【摘要】：民營(yíng)企業(yè)融資是一個(gè)具有普遍性的世界性問(wèn)題。對(duì)社會(huì)主義制度下并且銀行業(yè)金融機(jī)構(gòu)在金融業(yè)中處于主導(dǎo)地位的我國(guó)來(lái)說(shuō)，非公有制企業(yè)和中小企業(yè)的融資難貸款難的問(wèn)題更為突出和顯著。一直以來(lái)國(guó)內(nèi)對(duì)民營(yíng)企業(yè)尤其是中小企業(yè)融資問(wèn)題的研究也從未間斷。但是目前絕大部分的研究停留在描述性解釋層面，對(duì)于模型化問(wèn)題利用數(shù)理解釋方面鮮有涉及。 近期的溫州民間借貸危機(jī)再次將民營(yíng)中小企業(yè)融資推到了風(fēng)口浪尖，因此研究國(guó)有經(jīng)濟(jì)部門(mén)和民營(yíng)經(jīng)濟(jì)部門(mén)銀行信貸差異的背后機(jī)理具有重要的理論和現(xiàn)實(shí)意義。本文認(rèn)為在抵押品價(jià)值、公司流動(dòng)性和銀行貸款三者之間存在著循環(huán)的相互影響關(guān)系，并據(jù)此構(gòu)造了一個(gè)理性預(yù)期一般均衡模型。模型強(qiáng)調(diào)了抵押品價(jià)值對(duì)企業(yè)貸款的重要作用，為分析企業(yè)貸款差異提供了一個(gè)理論框架。本文的分析表明，，由于擁有的資源不同，國(guó)有經(jīng)濟(jì)部門(mén)和民營(yíng)經(jīng)濟(jì)部門(mén)擁有的初始清算價(jià)值不同，這使得他們之間產(chǎn)生初始的貸款差異。初始貸款差異在三者循環(huán)的相互作用下被強(qiáng)化，最后兩經(jīng)濟(jì)部門(mén)實(shí)現(xiàn)為不同的均衡水平。本文還通過(guò)信貸渠道，探討了貨幣政策對(duì)刺激銀行貸款的效果。模型揭示，如果初始的總流動(dòng)性較低，則總貸款容易陷入這樣一種均衡信貸陷阱均衡，在該均衡中，即使中央銀行大力增加貸款供給，額外增加的貸款也無(wú)法成功轉(zhuǎn)化為企業(yè)的貸款。對(duì)此的政策含義是，必須配合使用財(cái)政政策直接提升企業(yè)的流動(dòng)性，才能突破信貸陷阱。文章的擴(kuò)展部分探討了貨幣政策外生的情況下，偏向于國(guó)有經(jīng)濟(jì)部門(mén)的財(cái)政擴(kuò)張政策會(huì)如何影響民營(yíng)經(jīng)濟(jì)部門(mén)的信貸。研究結(jié)果表明民營(yíng)經(jīng)濟(jì)部門(mén)的信貸會(huì)受到擠壓。 最后，基于理論，在分析了兩部門(mén)的貸款差異的成因的基礎(chǔ)上，本文提出了幾點(diǎn)改善民營(yíng)經(jīng)濟(jì)部門(mén)信貸的建議。文章認(rèn)為縮小初始差距是解決信貸差異的關(guān)鍵。
[Abstract]:Private enterprise financing is a universal worldwide problem. Under the socialist system and the banking financial institutions in the leading position in the financial industry in China, non-public enterprises and small and medium-sized enterprises are more difficult to finance the problem of difficult loans and more prominent and significant. The domestic research on the financing of private enterprises, especially small and medium-sized enterprises, has never been interrupted. However, most of the current studies remain at the level of descriptive interpretation, and there is little concern about the use of mathematical interpretation for modeling problems. The recent private lending crisis in Wenzhou has once again pushed the financing of small and medium-sized private enterprises to the top of the wave. Therefore, it is of great theoretical and practical significance to study the mechanism behind the differences in bank credit between the state-owned sector and the private sector. This paper argues that there is a cyclic interaction among collateral value, corporate liquidity and bank loans, and constructs a rational expectation general equilibrium model. The model emphasizes the important role of collateral value on enterprise loan and provides a theoretical framework for analyzing the difference of enterprise loan. The analysis of this paper shows that the initial liquidation value of state-owned economic sector and private sector is different due to the different resources, which makes the initial loan difference between them. The initial loan difference is strengthened by the interaction of the three cycles, and the last two economic sectors achieve different equilibrium levels. This paper also discusses the effect of monetary policy on stimulating bank loans through credit channels. The model reveals that if the initial total liquidity is low, the total loan is prone to fall into such an equilibrium credit trap equilibrium, even if the central bank greatly increases the supply of loans. Additional loans could not be successfully converted into corporate loans. The policy implication of this is that the use of fiscal policies can directly enhance the liquidity of enterprises in order to break through the credit trap. In the extension part of this paper, the author discusses how the fiscal expansion policy in favor of the state-owned economic sector will affect the credit of the private sector under the exogenous circumstances of monetary policy. The results show that the private sector of the credit sector will be squeezed. Finally, based on the theory, based on the analysis of the causes of the difference between the two sectors, this paper puts forward some suggestions to improve the credit of the private sector. The paper thinks that narrowing the initial gap is the key to solve the credit gap.
【學(xué)位授予單位】：華中科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.4

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 梁文玲;試論民營(yíng)中小企業(yè)融資難的原因與對(duì)策[J];商業(yè)研究;2001年11期

2 劉柏霞,徐曉輝;民營(yíng)經(jīng)濟(jì)發(fā)展的金融對(duì)策研究[J];財(cái)經(jīng)問(wèn)題研究;2003年04期

3 周兆生;中小企業(yè)融資的制度分析[J];財(cái)經(jīng)問(wèn)題研究;2003年05期

4 奚君羊;銀行商業(yè)化的市場(chǎng)定位——重塑與中小企業(yè)的關(guān)系[J];財(cái)經(jīng)研究;1998年03期

5 張杰;民營(yíng)經(jīng)濟(jì)的金融困境與融資次序[J];經(jīng)濟(jì)研究;2000年04期

6 李志峗;銀行結(jié)構(gòu)與中小企業(yè)融資[J];經(jīng)濟(jì)研究;2002年06期

7 王霄,張捷;銀行信貸配給與中小企業(yè)貸款——一個(gè)內(nèi)生化抵押品和企業(yè)規(guī)模的理論模型[J];經(jīng)濟(jì)研究;2003年07期

8 張杰;漸進(jìn)改革中的金融支持[J];經(jīng)濟(jì)研究;1998年10期

9 馬方方;;中小企業(yè)貸款中的信貸配給現(xiàn)象及對(duì)策研究[J];金融理論與實(shí)踐;2007年08期

10 賀力平;克服金融機(jī)構(gòu)與中小企業(yè)之間的不對(duì)稱信息障礙[J];改革;1999年02期

本文編號(hào)：2210813