【摘要】：商業(yè)銀行信貸市場作為我國金融市場最重要的組成部分,對我國經(jīng)濟起著舉足輕重的作用,而近年來央行貨幣政策的頻繁運用也成為我國經(jīng)濟宏觀調(diào)控的熱點。本文根據(jù)我國2001-2010年間上市公司的季度數(shù)據(jù)以及貨幣政策數(shù)據(jù),通過建立多元回歸模型,考察貨幣政策是如何影響信貸資源配置的規(guī)模、結(jié)構(gòu)和效率。通過實證研究發(fā)現(xiàn),在擴張性貨幣政策時期,國有企業(yè)能夠獲得超額的信貸融資,而在銀根緊縮時期,民營企業(yè)遭受的信貸融資損失也可能會更大,也即我國存在一定的“信貸歧視”；另外,在貨幣緊縮時期,企業(yè)收到的信貸融資會大幅減少,而這種減少主要發(fā)生在高成長企業(yè),在排除了高成長性企業(yè)在貨幣緊縮期間主動減少了信貸需求、或者更加依賴其他融資手段,也并沒有出現(xiàn)未來投資價值大大幅下降后,本文進而發(fā)現(xiàn),在緊縮的貨幣政策時期,銀行信貸資金實際上是在向低成長性的國有企業(yè)傾斜,由此降低了信貸資源配置的效率。另外,本文從信貸市場上的信息不對稱、商業(yè)銀行經(jīng)營的基本原則和貨幣政策的影響角度角度,分析了我國信貸資源配置效率降低的原因,并有針對性的提出了一些可能的對策與建議。
[Abstract]:As the most important part of our financial market, the credit market of commercial banks plays an important role in our economy. In recent years, the frequent use of monetary policy of the central bank has also become a hot spot of macroeconomic regulation and control in our country. Based on the quarterly data and monetary policy data of listed companies in China from 2001 to 2010, this paper studies how monetary policy affects the scale, structure and efficiency of credit resources allocation through the establishment of multiple regression models. Through empirical research, it is found that in the period of expansionary monetary policy, state-owned enterprises can obtain excess credit financing, and in the period of tight monetary resources, private enterprises may suffer more losses in credit financing. In other words, there is a certain "credit discrimination" in China; in addition, during the period of monetary tightening, the amount of credit financing received by enterprises will decrease substantially, and this reduction will mainly occur in high-growth enterprises. After ruling out that high-growth firms actively reduced credit demand during monetary tightening, or relying more on other means of financing, and that there was no significant decline in the value of investment in the future, the paper further found that in a period of tight monetary policy, Bank credit funds are actually tilting towards low growth state-owned enterprises, thus reducing the efficiency of credit resource allocation. In addition, from the angle of information asymmetry in the credit market, the basic principles of commercial bank management and the influence of monetary policy, this paper analyzes the reasons for the decrease in the efficiency of credit resources allocation in China. And put forward some possible countermeasures and suggestions.
【學位授予單位】：北京林業(yè)大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F822.0;F832.4;F224

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