本文關(guān)鍵詞：金融摩擦、貨幣政策銀行信貸渠道與信貸資源的產(chǎn)業(yè)間錯配，由筆耕文化傳播整理發(fā)布。

金融摩擦、貨幣政策銀行信貸渠道與信貸資源的產(chǎn)業(yè)間錯配

Financial Frictions, Bank Lending Channel under Monetary Policy and Misallocation in Industry of Credit Resources

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ZHANMinghua （ College of Economic and Management, Zhejiang Sci - Tech University）

浙江理工大學(xué)經(jīng)濟(jì)管理學(xué)院,浙江杭州310018

文章摘要：以金融摩擦條件下修正的狀態(tài)證實(shí)模型為基礎(chǔ)，本文首先對銀行信貸渠道影響信貸資源在產(chǎn)業(yè)間配置的機(jī)理進(jìn)行了理論分析，提出了相應(yīng)的假說，并利用差異中的差異交叉項(xiàng)模型對假說進(jìn)行了實(shí)證檢驗(yàn)，得到了如下主要結(jié)論：一是銀行信貸渠道的強(qiáng)化對產(chǎn)業(yè)結(jié)構(gòu)升級具有結(jié)構(gòu)性錯配效應(yīng)，而緊縮性的貨幣政策則顯著地放大了這一效應(yīng)；二是企業(yè)的國有屬性強(qiáng)化了銀行信貸渠道的信貸資源錯配效應(yīng)，但在考慮企業(yè)國有屬性的條件下，緊縮性貨幣政策卻對這種錯配效應(yīng)沒有顯著影響。不過盡管如此，，由于國有比重在不同產(chǎn)業(yè)問的分布是不均衡的，因而，總的來看，經(jīng)濟(jì)中國有比重的提高，仍對貨幣政策銀行信貸渠道的信貸資源錯配效應(yīng)具有顯著的強(qiáng)化作用。最后，本文從產(chǎn)業(yè)結(jié)構(gòu)升級的視角，給出了如下政策含義：一是貨幣政策不僅具有熨平短期經(jīng)濟(jì)波動功能，還具有長期經(jīng)濟(jì)結(jié)構(gòu)調(diào)整功能；二是銀行競爭結(jié)構(gòu)的改善有助于弱化銀行信貸渠道，從而促進(jìn)產(chǎn)業(yè)結(jié)構(gòu)升級；三是需要對戰(zhàn)略性新興產(chǎn)業(yè)實(shí)行特殊的金融支持政策。

Abstr：On the basis of modified costly state verification under the condition of financial frictions, we first analyze the theoretical mechanism of credit resources allocation in the industry through the bank lending channel, and give a assumption. Then for testing the assumption, we use difference - in - difference model, get the following conclusion ： （ 1 ） The strengthening of the bank lending channels has a structural misallocation effect on the. upgrading of industrial structure, while tightening of monetary policy significantly expands the effect; （2） Properties of state - owned enterprises strengthen the credit resources misallocation effect of bank lending channel, but in consideration of properties of state - owned enterprises, tight monetary policy has no significant in- fluence on the misallocation effect. But even so, due to the proportion of state - owned distribution is not balanced in different industries, therefore, on the whole, the increasing of proportion belong to the state strengthens the credit resources misallocation effect of bank lending channel Under the impact of monetary policy. Finally, we give the policy implication in the view of industrial structure upgrade as follows ： （ 1 ） Monetary policy has not only pressed short - term economic fluctuation, but has the functions of adjusting the long - term eco-nomic structure ; （2） The improvement of banks＇ competitive structure helps to soften the bank lending channel, so as to promote the upgrading of industrial structure ; （3） Special financial support policy should be carried out to strategic emerging industries.

文章關(guān)鍵詞：

Keyword：:Financial frictions, Bank lending channel, Structural misallocation effect

課題項(xiàng)目：浙江工商大學(xué)高校應(yīng)用經(jīng)濟(jì)學(xué)研究基地重點(diǎn)項(xiàng)目“銀行信貸渠道、資本配置效率與浙江產(chǎn)業(yè)結(jié)構(gòu)的升級”（JYTYYJJ20130302）、浙江理工大學(xué)高校應(yīng)用經(jīng)濟(jì)學(xué)研究基地重大項(xiàng)目和浙江理工大學(xué)“151人才”項(xiàng)目的資助,特此致謝.作者感謝王曉君在數(shù)據(jù)處理上的工作,以及匿名審稿人所提寶貴意見,但文責(zé)自負(fù).

作者信息：會員可見

  本文關(guān)鍵詞：金融摩擦、貨幣政策銀行信貸渠道與信貸資源的產(chǎn)業(yè)間錯配，由筆耕文化傳播整理發(fā)布。