摘要
在理论总结与对中国经济环境分析的基础上,文章从两个新的视角对中国货币政策信贷渠道进行了重新探讨:一是特定货币政策环境下公司融资结构调整;二是产权异质性条件下的信贷配给。研究结果表明,中国的独立信贷渠道的确存在,然而,其作用机制并非是基于像上市公司这样的企业的微观融资结构调整效应,而是经济中国有与非国有并存的产权异质性所导致的信贷配给效应。对于上市公司,独立信贷渠道的作用是微弱的,这一结果对于公司行业及规模是稳健的。实证结果同时显示,与通常的预期不同,在获取银行信贷方面处于相对优势地位的国有投资受银行信贷变化影响更大。
Based on the theoretical summary and the analysis of China＇s economic environment,this paper discusses the credit channel of China＇s monetary policies from two new angles of view,namely corporate financing structure adjustment under specific monetary policy environment and credit rationing under the heterogeneity of property right.The main findings are that,the independent credit channel in China indeed exists,but its function mechanism is not the effect of micro financing structure adjustment of enterprises such as listed companies,but the one of credit rationing due to the heterogeneity of property right.As for listed companies,the function of independent credit channel is weak,and this conclusion is steady to the company＇s industry and scale.It also shows that,in contrast to usual expectation,the change of banking credit has a greater impact on state-owned investment which is in a comparatively advantageous position of obtaining banking credit.
出处
《财经研究》
CSSCI
北大核心
2010年第12期72-82,共11页
Journal of Finance and Economics
基金
教育部规划基金资助项目(07JA790028)
浙江省自然科学基金资助项目(Y6080177)
关键词
货币政策环境
信贷渠道
融资结构调整
monetary policy environment
credit channel
financing structure adjustment
