所有制差异、信贷传导机制与政策工具的结构效应——基于双轨制经济结构的研究视角
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摘要
货币政策结构调控功能是引导信贷资金投放,优化金融资源配置的重要方式。本文从我国双轨制经济结构与金融资源错配的现实问题出发,通过构建异质性企业信贷传导机制的理论分析模型,考察各种政策工具在调控国有和民营企业贷款的结构性特征。研究发现:基准利率工具对国有企业贷款影响较为突出,而对民营企业调控能力较弱。准备金工具和公开市场操作则主要作用于高风险民营企业的贷款供给,其对国有企业贷款调控能力相对较弱。本文还采用上市公司数据对政策工具结构调控功能进行了实证检验,结果支持了理论分析结论。本文认为,央行在创新货币政策工具,推进结构型工具使用中,应充分发挥传统政策工具的结构调控功能,协调搭配各类工具实现金融资源的优化配置。
Monetary policy structure is an important way to guide the investment of credit funds and optimize the allocation of financial resources.From the realistic problems of the Dual-track economic structure and mismatch of financial resources,this paper examines the policy instruments' structural regulation characteristics for state-owned and private enterprise loans by constructing a heterogeneous enterprise credit transmission mechanism theoretical model.The study finds that the benchmark interest rate tool has a more prominent impact on the loans of state-owned enterprises,while it has weak impact on private enterprises.In contrast,the reserve tool and the open market operation mainly act on the loan supply of the high-risk private enterprise,which is insufficient to influence the state-owned enterprises.Meanwhile this paper empirically tests theoretical analysis using listed company data,and the result supports the theoretical analysis conclusion.This paper argues that the central bank should pay attention to the structural control functions of traditional policy tools and coordinate various monetary policy tools to optimize the allocation of financial resources.
Monetary policy structure is an important way to guide the investment of credit funds and optimize the allocation of financial resources.From the realistic problems of the Dual-track economic structure and mismatch of financial resources,this paper examines the policy instruments' structural regulation characteristics for state-owned and private enterprise loans by constructing a heterogeneous enterprise credit transmission mechanism theoretical model.The study finds that the benchmark interest rate tool has a more prominent impact on the loans of state-owned enterprises,while it has weak impact on private enterprises.In contrast,the reserve tool and the open market operation mainly act on the loan supply of the high-risk private enterprise,which is insufficient to influence the state-owned enterprises.Meanwhile this paper empirically tests theoretical analysis using listed company data,and the result supports the theoretical analysis conclusion.This paper argues that the central bank should pay attention to the structural control functions of traditional policy tools and coordinate various monetary policy tools to optimize the allocation of financial resources.
引文
[1]刘瑞明.金融压抑、所有制歧视与增长拖累---国有企业效率损失再考察[J].经济学(季刊),2011,10(2):603-618.
[2]张晓慧.新常态下的货币政策[J].中国金融,2015(2):22-25.
[3]张勇,李政军,龚六堂.利率双轨制、金融改革与最优货币政策[J].经济研究,2014(10):19-32.
[4]Gertler M,Gilchrist S.The Role of Credit Market Imperfections in the Monetary Transmission Mechanism:Arguments and Evidence[J].Scandinavian Journal of Economics,1993,95(1):43-64.
[5]Gertler M,Gilchrist S.Monetary Policy,Business Cycles,and the Behavior of Small Manufacturing Firms[J].Quarterly Journal of Economics,1993,109(2):309-340.
[6]Berger A N,Udell G F.Some Evidence on the Empirical Significance of Credit Rationing[J].Journal of Political Economy,1992,100(5):1047-1077.
[7]Fisher J D M.Credit Market Imperfection and the Heterogeneous Response of Firms to Monetary Shocks[J].Journal of Money Credit&Banking,1999,31(2):187-211.
[8]Hubbard R G,Kuttner K N,Palia D N.Are There Bank Effects in Borrowers’Costs of Funds?Evidence from a Matched Sample of Borrowers and Banks[J].The Journal of Business,2002,75(4):559-581.
[9]Matsuyama K.Credit Traps and Credit Cycles[J].American Economic Review,2007,97(1):503-516.
[10]朱博文,张钰,曹廷求.货币政策与银行贷款行为---基于公司与银行的双向视角研究[J].财贸经济,2013,34(12):57-67.
[11]朱新蓉,李虹含.货币政策传导的企业资产负债表渠道有效吗---基于2007~2013中国数据的实证检验[J].金融研究,2013(10):15-27.
[12]叶康涛,祝继高.银根紧缩与信贷资源配置[J].管理世界,2009(1):22-28.
[13]陆正飞,祝继高,樊铮.银根紧缩、信贷歧视与民营上市公司投资者利益损失[J].金融研究,2009(8):124-136.
[14]朱磊,章杉杉.微观主体投资效率、信贷配置与货币政策传导效率[J].上海金融,2012(12):65-70.
[15]姜国华,饶品贵.宏观经济政策与微观企业行为---拓展会计与财务研究新领域[J].会计研究,2011(3):9-18.
[16]饶品贵,姜国华.货币政策对银行信贷与商业信用互动关系影响研究[J].经济研究,2013(1):68-82.
[17]饶品贵,姜国华.货币政策、信贷资源配置与企业业绩[J].管理世界,2013(3):12-22.
