我国货币政策的信贷渠道存在性分析——基于2411家上市公司样本

发布时间：2018-03-18 18:43

本文选题：信贷渠道　切入点：货币政策　出处：《商业经济研究》2017年17期 　论文类型：期刊论文

【摘要】：2012年以后,我国经济步入"新常态",货币供给减少,经济增速放缓。经济增速放缓是否与货币供给减少相关联、中央银行的货币政策是否会冲击实体经济等问题引起了学界对我国银行"信贷渠道"的重新思考。本文依据传统经济的理论,提出两个假说,即中央银行的信贷紧缩减少商业银行的信贷资金供给和商业银行信贷资金供给的减少对企业投资的影响。利用我国有融资需求的上市公司为样本,建立适当的模型,验证了两个假说的适当性。结果表明:当前我国货币政策的商业银行"信贷渠道"依然显著的存在。与宏观层面或银行层面研究"信贷渠道"不同,在严格区控制需求变量时,从微观的企业层面展开"信贷渠道"研究,证实了银行"信贷渠道"的存在结论。
[Abstract]:Since 2012, China's economy has entered a "new normal", with the decrease in the money supply and the slowdown in economic growth. Whether the slowdown in economic growth is related to the decrease in the money supply, Whether the monetary policy of the central bank will impact the real economy or not has caused the academic circles to rethink the "credit channel" of the banks in China. This paper puts forward two hypotheses according to the theory of the traditional economy. That is, the credit crunch of the central bank reduces the supply of credit funds of commercial banks and the reduction of the supply of credit funds of commercial banks, which has an impact on the investment of enterprises. Using the listed companies with financing needs in our country as a sample, an appropriate model is established. The results show that the "credit channel" of the commercial banks of monetary policy in our country still exists significantly. Different from the study of the "credit channel" at the macro level or the bank level, when the demand variables are strictly controlled in the area, The research on the credit channel from the micro enterprise level confirms the existence of the bank credit channel.
【作者单位】：青海广播电视大学教务处;
【分类号】：F822.0;F832.4

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