銀行借貸行為、企業(yè)融資決策與貨幣政策傳導(dǎo)
發(fā)布時(shí)間：2018-08-16 14:40
【摘要】：貨幣政策傳導(dǎo)是貨幣經(jīng)濟(jì)學(xué)研究中最核心的問題之一,其暢通程度直接影響著貨幣政策執(zhí)行的有效性和針對(duì)性,對(duì)于一國(guó)的宏觀經(jīng)濟(jì)調(diào)控具有十分重要的實(shí)際意義。但由于研究的視角和切入點(diǎn)不同或者采用的數(shù)據(jù)有所差異,各種研究得出的結(jié)論卻存在很大差別。學(xué)術(shù)界對(duì)貨幣政策傳導(dǎo)機(jī)制的爭(zhēng)論一直沒有停止過。運(yùn)用什么樣的研究方法才能準(zhǔn)確把握貨幣政策傳導(dǎo)的實(shí)質(zhì)和作用機(jī)理,值得每一個(gè)研究者認(rèn)真細(xì)致的思考。 目前,我國(guó)貨幣政策傳導(dǎo)研究的文獻(xiàn)日漸豐富�？偟膩砜�,貨幣政策是一項(xiàng)宏觀調(diào)控政策,貨幣政策目標(biāo)也是宏觀調(diào)控目標(biāo)的一部分,貨幣政策的傳導(dǎo)過程從政策制訂、具體實(shí)施到最后作用于實(shí)體經(jīng)濟(jì),如果只考慮目的和結(jié)果,整個(gè)過程可以看做是一個(gè)宏觀經(jīng)濟(jì)金融動(dòng)態(tài)調(diào)整的過程。因此,目前關(guān)于我國(guó)貨幣政策傳導(dǎo)的研究大部分都是從宏觀的視角入手,著重于從中央銀行的貨幣政策工具到中介變量,再到最終宏觀目標(biāo)實(shí)現(xiàn)的分析,即從宏觀到宏觀的研究手法。 但問題的關(guān)鍵是,貨幣政策傳導(dǎo)的具體過程并不是一撮而就的,從貨幣政策的中介目標(biāo)到最終目標(biāo),這并不是“驚人的一躍”就能完成的。中央銀行貨幣政策意圖是通過千千萬萬個(gè)“經(jīng)濟(jì)細(xì)胞”即微觀經(jīng)濟(jì)主體的決策行為來實(shí)現(xiàn)的。匯總了所有微觀經(jīng)濟(jì)主體的決策反應(yīng),便構(gòu)成了宏觀經(jīng)濟(jì)和總投資的波動(dòng),直至經(jīng)濟(jì)的長(zhǎng)期增長(zhǎng)。 有鑒于此,本文的研究著重于微觀的視角,就是從商業(yè)銀行和企業(yè)兩個(gè)市場(chǎng)經(jīng)濟(jì)的微觀主體入手,打開貨幣政策傳導(dǎo)過程這個(gè)黑匣子,深入研究貨幣政策在銀行和企業(yè)環(huán)節(jié)的微觀傳導(dǎo)機(jī)制和傳導(dǎo)效應(yīng),從而為中央銀行優(yōu)化貨幣政策操作工具、改善貨幣政策調(diào)控效果尋找更優(yōu)的對(duì)策。 論文的核心內(nèi)容可以歸納為以下幾個(gè)方面： 首先,對(duì)國(guó)內(nèi)外有關(guān)貨幣政策傳導(dǎo)機(jī)制的理論與實(shí)證文獻(xiàn)進(jìn)行梳理和述評(píng)。然后從信息不完全和銀行資產(chǎn)負(fù)債表異質(zhì)性特征這兩個(gè)理論框架著手,深入剖析貨幣政策在銀行層面?zhèn)鲗?dǎo)的微觀機(jī)制。從理論模型的角度闡述了貨幣政策沖擊對(duì)信息不對(duì)稱程度不同銀行借貸行為產(chǎn)生的分配性效應(yīng),以及銀行的資產(chǎn)負(fù)債表特征在貨幣政策傳導(dǎo)過程中的作用機(jī)理。 接下來,針對(duì)我國(guó)銀行主導(dǎo)型金融體系的特點(diǎn),首先從宏觀視角分析我國(guó)貨幣政策通過銀行借貸渠道傳導(dǎo)的經(jīng)濟(jì)金融環(huán)境。然后利用銀行層面的微觀數(shù)據(jù)對(duì)我國(guó)貨幣政策傳導(dǎo)的銀行借貸渠道進(jìn)行實(shí)證檢驗(yàn),分析我國(guó)商業(yè)銀行作為微觀行為主體,其資本規(guī)模、資本充足率水平、利潤(rùn)率水平、流動(dòng)性等資產(chǎn)負(fù)債表特征影響貨幣政策傳導(dǎo)機(jī)制的方式和程度。實(shí)證研究結(jié)果表明,我國(guó)貨幣政策的銀行借貸傳導(dǎo)渠道是存在的,但傳導(dǎo)過程并不暢通,效果仍不理想。貨幣政策調(diào)控過程中,貨幣供應(yīng)量在銀行借貸傳導(dǎo)渠道中的作用明顯,而央行利用存貸款基準(zhǔn)利率調(diào)控貨幣政策的效果較差,我國(guó)的利率市場(chǎng)化進(jìn)程還遠(yuǎn)未完成。 本文的另一個(gè)重要方面,是從企業(yè)融資選擇的層面研究我國(guó)貨幣政策傳導(dǎo)的資產(chǎn)負(fù)債表渠道。本文首先通過理論模型的構(gòu)建提出假設(shè),然后對(duì)企業(yè)異質(zhì)性特征與企業(yè)融資選擇以及利息負(fù)擔(dān)的關(guān)系進(jìn)行實(shí)證研究,并對(duì)貨幣政策的非對(duì)稱效應(yīng)進(jìn)行了檢驗(yàn)。研究發(fā)現(xiàn),我國(guó)貨幣政策的資產(chǎn)負(fù)債表傳導(dǎo)效應(yīng)是比較顯著的。企業(yè)的資產(chǎn)負(fù)債表特征變量會(huì)顯著地影響企業(yè)銀行借款融資,而貨幣政策正是通過影響企業(yè)的資產(chǎn)負(fù)債表來改變企業(yè)的銀行貸款數(shù)量,從而影響企業(yè)的投資水平。但具體考慮不同的企業(yè)類型時(shí),貨幣政策通過企業(yè)資產(chǎn)負(fù)債表渠道的傳導(dǎo)又是復(fù)雜的,并不是所有類型的企業(yè)都會(huì)對(duì)中央銀行的貨幣政策調(diào)控做出敏感的反應(yīng)。我國(guó)貨幣政策在企業(yè)層面的傳導(dǎo)主要是通過中小企業(yè)、銀行依賴型企業(yè)和低利潤(rùn)率企業(yè)進(jìn)行的。貨幣政策的調(diào)控效果和質(zhì)量仍需進(jìn)一步改進(jìn)。
