發(fā)布時(shí)間：2018-01-17 23:22

  本文關(guān)鍵詞：股權(quán)性質(zhì)、宏觀政策與信貸資金配置　出處：《南京大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 信貸資金配置 股權(quán)性質(zhì)歧視 Blinder-Oaxaca 回歸分解法 宏觀政策

【摘要】：30余年的銀行業(yè)市場(chǎng)化改革成就巨大,那么信貸市場(chǎng)上資金配置市場(chǎng)化程度如何呢?十八屆三中全會(huì)關(guān)于金融改革的規(guī)定指出,發(fā)揮市場(chǎng)在資源配置中的決定作用,使得金融更好地服務(wù)實(shí)體經(jīng)濟(jì),因此作為一個(gè)以直接融資方式為主體的國家,信貸資金的優(yōu)化配置尤為重要。已有文獻(xiàn)對(duì)信貸資金市場(chǎng)股權(quán)性質(zhì)歧視的關(guān)注比較多,但是分析樣本均有所局限,同時(shí)也未從數(shù)量上分析股權(quán)性質(zhì)歧視平均程度,更未分析貨幣政策、產(chǎn)業(yè)政策在信貸資金配置中的作用�；诖�,本文主要分析企業(yè)信貸資金獲得方面股權(quán)性質(zhì)歧視狀況,并在研究樣本、研究方法和研究框架上試圖完善。通過混合OLS回歸模型、面板回歸模型以及Blinder-Oaxaca回歸分解法,分別對(duì)1998-2009年中國工業(yè)企業(yè)數(shù)據(jù)庫以及2008-2012年上市公司數(shù)據(jù)庫進(jìn)行分析,從數(shù)量上估計(jì)信貸資金配置中股權(quán)性質(zhì)歧視存在的程度以及各個(gè)因素對(duì)信貸資金配置差異的影響程度。此外,本文也分析了緊縮性貨幣政策、產(chǎn)業(yè)政策在信貸資金配置中產(chǎn)生的影響,檢驗(yàn)產(chǎn)業(yè)政策和貨幣政策是否存在信貸傳導(dǎo)渠道。本文發(fā)現(xiàn),國有企業(yè)與私營企業(yè)之間存在較為明顯的信貸資金配置差異,該差異中存在股權(quán)性質(zhì)歧視,股權(quán)性質(zhì)歧視決定的部分占總差異的比例約為20%左右；其中,非上市公司面臨的股權(quán)性質(zhì)歧視要高出上市公司10%左右。緊縮性貨幣政策將會(huì)減少整體企業(yè)信貸資金配置,而且緊縮性貨幣政策將會(huì)相對(duì)地增加私營企業(yè)的信貸資金配置；國家支持的產(chǎn)業(yè)政策將會(huì)增加該行業(yè)整體信貸資金配置,但是私營企業(yè)相對(duì)于國有企業(yè)得到較少的信貸資金,這些分析證實(shí)了產(chǎn)業(yè)政策和貨幣政策存在信貸傳導(dǎo)渠道。同時(shí),具體指標(biāo)的分析發(fā)現(xiàn),能夠解釋國有企業(yè)與私營企業(yè)之間產(chǎn)生的平均信貸資金配置差異的主導(dǎo)因素為規(guī)模、銷售利潤率、長期償債能力以及短期償債能力,其中上市公司和非上市公司樣本中解釋信貸資金配置差異的主導(dǎo)因素有所不同。
[Abstract]:More than 30 years of banking marketization reform has made great achievements, so what is the degree of marketization of capital allocation in the credit market? The third Plenary session of the 18 CPC Central Committee pointed out that the market plays a decisive role in the allocation of resources, so that finance can better serve the real economy, therefore, as a country with direct financing as the main body. The optimization of the allocation of credit funds is particularly important. There is more attention to the nature of equity discrimination in the credit market, but the analysis samples are limited. At the same time, there is no quantitative analysis of the average degree of equity discrimination, much less the role of monetary policy and industrial policy in the allocation of credit funds. This paper mainly analyzes the equity discrimination in the acquisition of corporate credit funds, and tries to improve the research samples, research methods and research framework through the mixed OLS regression model. Panel regression model and Blinder-Oaxaca regression decomposition method. This paper analyzes the database of China's industrial enterprises from 1998 to 2009 and the database of listed companies from 2008 to 2012. This paper estimates the degree of equity discrimination in the allocation of credit funds and the influence of various factors on the differences in the allocation of credit funds. In addition, this paper also analyzes the contractionary monetary policy. The impact of industrial policy on the allocation of credit funds and the existence of credit transmission channels in industrial policy and monetary policy. There are obvious differences in the allocation of credit funds between state-owned enterprises and private enterprises. There is equity discrimination in this difference, and the proportion of the part determined by equity discrimination is about 20%. Among them, non-listed companies face higher equity discrimination than listed companies about 10%. Tight monetary policy will reduce the overall allocation of corporate credit funds. Moreover, the contractionary monetary policy will increase the allocation of the credit funds of the private enterprises. State-sponsored industrial policies will increase the overall allocation of credit funds in the industry, but private enterprises will receive less credit funds than state-owned enterprises. These analyses confirm the existence of credit transmission channels in industrial policy and monetary policy. The leading factors that can explain the difference of average credit fund allocation between state-owned and private enterprises are scale, sales profit margin, long-term solvency and short-term solvency. Among them, the dominant factors explaining the difference of credit fund allocation in the sample of listed company and non-listed company are different.
【學(xué)位授予單位】：南京大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.4;F279.2

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本文編號(hào)：1438431