摘要
本文选取目前为止最具代表性的2008年金融危机和2008—2010年实施的宽松货币政策为研究对象,基于中国工业企业数据库和全国银行分支机构的数据,考察了宽松货币政策的信贷配置效应,得出如下结论:一是金融危机背景下宽松货币政策具有有效性,可显著增加微观企业的债务融资规模,降低平均负债成本,使政策释放的流动性通过商业银行进入到实体部门,缓解宏观经济环境的不利影响;二是在银行业集中度较低的地区,生产效率更高的非国有企业和中小企业的债务融资规模增幅更高、成本降幅更大,信贷资源配置效率更优;三是宽松货币政策的微观效果存在显著的地域差异,说明宏观经济政策、区域银行业结构和经济发展三者联系紧密。本文的研究结论为我国进一步完善银行业结构和货币政策设计提供了参考。
Our paper aims to study how monetary policy affects the efficiency of credit resource allocation in regions with different bank concentration level.Using firm level data and bank concentration ratio at the county level from 2006 to 2010,we find that the monetary stimulus policy from the end of 2008 to 2010 will improve firm financing scale and reduce the cost on average,which confirms the effectiveness of monetary stimulus policy under the background of the financial crisis.Furthermore,we innovatively evaluate the allocation effect,and find that in counties with lower banking concentration ratio,non-state-owned enterprises and small and mediumsized enterprises with higher production efficiency have a higher increase in the scale of debt financing and a sharper decline in costs,corresponding to better credit resource allocation efficiency.Finally,our findings suggest that there are significant regional differences in the micro-effects of monetary policy,which can provide more references for the banking industry structure and monetary policy design in the future.
出处
《金融监管研究》
CSSCI
北大核心
2022年第10期6-24,共19页
Financial Regulation Research
关键词
货币政策
银行集中度
信贷资源配置
双重差分模型
Monetary Policy
Bank Concentration Ratio
Credit Allocation Efficiency
Difference-in-difference Model
作者简介
通讯作者:王聪,金融学博士,中国建设银行博士后工作站,清华大学博士后流动站,联系方式:wangcongcindy@163.com;张奥阳,金融学博士,中国华融资产管理股份有限公司博士后工作站,中国社会科学院金融研究所博士后流动站,联系方式:294073060@qq.com;纪旭,金融学博士研究生,西南财经大学经济与管理研究院,联系方式:jixu533@163.com。
