trade credit core capital adequacy ratio monetary policy dir

  本文关键词：贸易信贷、银行核心资本充足率与货币政策效应，，由笔耕文化传播整理发布。

贸易信贷、银行核心资本充足率与货币政策效应

Trade Credit, Core Capital Adequacy Ratio of Bank and Effects of Monetary Policy

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ZOU Xin-yue YI Ming-xiang WU Li-miao

广东财经大学金融学院,广州,510320

文章摘要：本文从信贷和货币渠道研究贸易信贷、银行核心资本充足率对货币政策效果的影响机理，并利用2002～2012年制造业上市公司的季度数据及VAR脉冲响应分析方法对此机理进行实证检验．结果表明：贸易信贷长期与货币供应量正相关，但贸易信贷、银行核心资本充足率短期内会影响货币政策的效果。随着金融服务不断创新，股票市场、债券市场、贸易信贷市场、金融衍生品市场以及汽车金融公司、消费金融公司、小额贷款公司等非存款类金融机构对货币政策调控效果产生直接影响。因此，监管部门应重视直接融资市场和非存款类金融机构，将社会直接融资规模纳入到政策制定的考虑因素之中。

Abstr：From the perspectives of credit and monetary channel, this paper researches the mechanism that the core capital ad equacy ratio of bank influences the effects of monetary policy, and uses the quarterly data of the listed manufacturing companies during 2002-2012 and the VAR impulse response analysis method to test the mechanism empirically. The results of the paper show that the trade credit is positively related to the monetary supply in the long term, but the trade credit, the core capital ade quacy ratio of bank influence the effects of monetary policy. With the innovation of financial services, stock market, bond mar ket, trade credit market, financial derivatives market and car finance company, consumer finance company, small loan company and other nondeposit financial institutions will directly impact the effects of monetary policy. Therefore, the regulatory authori ties should pay attention to the direct financing market and nondeposit financial institutions, and consider the scale of direct financing while they make policies.

文章关键词：

Keyword：:trade credit core capital adequacy ratio monetary policy direct financing VAR

课题项目：国家白然科学基金项目（71273066、71073031）资助.

  本文关键词：贸易信贷、银行核心资本充足率与货币政策效应，由笔耕文化传播整理发布。