[Abstract]:Monetary policy transmission is one of the most important issues in the study of monetary economics. Its smoothness has a direct impact on the effectiveness and pertinence of monetary policy implementation. It is of great practical significance to a country's macroeconomic regulation and control. However, the conclusions are quite different. The academic debate on the transmission mechanism of monetary policy has not stopped. It is worth every researcher's careful consideration to use what research methods to accurately grasp the essence and mechanism of monetary policy transmission.
At present, the research literature of monetary policy transmission in China is increasingly rich. Generally speaking, monetary policy is a macro-control policy, and monetary policy objectives are also part of macro-control objectives. The transmission process of monetary policy is from policy formulation, concrete implementation to the final effect on the real economy. If only the purpose and results are considered, the whole process can be completed. Therefore, most of the current studies on the transmission of monetary policy in China are from a macro perspective, focusing on the analysis of the monetary policy instruments of the central bank, intermediary variables, and ultimately the realization of macro objectives, that is, the macro-to-macro research approach.
But the crux of the problem is that the specific process of monetary policy transmission is not one-off, from the intermediate goal to the ultimate goal of monetary policy, this is not a "surprising leap" can be achieved. The overall decision-making response of all micro-economic entities constitutes fluctuations in macro-economy and total investment until long-term economic growth.
In view of this, this paper focuses on the microscopic perspective, that is, starting with the microscopic subjects of commercial banks and enterprises, to open the black box of monetary policy transmission process, and to study the microscopic transmission mechanism and transmission effect of monetary policy in banks and enterprises, so as to optimize the operation of monetary policy for the central bank. Tools to improve the effectiveness of monetary policy control and find better solutions.
The core contents of the paper can be summarized as follows:
Firstly, this paper reviews the theoretical and empirical literature on the transmission mechanism of monetary policy at home and abroad. Then, starting from the two theoretical frameworks of incomplete information and heterogeneity of bank balance sheet, this paper analyzes the micro-mechanism of monetary policy transmission at the bank level. Distributive effect on bank lending behavior with different degree of information asymmetry and the mechanism of bank balance sheet characteristics in monetary policy transmission.
