Financial frictions, Bank lending channel, Structural misall

  本文关键词：金融摩擦、货币政策银行信贷渠道与信贷资源的产业间错配，由笔耕文化传播整理发布。

金融摩擦、货币政策银行信贷渠道与信贷资源的产业间错配

Financial Frictions, Bank Lending Channel under Monetary Policy and Misallocation in Industry of Credit Resources

[1]

ZHANMinghua （ College of Economic and Management, Zhejiang Sci - Tech University）

浙江理工大学经济管理学院,浙江杭州310018

文章摘要：以金融摩擦条件下修正的状态证实模型为基础，本文首先对银行信贷渠道影响信贷资源在产业间配置的机理进行了理论分析，提出了相应的假说，并利用差异中的差异交叉项模型对假说进行了实证检验，得到了如下主要结论：一是银行信贷渠道的强化对产业结构升级具有结构性错配效应，而紧缩性的货币政策则显著地放大了这一效应；二是企业的国有属性强化了银行信贷渠道的信贷资源错配效应，但在考虑企业国有属性的条件下，紧缩性货币政策却对这种错配效应没有显著影响。不过尽管如此，，由于国有比重在不同产业问的分布是不均衡的，因而，总的来看，经济中国有比重的提高，仍对货币政策银行信贷渠道的信贷资源错配效应具有显著的强化作用。最后，本文从产业结构升级的视角，给出了如下政策含义：一是货币政策不仅具有熨平短期经济波动功能，还具有长期经济结构调整功能；二是银行竞争结构的改善有助于弱化银行信贷渠道，从而促进产业结构升级；三是需要对战略性新兴产业实行特殊的金融支持政策。

Abstr：On the basis of modified costly state verification under the condition of financial frictions, we first analyze the theoretical mechanism of credit resources allocation in the industry through the bank lending channel, and give a assumption. Then for testing the assumption, we use difference - in - difference model, get the following conclusion ： （ 1 ） The strengthening of the bank lending channels has a structural misallocation effect on the. upgrading of industrial structure, while tightening of monetary policy significantly expands the effect; （2） Properties of state - owned enterprises strengthen the credit resources misallocation effect of bank lending channel, but in consideration of properties of state - owned enterprises, tight monetary policy has no significant in- fluence on the misallocation effect. But even so, due to the proportion of state - owned distribution is not balanced in different industries, therefore, on the whole, the increasing of proportion belong to the state strengthens the credit resources misallocation effect of bank lending channel Under the impact of monetary policy. Finally, we give the policy implication in the view of industrial structure upgrade as follows ： （ 1 ） Monetary policy has not only pressed short - term economic fluctuation, but has the functions of adjusting the long - term eco-nomic structure ; （2） The improvement of banks＇ competitive structure helps to soften the bank lending channel, so as to promote the upgrading of industrial structure ; （3） Special financial support policy should be carried out to strategic emerging industries.

文章关键词：

Keyword：:Financial frictions, Bank lending channel, Structural misallocation effect

课题项目：浙江工商大学高校应用经济学研究基地重点项目“银行信贷渠道、资本配置效率与浙江产业结构的升级”（JYTYYJJ20130302）、浙江理工大学高校应用经济学研究基地重大项目和浙江理工大学“151人才”项目的资助,特此致谢.作者感谢王晓君在数据处理上的工作,以及匿名审稿人所提宝贵意见,但文责自负.

作者信息：会员可见

  本文关键词：金融摩擦、货币政策银行信贷渠道与信贷资源的产业间错配，由笔耕文化传播整理发布。