货币政策信贷传导机制-基于商业信用与企业产权性质的证据.pdf

货币政策信贷传导机制 ——基于商业信用与企业产权性质的证据 ∗ 饶品贵 姜国华 (暨南大学管理学院会计系，510632；北京大学光华管理学院会计系，100871) 摘要：本文从企业商业信用和产权性质出发，研究我国货币政策信贷传导的微观机制。基于 我国特定的货币政策定义的货币政策紧缩年度虚拟变量和银行家信心指数，本文研究发现在 货币政策紧缩阶段，相对于国有企业，非国有企业在银行信贷方面受到的冲击更大，他们将 以净商业信用作为替代的融资方式，辅助检验中我们还发现紧缩期企业会缩短应收账款账龄 和延长应付账款账龄。本文的研究证据表明货币政策信贷传导的微观机制在我国是存在的， 同时也丰富了宏观经济政策与微观企业行为互动关系的研究。理解货币政策信贷传导的微观 机制将有助于政策制定者们寻找更为切合的货币政策中介目标；货币政策信贷传导机制的研 究也将有助于我们更好地理解信息不对称和信贷配给在货币政策所发挥的作用。 关键词：货币政策 信贷传导机制 商业信用 银行借款 产权性质 JEL 分类： E42 E52 G21 G32 Monetary Policy Credit Transmission Mechanism Evidence on Business Credit and Ownership Abstract ：Based on business credit and firm ownership, this paper investigates Chinese monetary credit transmission mechanism on micro level. Using monetary policy contract dummy variable and bankers confidence index, we find the impact of monetary policies on lending is stronger for non-state enterprises, in comparison to state enterprises, during monetary policy contract phase, and not-state enterprises are more likely to obtain net business credit as alternative financing. In ancillary tests we also find that firms shorten the account receivable aging and extend the account payable aging during monetary policy contract phase, especially the non-state enterprises. Evidences in this paper indicate monetary policy credit transmission mechanism on micro level exists in China, also enriches research on macroeconomic analyses and firm behaviors. Understanding monetary-transmission mechanism should help policy-makers find more appropriate monetary intermediate target. In addition, by studying on monetary-transmission, we should deeply understand the role of information asymmetry and credit-rationing in monetary policy. Key words ：Monetary Policies, Credit Transmissi