本文選題：信貸渠道　切入點(diǎn)：出口收入　出處：《南京師范大學(xué)》2014年碩士論文

【摘要】：國家宏觀調(diào)控中,貨幣政策是重要手段,是貨幣政策當(dāng)局通過運(yùn)用貨幣政策工具來達(dá)到既定的貨幣政策目標(biāo)。在運(yùn)用貨幣政策來影響經(jīng)濟(jì)的過程中,貨幣政策傳導(dǎo)渠道的選擇變得十分重要。因?yàn)樨泿耪邆鲗?dǎo)渠道是政策工具聯(lián)結(jié)中介指標(biāo)實(shí)現(xiàn)貨幣政策目標(biāo)的路線,所以貨幣政策傳導(dǎo)渠道的有效性意味著貨幣政策的有效性。 我國經(jīng)濟(jì)迅猛發(fā)展,在加入世界貿(mào)易組織以后,發(fā)展勢頭更為強(qiáng)勁,一躍成為世界第二大貿(mào)易國和第一大出口國。在我國,貨幣政策的實(shí)施不僅影響經(jīng)濟(jì)增長、實(shí)際支出等國內(nèi)實(shí)體經(jīng)濟(jì),還通過匯率渠道、國際收支、資本流動(dòng)等渠道來影響中國的進(jìn)出口貿(mào)易。中國貨幣政策傳導(dǎo)方式有一定的獨(dú)特性,利率對(duì)中國的調(diào)控作用并不是十分明顯,往往帶有一定的滯后性,而且利率的變動(dòng)需要一段時(shí)間后才會(huì)反映到進(jìn)出口貿(mào)易上。而且,中國曾經(jīng)持續(xù)一段時(shí)間地提高匯率,然而,通過提高匯率這個(gè)措施對(duì)進(jìn)出口貿(mào)易所造成的影響也有一定的滯后性。貨幣政策可以通過信貸渠道來影響實(shí)體經(jīng)濟(jì),影響我國企業(yè)出口貿(mào)易。 近年來,我國金融體制市場化進(jìn)程穩(wěn)步推進(jìn),基于多種貨幣政策工具的使用并通過貨幣政策傳導(dǎo)渠道來達(dá)到貨幣政策的最終目標(biāo),已逐步成為我國貨幣政策實(shí)施的常態(tài)。一般認(rèn)為貨幣政策主要通過利率渠道來影響企業(yè)出口貿(mào)易,但貨幣政策是否能通過信貸渠道來影響我國企業(yè)出口貿(mào)易?本文將帶著這樣的疑問,以理論分析為基礎(chǔ),結(jié)合我國目前貨幣政策信貸渠道存在性分析和我國當(dāng)前金融運(yùn)行環(huán)境,利用定性分析和實(shí)證檢驗(yàn)的方法,研究我國貨幣政策傳導(dǎo)的信貸渠道,從理論和實(shí)證的角度來證明,貨幣政策可以通過信貸渠道來影響我國企業(yè)出口貿(mào)易,為我國經(jīng)濟(jì)發(fā)展提出政策性建議。 本文的主要內(nèi)容可以概括為以下幾個(gè)方面： 首先介紹信貸渠道對(duì)我國企業(yè)出口貿(mào)易的影響的選題背景和選題意義,研讀國內(nèi)外學(xué)者對(duì)信貸約束對(duì)出口貿(mào)易影響的相關(guān)研究成果,并進(jìn)行了梳理和評(píng)述。然后就關(guān)于貨幣政策、信貸渠道、出口貿(mào)易、約束因素等相關(guān)研究進(jìn)行整理,再者論文本文的研究框架、研究方法以及相關(guān)說明。其次是信貸渠道對(duì)我國企業(yè)出口貿(mào)易的影響的理論分析。先對(duì)相關(guān)理論進(jìn)行梳理,闡述信貸渠道理論,介紹了早期信貸觀點(diǎn)、均衡信貸配給理論和新凱恩斯主義時(shí)期的貨幣政策信貸傳導(dǎo)機(jī)制,并建立信貸渠道影響機(jī)制的理論模型,即信貸約束模型。接著分析貨幣政策信貸渠道在我國的存在性和我國信貸渠道作用于實(shí)體經(jīng)濟(jì)的金融環(huán)境。從影響機(jī)制和約束機(jī)制兩個(gè)方面進(jìn)行研究,以此來證明貨幣政策可以通過信貸渠道對(duì)出口貿(mào)易產(chǎn)生影響,并為后面的實(shí)證檢驗(yàn)奠定了理論基礎(chǔ)。接下來,在理論分析的基礎(chǔ)上進(jìn)行信貸渠道對(duì)我國企業(yè)出口貿(mào)易的影響的實(shí)證分析。該部分選取貨幣供應(yīng)量、貿(mào)易公司出口收入、公司規(guī)模與公司所有權(quán)性質(zhì)(引入虛擬變量)等變量進(jìn)行建模,利用多元回歸模型等方法加以實(shí)證分析,為前面的理論分析提供實(shí)證證明。最后緊扣理論和實(shí)證分析的結(jié)果,提出政策性建議。我國貨幣政策可以通過信貸渠道對(duì)出口貿(mào)易產(chǎn)生影響,為了促進(jìn)出口貿(mào)易的發(fā)展,實(shí)現(xiàn)經(jīng)濟(jì)的可持續(xù)發(fā)展,我國需要深化國有大型商業(yè)銀行的改革并大力發(fā)展中小金融機(jī)構(gòu),還要繼續(xù)深化利率市場化進(jìn)程,大力發(fā)展證券市場。
[Abstract]:The national macro-control, monetary policy is an important means, is the monetary authorities through the use of monetary policy tools to achieve the goal of monetary policy. In the use of monetary policy to influence the economy in the process of monetary policy transmission channel selection becomes very important because monetary policy transmission channel is the intermediate target of monetary policy to achieve a joint policy tool the goal line, so the transmission channels of monetary policy effectiveness means that the effectiveness of monetary policy.
China's rapid economic development, after the accession to the world trade organization, the development momentum is strong, became the world's second largest trading nation and the largest export country. In our country, the implementation of monetary policy not only affects the economic growth, the actual expenditure of the Chinese economy, but also through the exchange rate, balance of payments, capital flows and other channels to influence the China import and export trade. Chinese monetary policy has certain uniqueness, interest rates on China regulation is not very obvious, often with a lag, and changes in interest rates after a period of time will reflect the need to import and export trade. Moreover, China had continued for a period of time to improve the exchange rate, however, by improving the measures caused by the impact of exchange rate on import and export trade has a certain lag. Monetary policy can affect the real economy through the credit channel, influence Export trade of Chinese enterprises.
