银行借贷行为、企业融资决策与货币政策传导

发布时间：2018-08-16 14:40

【摘要】：货币政策传导是货币经济学研究中最核心的问题之一,其畅通程度直接影响着货币政策执行的有效性和针对性,对于一国的宏观经济调控具有十分重要的实际意义。但由于研究的视角和切入点不同或者采用的数据有所差异,各种研究得出的结论却存在很大差别。学术界对货币政策传导机制的争论一直没有停止过。运用什么样的研究方法才能准确把握货币政策传导的实质和作用机理,值得每一个研究者认真细致的思考。目前,我国货币政策传导研究的文献日渐丰富。总的来看,货币政策是一项宏观调控政策,货币政策目标也是宏观调控目标的一部分,货币政策的传导过程从政策制订、具体实施到最后作用于实体经济,如果只考虑目的和结果,整个过程可以看做是一个宏观经济金融动态调整的过程。因此,目前关于我国货币政策传导的研究大部分都是从宏观的视角入手,着重于从中央银行的货币政策工具到中介变量,再到最终宏观目标实现的分析,即从宏观到宏观的研究手法。但问题的关键是,货币政策传导的具体过程并不是一撮而就的,从货币政策的中介目标到最终目标,这并不是“惊人的一跃”就能完成的。中央银行货币政策意图是通过千千万万个“经济细胞”即微观经济主体的决策行为来实现的。汇总了所有微观经济主体的决策反应,便构成了宏观经济和总投资的波动,直至经济的长期增长。有鉴于此,本文的研究着重于微观的视角,就是从商业银行和企业两个市场经济的微观主体入手,打开货币政策传导过程这个黑匣子,深入研究货币政策在银行和企业环节的微观传导机制和传导效应,从而为中央银行优化货币政策操作工具、改善货币政策调控效果寻找更优的对策。论文的核心内容可以归纳为以下几个方面：首先,对国内外有关货币政策传导机制的理论与实证文献进行梳理和述评。然后从信息不完全和银行资产负债表异质性特征这两个理论框架着手,深入剖析货币政策在银行层面传导的微观机制。从理论模型的角度阐述了货币政策冲击对信息不对称程度不同银行借贷行为产生的分配性效应,以及银行的资产负债表特征在货币政策传导过程中的作用机理。接下来,针对我国银行主导型金融体系的特点,首先从宏观视角分析我国货币政策通过银行借贷渠道传导的经济金融环境。然后利用银行层面的微观数据对我国货币政策传导的银行借贷渠道进行实证检验,分析我国商业银行作为微观行为主体,其资本规模、资本充足率水平、利润率水平、流动性等资产负债表特征影响货币政策传导机制的方式和程度。实证研究结果表明,我国货币政策的银行借贷传导渠道是存在的,但传导过程并不畅通,效果仍不理想。货币政策调控过程中,货币供应量在银行借贷传导渠道中的作用明显,而央行利用存贷款基准利率调控货币政策的效果较差,我国的利率市场化进程还远未完成。本文的另一个重要方面,是从企业融资选择的层面研究我国货币政策传导的资产负债表渠道。本文首先通过理论模型的构建提出假设,然后对企业异质性特征与企业融资选择以及利息负担的关系进行实证研究,并对货币政策的非对称效应进行了检验。研究发现,我国货币政策的资产负债表传导效应是比较显著的。企业的资产负债表特征变量会显著地影响企业银行借款融资,而货币政策正是通过影响企业的资产负债表来改变企业的银行贷款数量,从而影响企业的投资水平。但具体考虑不同的企业类型时,货币政策通过企业资产负债表渠道的传导又是复杂的,并不是所有类型的企业都会对中央银行的货币政策调控做出敏感的反应。我国货币政策在企业层面的传导主要是通过中小企业、银行依赖型企业和低利润率企业进行的。货币政策的调控效果和质量仍需进一步改进。
[Abstract]:Monetary policy transmission is one of the most important issues in the study of monetary economics. Its smoothness has a direct impact on the effectiveness and pertinence of monetary policy implementation. It is of great practical significance to a country's macroeconomic regulation and control. However, the conclusions are quite different. The academic debate on the transmission mechanism of monetary policy has not stopped. It is worth every researcher's careful consideration to use what research methods to accurately grasp the essence and mechanism of monetary policy transmission.
At present, the research literature of monetary policy transmission in China is increasingly rich. Generally speaking, monetary policy is a macro-control policy, and monetary policy objectives are also part of macro-control objectives. The transmission process of monetary policy is from policy formulation, concrete implementation to the final effect on the real economy. If only the purpose and results are considered, the whole process can be completed. Therefore, most of the current studies on the transmission of monetary policy in China are from a macro perspective, focusing on the analysis of the monetary policy instruments of the central bank, intermediary variables, and ultimately the realization of macro objectives, that is, the macro-to-macro research approach.
But the crux of the problem is that the specific process of monetary policy transmission is not one-off, from the intermediate goal to the ultimate goal of monetary policy, this is not a "surprising leap" can be achieved. The overall decision-making response of all micro-economic entities constitutes fluctuations in macro-economy and total investment until long-term economic growth.
In view of this, this paper focuses on the microscopic perspective, that is, starting with the microscopic subjects of commercial banks and enterprises, to open the black box of monetary policy transmission process, and to study the microscopic transmission mechanism and transmission effect of monetary policy in banks and enterprises, so as to optimize the operation of monetary policy for the central bank. Tools to improve the effectiveness of monetary policy control and find better solutions.
The core contents of the paper can be summarized as follows:
Firstly, this paper reviews the theoretical and empirical literature on the transmission mechanism of monetary policy at home and abroad. Then, starting from the two theoretical frameworks of incomplete information and heterogeneity of bank balance sheet, this paper analyzes the micro-mechanism of monetary policy transmission at the bank level. Distributive effect on bank lending behavior with different degree of information asymmetry and the mechanism of bank balance sheet characteristics in monetary policy transmission.
Then, in view of the characteristics of the bank-led financial system in China, this paper first analyzes the economic and financial environment of monetary policy transmission through bank lending channels from a macro perspective, and then makes an empirical test on the bank lending channels of monetary policy transmission in China by using the micro-data from the bank level, and analyzes the commercial banks in China as micro-channels. Behavior subjects, such as capital scale, capital adequacy ratio, profit margin, liquidity and other balance sheet characteristics, influence the way and degree of monetary policy transmission mechanism. In the process, money supply plays an obvious role in the transmission channel of bank lending, but the effect of central bank using the benchmark interest rate of deposit and loan to control monetary policy is poor, and the process of interest rate liberalization in China is far from complete.
Another important aspect of this paper is to study the balance sheet channel of monetary policy transmission in China from the perspective of corporate financing choices. Firstly, hypotheses are put forward through the construction of theoretical models, and then empirical studies are carried out on the relationship between corporate heterogeneity and corporate financing choices and interest burden, and the asymmetry of monetary policy. It is found that the balance sheet transmission effect of monetary policy in China is quite significant. The characteristic variables of the balance sheet of enterprises will significantly affect the borrowing and financing of enterprise banks. Monetary policy changes the amount of bank loans by influencing the balance sheet of enterprises, thus affecting the investment of enterprises. However, considering the different types of enterprises, the transmission of monetary policy through the balance sheet channel is complicated, and not all types of enterprises will respond sensitively to the central bank's monetary policy regulation. The efficiency and quality of monetary policy should be further improved by enterprises and low profit enterprises.
【学位授予单位】：复旦大学
【学位级别】：博士
【学位授予年份】：2013
【分类号】：F832.4;F275;F822.0

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