信贷渠道对我国企业出口贸易的影响

发布时间：2018-03-26 07:27

本文选题：信贷渠道　切入点：出口收入　出处：《南京师范大学》2014年硕士论文

【摘要】：国家宏观调控中,货币政策是重要手段,是货币政策当局通过运用货币政策工具来达到既定的货币政策目标。在运用货币政策来影响经济的过程中,货币政策传导渠道的选择变得十分重要。因为货币政策传导渠道是政策工具联结中介指标实现货币政策目标的路线,所以货币政策传导渠道的有效性意味着货币政策的有效性。我国经济迅猛发展,在加入世界贸易组织以后,发展势头更为强劲,一跃成为世界第二大贸易国和第一大出口国。在我国,货币政策的实施不仅影响经济增长、实际支出等国内实体经济,还通过汇率渠道、国际收支、资本流动等渠道来影响中国的进出口贸易。中国货币政策传导方式有一定的独特性,利率对中国的调控作用并不是十分明显,往往带有一定的滞后性,而且利率的变动需要一段时间后才会反映到进出口贸易上。而且,中国曾经持续一段时间地提高汇率,然而,通过提高汇率这个措施对进出口贸易所造成的影响也有一定的滞后性。货币政策可以通过信贷渠道来影响实体经济,影响我国企业出口贸易。近年来,我国金融体制市场化进程稳步推进,基于多种货币政策工具的使用并通过货币政策传导渠道来达到货币政策的最终目标,已逐步成为我国货币政策实施的常态。一般认为货币政策主要通过利率渠道来影响企业出口贸易,但货币政策是否能通过信贷渠道来影响我国企业出口贸易?本文将带着这样的疑问,以理论分析为基础,结合我国目前货币政策信贷渠道存在性分析和我国当前金融运行环境,利用定性分析和实证检验的方法,研究我国货币政策传导的信贷渠道,从理论和实证的角度来证明,货币政策可以通过信贷渠道来影响我国企业出口贸易,为我国经济发展提出政策性建议。本文的主要内容可以概括为以下几个方面：首先介绍信贷渠道对我国企业出口贸易的影响的选题背景和选题意义,研读国内外学者对信贷约束对出口贸易影响的相关研究成果,并进行了梳理和评述。然后就关于货币政策、信贷渠道、出口贸易、约束因素等相关研究进行整理,再者论文本文的研究框架、研究方法以及相关说明。其次是信贷渠道对我国企业出口贸易的影响的理论分析。先对相关理论进行梳理,阐述信贷渠道理论,介绍了早期信贷观点、均衡信贷配给理论和新凯恩斯主义时期的货币政策信贷传导机制,并建立信贷渠道影响机制的理论模型,即信贷约束模型。接着分析货币政策信贷渠道在我国的存在性和我国信贷渠道作用于实体经济的金融环境。从影响机制和约束机制两个方面进行研究,以此来证明货币政策可以通过信贷渠道对出口贸易产生影响,并为后面的实证检验奠定了理论基础。接下来,在理论分析的基础上进行信贷渠道对我国企业出口贸易的影响的实证分析。该部分选取货币供应量、贸易公司出口收入、公司规模与公司所有权性质(引入虚拟变量)等变量进行建模,利用多元回归模型等方法加以实证分析,为前面的理论分析提供实证证明。最后紧扣理论和实证分析的结果,提出政策性建议。我国货币政策可以通过信贷渠道对出口贸易产生影响,为了促进出口贸易的发展,实现经济的可持续发展,我国需要深化国有大型商业银行的改革并大力发展中小金融机构,还要继续深化利率市场化进程,大力发展证券市场。
[Abstract]:The national macro-control, monetary policy is an important means, is the monetary authorities through the use of monetary policy tools to achieve the goal of monetary policy. In the use of monetary policy to influence the economy in the process of monetary policy transmission channel selection becomes very important because monetary policy transmission channel is the intermediate target of monetary policy to achieve a joint policy tool the goal line, so the transmission channels of monetary policy effectiveness means that the effectiveness of monetary policy.
China's rapid economic development, after the accession to the world trade organization, the development momentum is strong, became the world's second largest trading nation and the largest export country. In our country, the implementation of monetary policy not only affects the economic growth, the actual expenditure of the Chinese economy, but also through the exchange rate, balance of payments, capital flows and other channels to influence the China import and export trade. Chinese monetary policy has certain uniqueness, interest rates on China regulation is not very obvious, often with a lag, and changes in interest rates after a period of time will reflect the need to import and export trade. Moreover, China had continued for a period of time to improve the exchange rate, however, by improving the measures caused by the impact of exchange rate on import and export trade has a certain lag. Monetary policy can affect the real economy through the credit channel, influence Export trade of Chinese enterprises.
In recent years, steadily promote the process of China's financial market system, the ultimate goal and the use of various tools of monetary policy based on the monetary policy transmission channels to achieve monetary policy, has gradually become China's monetary policy implementation of the general norm. That monetary policy mainly through the interest rate channel to influence the export trade, but whether the monetary policy can affect China's export trade through the credit channel? This paper will with this question, based on the theoretical analysis, combined with China's current credit channel of monetary policy and analysis of the existence of our current financial environment, the use of qualitative analysis and empirical research methods, China's monetary policy transmission channels of credit. From the angle of theory and demonstration to prove that monetary policy can affect China's export trade through the credit channel, for the economic development of our country puts forward the policy of building Yee.
The main contents of this paper can be summed up in the following aspects:
First introduces the effect of the credit channel for Chinese enterprises to export the background and significance of the topic, relevant research results of domestic and foreign scholars on the study of effects of credit constraints on the export trade, and summarizes and reviews. Then on monetary policy, credit channel, export trade, research constraints collation, research framework in this paper, research methods and instructions. Second is to analyze the impact of the credit channel of China's export trade theory. Firstly the related theories, elaborated the credit channel theory, introduces the early view of the credit, the credit transmission mechanism of monetary policy equilibrium credit rationing theory and new Keynes doctrine period, theoretical model and establish the influence mechanism of credit channel, namely credit constraint model. Then analyze the credit channel of monetary policy in our country and the existence of credit channel in China In the real economy and financial environment. The research from two aspects of the influence mechanism and restraint mechanism, in order to prove that monetary policy can have an impact on the export trade through the credit channel, and lays a theoretical foundation for the later empirical tests. The empirical analysis of the credit channel of China's export trade based on the theory of enterprise on the analysis. The selected part of the money supply, export trade company income, the nature of ownership of company scale and company (dummy variables) and other variables are modeled by multiple regression methods such as empirical analysis, provides empirical proof for the preceding theoretical analysis. Finally, analysis on theoretical and empirical results, put forward the policy suggestions. China's monetary policy can have an impact on the export trade through the credit channel, in order to promote the development of export trade, to achieve sustainable economic In the development of our country, we need to deepen the reform of state-owned large commercial banks, vigorously develop small and medium-sized financial institutions, and continue to deepen the process of interest rate marketization, and vigorously develop the securities market.

【学位授予单位】：南京师范大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.4;F279.2;F752.62

【参考文献】