本文關(guān)鍵詞：貿(mào)易信貸、銀行核心資本充足率與貨幣政策效應(yīng)，，由筆耕文化傳播整理發(fā)布。

貿(mào)易信貸、銀行核心資本充足率與貨幣政策效應(yīng)

Trade Credit, Core Capital Adequacy Ratio of Bank and Effects of Monetary Policy

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ZOU Xin-yue YI Ming-xiang WU Li-miao

廣東財(cái)經(jīng)大學(xué)金融學(xué)院,廣州,510320

文章摘要：本文從信貸和貨幣渠道研究貿(mào)易信貸、銀行核心資本充足率對(duì)貨幣政策效果的影響機(jī)理，并利用2002～2012年制造業(yè)上市公司的季度數(shù)據(jù)及VAR脈沖響應(yīng)分析方法對(duì)此機(jī)理進(jìn)行實(shí)證檢驗(yàn)．結(jié)果表明：貿(mào)易信貸長(zhǎng)期與貨幣供應(yīng)量正相關(guān)，但貿(mào)易信貸、銀行核心資本充足率短期內(nèi)會(huì)影響貨幣政策的效果。隨著金融服務(wù)不斷創(chuàng)新，股票市場(chǎng)、債券市場(chǎng)、貿(mào)易信貸市場(chǎng)、金融衍生品市場(chǎng)以及汽車金融公司、消費(fèi)金融公司、小額貸款公司等非存款類金融機(jī)構(gòu)對(duì)貨幣政策調(diào)控效果產(chǎn)生直接影響。因此，監(jiān)管部門應(yīng)重視直接融資市場(chǎng)和非存款類金融機(jī)構(gòu)，將社會(huì)直接融資規(guī)模納入到政策制定的考慮因素之中。

Abstr：From the perspectives of credit and monetary channel, this paper researches the mechanism that the core capital ad equacy ratio of bank influences the effects of monetary policy, and uses the quarterly data of the listed manufacturing companies during 2002-2012 and the VAR impulse response analysis method to test the mechanism empirically. The results of the paper show that the trade credit is positively related to the monetary supply in the long term, but the trade credit, the core capital ade quacy ratio of bank influence the effects of monetary policy. With the innovation of financial services, stock market, bond mar ket, trade credit market, financial derivatives market and car finance company, consumer finance company, small loan company and other nondeposit financial institutions will directly impact the effects of monetary policy. Therefore, the regulatory authori ties should pay attention to the direct financing market and nondeposit financial institutions, and consider the scale of direct financing while they make policies.

文章關(guān)鍵詞：

Keyword：:trade credit core capital adequacy ratio monetary policy direct financing VAR

課題項(xiàng)目：國(guó)家白然科學(xué)基金項(xiàng)目（71273066、71073031）資助.

  本文關(guān)鍵詞：貿(mào)易信貸、銀行核心資本充足率與貨幣政策效應(yīng)，由筆耕文化傳播整理發(fā)布。