【摘要】：本文先從理論回顧入手,介紹了貨幣政策傳導(dǎo)的三種途徑及各自的作用機(jī)理,其中著重介紹了信貸傳導(dǎo)渠道�？紤]到信貸渠道的三個(gè)前提假設(shè),本文分析了我國(guó)具備信貸傳導(dǎo)渠道的必要條件,認(rèn)為我國(guó)企業(yè)融資途徑已經(jīng)發(fā)生了較大變化,但以銀行為主的間接融資方式依然占主導(dǎo)地位。另外,金融機(jī)構(gòu)的資金運(yùn)用與資金來源比較單一,普通居民存款利率尚未放開,利率市場(chǎng)化正處于攻堅(jiān)階段。影響我國(guó)銀行信貸渠道有效性的因素有很多,行業(yè)因素?zé)o疑是其中值得考察的一種。因此在進(jìn)行實(shí)證分析前,對(duì)我國(guó)的產(chǎn)業(yè)結(jié)構(gòu)現(xiàn)狀、產(chǎn)業(yè)調(diào)整升級(jí)情況以及信貸政策對(duì)產(chǎn)業(yè)結(jié)構(gòu)調(diào)整的影響進(jìn)行了全面的分析與梳理�；谝陨系睦碚撆c現(xiàn)實(shí)情況分析,實(shí)證部分在Michael Ehrmann(2001)的銀行貸款函數(shù)的基礎(chǔ)上,引入了中層行業(yè)視角,選取了60家商業(yè)銀行在2002-2012年十年度的年度非平衡面板數(shù)據(jù),考察了全行業(yè)貸款、工業(yè)貸款以及房地產(chǎn)行業(yè)貸款的影響因素,來探討這三類貸款對(duì)貨幣政策變化和產(chǎn)業(yè)自身信貸需求變化的反應(yīng)。研究結(jié)果表明行業(yè)因素在一定程度上影響了銀行信貸資金在行業(yè)間的配置。從行業(yè)自身因素來講,不同的行業(yè)其信貸需求不同,在模型中則表現(xiàn)為各行業(yè)的產(chǎn)出水平與價(jià)格水平的變化不同,即不同的行業(yè)有著不同的信貸周期；就貨幣政策對(duì)行業(yè)貸款的影響效果來看,也存在著行業(yè)間的差異。另外,通過對(duì)銀行微觀特征與貨幣政策代理變量的交叉項(xiàng)的觀測(cè),驗(yàn)證了信貸傳導(dǎo)渠道在我國(guó)的存在。同時(shí),還發(fā)現(xiàn)銀行微觀特征中對(duì)貨幣政策的異質(zhì)性反應(yīng)僅依賴于銀行的規(guī)模特征。最后根據(jù)本文的研究提出一些相關(guān)的政策建議,主要包括：進(jìn)一步完善我國(guó)的信貸傳導(dǎo)渠道、對(duì)不同行業(yè)實(shí)行有差異的貨幣政策、注重貨幣政策與其它政策的協(xié)調(diào)配合等。
[Abstract]:This paper begins with the review of the theory, introduces three ways of monetary policy transmission and their respective mechanism of action, and emphasizes on the credit transmission channel. Considering the three presupposition of credit channel, this paper analyzes the necessary condition of credit transmission channel in our country, and thinks that the financing channel of Chinese enterprises has changed greatly, but the indirect financing mode, which is dominated by banks, still dominates. In addition, the fund utilization and fund source of the financial institution is relatively single, the ordinary resident deposit interest rate has not been liberalized, and the interest rate marketization is at the critical stage. There are many factors influencing the validity of bank credit channels in China. Therefore, before the empirical analysis, the paper makes a comprehensive analysis and combing on the status quo of industrial structure, the situation of industrial adjustment and upgrading and the impact of credit policy on industrial structure adjustment in China. Based on the above theoretical and practical analysis, based on the bank loan function of Michael Ehrmann (2001, this paper introduces the middle-level industry perspective, and selects 60 commercial banks' annual unbalanced panel data in the decade of 2002-2012. This paper investigates the factors affecting the loan of the whole industry, industrial loan and real estate industry, to explore the response of these three kinds of loans to the change of monetary policy and the change of industry's own credit demand. The results show that the industry factors affect the allocation of bank credit funds in the industry to some extent. In terms of industry factors, different industries have different credit demand. In the model, the output level and price level of different industries are different, that is, different industries have different credit cycles. In terms of the effect of monetary policy on industry loans, there are also differences between industries. In addition, the existence of credit transmission channel in China is verified by observing the cross terms between the microscopic characteristics of banks and the variables of monetary policy agency. At the same time, it is found that the heterogeneous response to monetary policy in the microcosmic characteristics of banks only depends on the size characteristics of banks. Finally, according to the research of this paper, some relevant policy suggestions are put forward, including: further improving the credit transmission channel of our country, implementing different monetary policy to different industries, paying attention to the coordination of monetary policy and other policies and so on.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.4;F822.0

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