货币政策、企业特征与银团贷款——来自我国银团贷款市场的经验

发布时间：2018-04-02 23:43

本文选题：货币政策　切入点：银团贷款　出处：《湖北社会科学》2017年03期

【摘要】：通过利用中国人民银行公布的"货币政策感受指数"和汤姆斯路透LPC Dealscan所提供银团贷款数据,分析了2004至2014年间我国企业从国际银团贷款市场融资对货币政策的反应。研究结果表明,我国企业从国际银团市场融资会随着货币政策的变化而变化,当货币政策偏松时,我国企业会降低从国际银团市场贷款。进一步研究发现:第一,中西部地区企业通过银团渠道融资对货币政策的反应程度要显著强于东部地区的企业。第二,我国非上市企业通过银团贷款渠道融资会显著受到货币政策的影响,但是我国上市企业银团贷款额度受货币政策影响并不显著。第三,随着企业规模的增加,货币政策对企业贷款的影响力度会降低。
[Abstract]:Based on the monetary policy perception index published by the people's Bank of China and the syndicated loan data provided by LPC Dealscan, this paper analyzes the response of Chinese enterprises to monetary policy from 2004 to 2014 by financing from the international syndicated loan market.The results show that the financing of Chinese enterprises from the international syndicated market will change with the change of monetary policy. When the monetary policy is loose, Chinese enterprises will reduce their loans from the international syndicated market.Further studies show that: first, the response of enterprises in the central and western regions to monetary policy through syndicated financing is significantly stronger than that of enterprises in the eastern region.Second, the financing of unlisted enterprises through syndicated loan channels will be significantly affected by monetary policy, but the amount of syndicated loans of listed enterprises in China is not significantly affected by monetary policy.Third, with the increase of enterprise size, the impact of monetary policy on corporate loans will be reduced.
【作者单位】：许昌学院商学院;
【基金】：河南省哲学社会科学规划项目“新常态下河南省产业结构调整动力机制研究”(2016BJJ049) 河南省高等学校哲学社会科学研究“三重”重大项目“新常态下河南省产业经济发展的机遇、挑战和对策”(2014-SZZD-07)
【分类号】：F832.4;F822.0

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