【摘要】：經(jīng)濟學家對信貸市場的關(guān)注和研究幾乎貫穿經(jīng)濟學的整個發(fā)展過程。Stiglitz和Weiss于1981年在關(guān)于信貸配給的那篇經(jīng)典論文中指出商業(yè)銀行信貸配給行為需要具備兩個前提條件,一是商業(yè)銀行的貸款利率是市場化的,二是利率對企業(yè)的篩選機制是有效的。然而,與西方發(fā)達資本主義國家的市場經(jīng)濟不同的是,由于中國的信貸市場存在利率管制,信息不對稱和制度環(huán)境不健全等因素,國家對特定的行業(yè)、企業(yè)或者項目進行保護支持,而中小企業(yè)貸款困難,我國的信貸配給呈現(xiàn)出“關(guān)系型”信貸配給的特征。因此本文根據(jù)中國的實際,界定了我國商業(yè)銀行信貸配給的含義,分析其產(chǎn)生的原因,并從國內(nèi)信貸占GDP比率,我國投資結(jié)構(gòu)的變動,金融機構(gòu)超額準備金率的變動等方面分析我國自1998年以來商業(yè)銀行信貸配給程度的變化。 信貸配給作為商業(yè)銀行的一種重要授信行為,具有順周期波動的內(nèi)生性,這與中央銀行貨幣政策的逆周期目標發(fā)生沖突,從而削弱了貨幣政策的效果。本文先從理論上分析信貸配給對貨幣政策的影響,說明信貸配給對貨幣政策的效果具看非對稱性和時滯效應(yīng),闡述在貨幣政策在信貸傳導(dǎo)渠道中,緊縮的貨幣政策效果往往要強于擴張的貨幣政策效果；接下來分析我國自1998年以來在經(jīng)濟周期不同階段的貨幣政策的實踐中信貸配給對我國貨幣政策效果的影響。并運用Galbraith(1996)提出的計量模型,運用最大LM檢驗和最大t檢驗,計量我國從1998年1月至2010年12月期間能夠反映我國信貸配給程度的“閾值”。結(jié)果表明：2003年7月至2007年12月期間信貸配給程度減輕,2008年1月至2010年12月期間信貸配給程度加重,呈現(xiàn)明顯的順周期特征,計量結(jié)果同樣可以表明我國貨幣政策執(zhí)行效果的非對稱性。最后,本文從培育信貸市場主體、完善信貸市場的制度環(huán)境、改進金融監(jiān)管等方面探討了減輕信貸配給順周期性的對策。 商業(yè)銀行的信貸配給行為會直接影響信貸資金配置效率,從而影響到貨幣政策的效果。本文通過研究商業(yè)銀行的信貸配給行為對貨幣政策的影響,使得在傳統(tǒng)意義上屬于微觀經(jīng)濟學的銀行行為理論在與傳統(tǒng)上屬于宏觀經(jīng)濟學的貨幣理論和貨幣政策真正地通過貨幣政策的信貸傳導(dǎo)渠道結(jié)合在一起。研究我國商業(yè)銀行信貸配給行為,分析信貸配給對于貨幣政策的影響的機理,不僅有助于我們從微觀基礎(chǔ)上認識我國貨幣政策的性質(zhì)及其影響經(jīng)濟的方式,進而采取合適的對策減輕商業(yè)銀行信貸配給行為的順周期性,提高貨幣政策在信貸渠道中傳導(dǎo)的有效性；而且有助于我們更好地理解我國信貸市場存在的問題,以提高我國商業(yè)銀行信貸資金的配置效率,解決我國中小企業(yè)融資難的困境。
[Abstract]:The attention and research of economists on credit market almost run through the whole development process of economics. In the classic paper on credit rationing in 1981, Stiglitz and Weiss pointed out that the behavior of credit rationing of commercial banks should have two preconditions. One is that the loan rate of commercial banks is market-oriented, the other is that the screening mechanism of interest rate is effective. However, unlike the market economy of the developed capitalist countries in the West, because of the interest rate control in China's credit market, the asymmetry of information and the imperfection of the institutional environment, the state has a particular industry. Enterprises or projects provide protection and support, but SMEs have difficulty in lending, so credit rationing in China presents the characteristics of "relational" credit rationing. Therefore, according to the reality of China, this paper defines the meaning of credit rationing of commercial banks in China, analyzes the reasons for its emergence, and analyzes the changes of the investment structure of our country from the ratio of domestic credit to GDP. This paper analyzes the changes of credit rationing degree of commercial banks in China since 1998 in terms of the change of excess reserve ratio of financial institutions. As an important credit granting behavior of commercial banks, credit rationing is inherently pro-cyclical, which conflicts with the countercyclical target of central bank monetary policy, thus weakening the effect of monetary policy. This paper theoretically analyzes the influence of credit rationing on monetary policy, explains that the effect of credit rationing on monetary policy is asymmetric and time-delay, and expounds that monetary policy is in the channel of credit transmission. The effect of tightening monetary policy is often stronger than that of expanding monetary policy. Then the paper analyzes the influence of credit rationing on the effect of monetary policy in China since 1998 in the practice of monetary policy in different stages of the economic cycle. Using the measurement model proposed by Galbraith (1996), using the maximum LM test and the maximum t test, this paper measures the "threshold" which can reflect the credit rationing degree in China from January 1998 to December 2010. The results show that the credit rationing degree decreased from July 2003 to December 2007, and increased from January 2008 to December 2010, showing an obvious pro-cyclical feature. The measurement results can also indicate the asymmetry of monetary policy enforcement effect in China. Finally, this paper discusses the countermeasures to reduce the pro-cyclicality of credit rationing from the aspects of cultivating the main body of credit market, perfecting the institutional environment of credit market and improving financial supervision and so on. The credit rationing behavior of commercial banks will directly affect the efficiency of the allocation of credit funds, thus affecting the effect of monetary policy. This paper studies the influence of the credit rationing behavior of commercial banks on monetary policy. It makes the banking behavior theory which belongs to microeconomics in the traditional sense combine with the monetary theory and monetary policy which belong to the macroeconomics in the traditional way through the credit transmission channel of monetary policy. Studying the behavior of credit rationing of commercial banks in China and analyzing the mechanism of the influence of credit rationing on monetary policy will not only help us to understand the nature of monetary policy and the ways of influencing the economy on the micro basis. Then we can take appropriate countermeasures to reduce the procyclicality of credit rationing behavior of commercial banks, improve the effectiveness of monetary policy transmission in credit channels, and help us better understand the problems existing in China's credit market. In order to improve the efficiency of the allocation of credit funds of commercial banks in China, solve the financing difficulties of small and medium-sized enterprises in China.
【學位授予單位】：東北財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F822.0;F832.4

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本文編號：2291967