In recent years, steadily promote the process of China's financial market system, the ultimate goal and the use of various tools of monetary policy based on the monetary policy transmission channels to achieve monetary policy, has gradually become China's monetary policy implementation of the general norm. That monetary policy mainly through the interest rate channel to influence the export trade, but whether the monetary policy can affect China's export trade through the credit channel? This paper will with this question, based on the theoretical analysis, combined with China's current credit channel of monetary policy and analysis of the existence of our current financial environment, the use of qualitative analysis and empirical research methods, China's monetary policy transmission channels of credit. From the angle of theory and demonstration to prove that monetary policy can affect China's export trade through the credit channel, for the economic development of our country puts forward the policy of building Yee.
The main contents of this paper can be summed up in the following aspects:
First introduces the effect of the credit channel for Chinese enterprises to export the background and significance of the topic, relevant research results of domestic and foreign scholars on the study of effects of credit constraints on the export trade, and summarizes and reviews. Then on monetary policy, credit channel, export trade, research constraints collation, research framework in this paper, research methods and instructions. Second is to analyze the impact of the credit channel of China's export trade theory. Firstly the related theories, elaborated the credit channel theory, introduces the early view of the credit, the credit transmission mechanism of monetary policy equilibrium credit rationing theory and new Keynes doctrine period, theoretical model and establish the influence mechanism of credit channel, namely credit constraint model. Then analyze the credit channel of monetary policy in our country and the existence of credit channel in China In the real economy and financial environment. The research from two aspects of the influence mechanism and restraint mechanism, in order to prove that monetary policy can have an impact on the export trade through the credit channel, and lays a theoretical foundation for the later empirical tests. The empirical analysis of the credit channel of China's export trade based on the theory of enterprise on the analysis. The selected part of the money supply, export trade company income, the nature of ownership of company scale and company (dummy variables) and other variables are modeled by multiple regression methods such as empirical analysis, provides empirical proof for the preceding theoretical analysis. Finally, analysis on theoretical and empirical results, put forward the policy suggestions. China's monetary policy can have an impact on the export trade through the credit channel, in order to promote the development of export trade, to achieve sustainable economic In the development of our country, we need to deepen the reform of state-owned large commercial banks, vigorously develop small and medium-sized financial institutions, and continue to deepen the process of interest rate marketization, and vigorously develop the securities market.

【學(xué)位授予單位】：南京師范大學(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;F752.62

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