本文選題：貨幣政策 + 傳導渠道��； 參考：《首都經(jīng)濟貿(mào)易大學》2017年碩士論文

【摘要】：世界經(jīng)濟形勢瞬息萬變,中國經(jīng)濟日益融入世界經(jīng)濟之中,自2008年發(fā)生全球性金融危機以來,我國經(jīng)濟的增長也受到了較大的沖擊,經(jīng)濟也已由中高速增長逐步回穩(wěn),經(jīng)濟增長進入了“新常態(tài)”并將成為我國未來一段時期經(jīng)濟增長的新態(tài)勢,同時伴隨著利率市場化進程的推進,無一不影響著我國經(jīng)濟發(fā)展運行。而銀行在我國經(jīng)濟社會運行中發(fā)揮著無可替代的作用,其擁有的資本數(shù)量十分巨大,我國的實體經(jīng)濟一旦受到金融危機的沖擊,銀行業(yè)也必然會受到不小的影響,因此在當前這個階段探討貨幣政策對商業(yè)銀行信貸規(guī)模擴張的影響也就更加具有現(xiàn)實意義。本文在貨幣政策傳導渠道的理論分析的基礎上,進而研究了我國宏觀貨幣政策變化情況與我國微觀銀行業(yè)信貸水平,選取了30家銀行近10年來的數(shù)據(jù)進行面板回歸模型的實證研究。不僅考察了貨幣政策對于信貸水平的影響,還引入了貨幣政策代理變量與銀行異質(zhì)性特征變量的交叉項,來考察不同類型的銀行對于貨幣政策銀行信貸傳導的反應效果。研究結(jié)果表明,實施貨幣政策時,貨幣供應量和上海銀行間同業(yè)拆放利率的變動可以較好影響銀行信貸以達到預期效果,銀行貸款對存款準備金率的變動不敏感,貸款基準利率的變動對于信貸規(guī)模的影響效果最差;同時規(guī)模較大、流動性較好的銀行對于貨幣政策的信貸傳導較不敏感,資本充足率和盈利性對于貨幣政策傳導的效果較不顯著。最后本文根據(jù)實證的研究結(jié)果對我國貨幣政策的調(diào)控、利率市場化建設、存款準備金制度的改善以及貨幣市場發(fā)展等方面提出相應的政策建議。
[Abstract]:Since the global financial crisis occurred in 2008, the economic growth of our country has also been greatly impacted, and the economy has been gradually stabilized by the medium and high speed growth. Economic growth has entered the "new normal" and will become a new trend of economic growth in the future period of our country. At the same time, with the advancement of interest rate marketization process, all of them will affect the development and operation of our country's economy. The banks play an irreplaceable role in the economic and social operation of our country. The amount of capital they have is very large. Once the real economy of our country is hit by the financial crisis, the banking industry will inevitably be affected. Therefore, it is of practical significance to explore the influence of monetary policy on the expansion of credit scale of commercial banks at this stage. Based on the theoretical analysis of the transmission channels of monetary policy, this paper further studies the changes of macro-monetary policy and the credit level of China's micro banking sector. The data of 30 banks in the past 10 years are selected to carry on the empirical research of panel regression model. This paper not only examines the influence of monetary policy on credit level, but also introduces the cross term between monetary policy agency variable and bank heterogeneity characteristic variable to investigate the effect of different types of banks on the credit transmission of monetary policy banks. The results show that the change of money supply and Shanghai Interbank offered rate can better influence the bank credit to achieve the expected effect, and the bank loan is not sensitive to the change of the reserve ratio. The impact of the change of the benchmark interest rate on the scale of credit is the worst, and the banks with larger scale and better liquidity are less sensitive to the credit transmission of monetary policy. The effect of capital adequacy ratio and profitability on monetary policy transmission is not significant. Finally, based on the empirical research results, this paper puts forward some policy suggestions on the adjustment and control of monetary policy, the construction of interest rate marketization, the improvement of deposit reserve system and the development of money market.
【學位授予單位】：首都經(jīng)濟貿(mào)易大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F822.0;F832.4

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