【摘要】：隨著金融市場的發(fā)展，資產價格巨幅波動事件發(fā)生的頻率越來越高，而每次資產價格的快速上揚以及資產價格泡沫的破滅都對國家乃至全球的實體經濟造成嚴重影響。商業(yè)銀行作為金融活動的中心機構，其信貸規(guī)模對金融經濟的影響不言而喻。研究資產價格波動是否影響銀行信貸，能夠確定制定信貸政策所需要考慮的因素，幫助國家政府更全面、更有效地制定信貸政策，因此具有很強的理論意義和現(xiàn)實意義。 本文在對前人文獻進行評述的基礎上，，以資產價格對銀行信貸影響的理論為指導原則，分析資產價格波動影響銀行信貸的典型事實，并結合資產價格波動與銀行信貸在我國的現(xiàn)狀，從資本約束的視角對影響的機制作出合理的解釋。為了論證理論分析的正確性，本文選取14家上市商業(yè)銀行的數據，對我國股票市場和房地產市場的價格波動對銀行信貸的影響進行實證研究。同時本文引入了衡量資本約束的指標，得出以下結論：第一，我國以股票價格和房地產市場為代表的資產價格波動與銀行信貸高度相關，資產價格的暴跌暴漲，資產泡沫的形成破滅都能顯著影響銀行信貸的規(guī)模；第二，由不良貸款率所反映的資本約束與銀行信貸的增長規(guī)模高度相關。這表明我國的資本監(jiān)管對銀行信貸的約束力比較明顯，相比04年以前資本軟約束的現(xiàn)象有所改善。因此，信貸政策的制定需要考慮到資產市場的價格波動，并充分利用資本監(jiān)管的效用。最后通過分析，本文從政府方面、股票市場及房地產市場這三方面提出政策建議，為信貸政策的制定、保持資產價格的穩(wěn)定進而穩(wěn)定國民經濟提供一定的參考。
[Abstract]:With the development of financial markets, asset prices fluctuate more and more frequently, and every time asset prices rise rapidly and asset price bubbles burst, it has a serious impact on the real economy of the country and even the whole world. As the central institution of financial activities, the credit scale of commercial banks has an obvious impact on the financial economy. It is of great theoretical and practical significance to study whether the fluctuation of asset price affects bank credit, to determine the factors that need to be considered in the formulation of credit policy, and to help the national government to formulate credit policy more comprehensively and effectively. Based on the review of previous literatures and the theory of the influence of asset price on bank credit, this paper analyzes the typical facts that asset price fluctuation affects bank credit. Combined with the fluctuation of asset price and the current situation of bank credit in China, this paper makes a reasonable explanation of the influence mechanism from the perspective of capital constraint. In order to prove the correctness of the theoretical analysis, this paper selects the data of 14 listed commercial banks and makes an empirical study on the impact of price fluctuation on bank credit in China's stock market and real estate market. At the same time, this paper introduces the index to measure the capital constraint, and draws the following conclusions: first, the fluctuation of asset price represented by the stock price and real estate market is highly related to the bank credit, and the asset price has plummeted and skyrocketed. The formation and bursting of asset bubbles can significantly affect the scale of bank credit. Second, the capital constraints reflected by the non-performing loan ratio are highly correlated with the scale of bank credit growth. This indicates that the binding force of capital supervision on bank credit is obvious, and the phenomenon of soft capital constraint is better than that before 2004. Therefore, credit policy should take into account the price fluctuation of asset market and make full use of the utility of capital supervision. Finally, through the analysis, this article from the government aspect, the stock market and the real estate market these three aspects proposes the policy proposal, provides the certain reference for the credit policy formulation, maintains the asset price stability and then stabilizes the national economy.
【學位授予單位】：湘潭大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.4;F832.51

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