterprises. There is equity discrimination in this difference, and the proportion of the part determined by equity discrimination is about 20%. Among them, non-listed companies face higher equity discrimination than listed companies about 10%. Tight monetary policy will reduce the overall allocation of corporate credit funds. Moreover, the contractionary monetary policy will increase the allocation of the credit funds of the private enterprises. State-sponsored industrial policies will increase the overall allocation of credit funds in the industry, but private enterprises will receive less credit funds than state-owned enterprises. These analyses confirm the existence of credit transmission channels in industrial policy and monetary policy. The leading factors that can explain the difference of average credit fund allocation between state-owned and private enterprises are scale, sales profit margin, long-term solvency and short-term solvency. Among them, the dominant factors explaining the difference of credit fund allocation in the sample of listed company and non-listed company are different.
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.4;F279.2

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