[18]喻坤,李治国,张晓蓉,等.企业投资效率之谜:融资约束假说与货币政策冲击[J].经济研究,2014(5):106-120.
[19]李四海,邹萍,宋献中.货币政策、信贷资源配置与金融漏损---来自我国上市公司的经验证据[J].经济科学,2015(3):77-88.
[20]杜勇,胡海鸥.转轨经济背景、所有权性质与货币政策信贷渠道---从我国短期融资券视角[J].国际金融研究,2016,353(9):11-20.
[21]庞晓波,胥日.货币政策对金融稳定的时变特征研究[J].商业研究,2018(12):109,115.
[22]Monti M.Deposit,Credit and Interest Rate Determination under Alternative Bank Objective Functions[G]//Mathematical Methods in Investment and Finance.Amsterdam:North-Holland,1972.
[23]Stiglitz J E,Weiss A.Credit Rationing in Markets with Imperfect Information[J].American Economic Review,1981,71(3):393-410.
[24]战明华,王晓君,应诚炜.利率控制、银行信贷配给行为变异与上市公司的融资约束[J].经济学:季刊,2013,12(3):1255-1276.
[25]祝继高,陆正飞.货币政策、企业成长与现金持有水平变化[J].管理世界,2009(3):152-158.
[26]方军雄.民营上市公司,真的面临银行贷款歧视吗?[J].管理世界,2010,206(11):123-131.
[2]张晓慧.新常态下的货币政策[J].中国金融,2015(2):22-25.
[3]张勇,李政军,龚六堂.利率双轨制、金融改革与最优货币政策[J].经济研究,2014(10):19-32.
[4]Gertler M,Gilchrist S.The Role of Credit Market Imperfections in the Monetary Transmission Mechanism:Arguments and Evidence[J].Scandinavian Journal of Economics,1993,95(1):43-64.
[5]Gertler M,Gilchrist S.Monetary Policy,Business Cycles,and the Behavior of Small Manufacturing Firms[J].Quarterly Journal of Economics,1993,109(2):309-340.
[6]Berger A N,Udell G F.Some Evidence on the Empirical Significance of Credit Rationing[J].Journal of Political Economy,1992,100(5):1047-1077.
[7]Fisher J D M.Credit Market Imperfection and the Heterogeneous Response of Firms to Monetary Shocks[J].Journal of Money Credit&Banking,1999,31(2):187-211.
[8]Hubbard R G,Kuttner K N,Palia D N.Are There Bank Effects in Borrowers’Costs of Funds?Evidence from a Matched Sample of Borrowers and Banks[J].The Journal of Business,2002,75(4):559-581.
[9]Matsuyama K.Credit Traps and Credit Cycles[J].American Economic Review,2007,97(1):503-516.
[10]朱博文,张钰,曹廷求.货币政策与银行贷款行为---基于公司与银行的双向视角研究[J].财贸经济,2013,34(12):57-67.
[11]朱新蓉,李虹含.货币政策传导的企业资产负债表渠道有效吗---基于2007~2013中国数据的实证检验[J].金融研究,2013(10):15-27.
[12]叶康涛,祝继高.银根紧缩与信贷资源配置[J].管理世界,2009(1):22-28.
[13]陆正飞,祝继高,樊铮.银根紧缩、信贷歧视与民营上市公司投资者利益损失[J].金融研究,2009(8):124-136.
[14]朱磊,章杉杉.微观主体投资效率、信贷配置与货币政策传导效率[J].上海金融,2012(12):65-70.
[15]姜国华,饶品贵.宏观经济政策与微观企业行为---拓展会计与财务研究新领域[J].会计研究,2011(3):9-18.
[16]饶品贵,姜国华.货币政策对银行信贷与商业信用互动关系影响研究[J].经济研究,2013(1):68-82.
[17]饶品贵,姜国华.货币政策、信贷资源配置与企业业绩[J].管理世界,2013(3):12-22.
[18]喻坤,李治国,张晓蓉,等.企业投资效率之谜:融资约束假说与货币政策冲击[J].经济研究,2014(5):106-120.
[19]李四海,邹萍,宋献中.货币政策、信贷资源配置与金融漏损---来自我国上市公司的经验证据[J].经济科学,2015(3):77-88.
[20]杜勇,胡海鸥.转轨经济背景、所有权性质与货币政策信贷渠道---从我国短期融资券视角[J].国际金融研究,2016,353(9):11-20.
[21]庞晓波,胥日.货币政策对金融稳定的时变特征研究[J].商业研究,2018(12):109,115.
[22]Monti M.Deposit,Credit and Interest Rate Determination under Alternative Bank Objective Functions[G]//Mathematical Methods in Investment and Finance.Amsterdam:North-Holland,1972.
[23]Stiglitz J E,Weiss A.Credit Rationing in Markets with Imperfect Information[J].American Economic Review,1981,71(3):393-410.
[24]战明华,王晓君,应诚炜.利率控制、银行信贷配给行为变异与上市公司的融资约束[J].经济学:季刊,2013,12(3):1255-1276.
[25]祝继高,陆正飞.货币政策、企业成长与现金持有水平变化[J].管理世界,2009(3):152-158.
[26]方军雄.民营上市公司,真的面临银行贷款歧视吗?[J].管理世界,2010,206(11):123-131.