Then, in view of the characteristics of the bank-led financial system in China, this paper first analyzes the economic and financial environment of monetary policy transmission through bank lending channels from a macro perspective, and then makes an empirical test on the bank lending channels of monetary policy transmission in China by using the micro-data from the bank level, and analyzes the commercial banks in China as micro-channels. Behavior subjects, such as capital scale, capital adequacy ratio, profit margin, liquidity and other balance sheet characteristics, influence the way and degree of monetary policy transmission mechanism. In the process, money supply plays an obvious role in the transmission channel of bank lending, but the effect of central bank using the benchmark interest rate of deposit and loan to control monetary policy is poor, and the process of interest rate liberalization in China is far from complete.
Another important aspect of this paper is to study the balance sheet channel of monetary policy transmission in China from the perspective of corporate financing choices. Firstly, hypotheses are put forward through the construction of theoretical models, and then empirical studies are carried out on the relationship between corporate heterogeneity and corporate financing choices and interest burden, and the asymmetry of monetary policy. It is found that the balance sheet transmission effect of monetary policy in China is quite significant. The characteristic variables of the balance sheet of enterprises will significantly affect the borrowing and financing of enterprise banks. Monetary policy changes the amount of bank loans by influencing the balance sheet of enterprises, thus affecting the investment of enterprises. However, considering the different types of enterprises, the transmission of monetary policy through the balance sheet channel is complicated, and not all types of enterprises will respond sensitively to the central bank's monetary policy regulation. The efficiency and quality of monetary policy should be further improved by enterprises and low profit enterprises.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.4;F275;F822.0
本文編號(hào)：2186286
[Abstract]:Monetary policy transmission is one of the most important issues in the study of monetary economics. Its smoothness has a direct impact on the effectiveness and pertinence of monetary policy implementation. It is of great practical significance to a country's macroeconomic regulation and control. However, the conclusions are quite different. The academic debate on the transmission mechanism of monetary policy has not stopped. It is worth every researcher's careful consideration to use what research methods to accurately grasp the essence and mechanism of monetary policy transmission.
At present, the research literature of monetary policy transmission in China is increasingly rich. Generally speaking, monetary policy is a macro-control policy, and monetary policy objectives are also part of macro-control objectives. The transmission process of monetary policy is from policy formulation, concrete implementation to the final effect on the real economy. If only the purpose and results are considered, the whole process can be completed. Therefore, most of the current studies on the transmission of monetary policy in China are from a macro perspective, focusing on the analysis of the monetary policy instruments of the central bank, intermediary variables, and ultimately the realization of macro objectives, that is, the macro-to-macro research approach.
But the crux of the problem is that the specific process of monetary policy transmission is not one-off, from the intermediate goal to the ultimate goal of monetary policy, this is not a "surprising leap" can be achieved. The overall decision-making response of all micro-economic entities constitutes fluctuations in macro-economy and total investment until long-term economic growth.
In view of this, this paper focuses on the microscopic perspective, that is, starting with the microscopic subjects of commercial banks and enterprises, to open the black box of monetary policy transmission process, and to study the microscopic transmission mechanism and transmission effect of monetary policy in banks and enterprises, so as to optimize the operation of monetary policy for the central bank. Tools to improve the effectiveness of monetary policy control and find better solutions.
The core contents of the paper can be summarized as follows:
Firstly, this paper reviews the theoretical and empirical literature on the transmission mechanism of monetary policy at home and abroad. Then, starting from the two theoretical frameworks of incomplete information and heterogeneity of bank balance sheet, this paper analyzes the micro-mechanism of monetary policy transmission at the bank level. Distributive effect on bank lending behavior with different degree of information asymmetry and the mechanism of bank balance sheet characteristics in monetary policy transmission.
Then, in view of the characteristics of the bank-led financial system in China, this paper first analyzes the economic and financial environment of monetary policy transmission through bank lending channels from a macro perspective, and then makes an empirical test on the bank lending channels of monetary policy transmission in China by using the micro-data from the bank level, and analyzes the commercial banks in China as micro-channels. Behavior subjects, such as capital scale, capital adequacy ratio, profit margin, liquidity and other balance sheet characteristics, influence the way and degree of monetary policy transmission mechanism. In the process, money supply plays an obvious role in the transmission channel of bank lending, but the effect of central bank using the benchmark interest rate of deposit and loan to control monetary policy is poor, and the process of interest rate liberalization in China is far from complete.
Another important aspect of this paper is to study the balance sheet channel of monetary policy transmission in China from the perspective of corporate financing choices. Firstly, hypotheses are put forward through the construction of theoretical models, and then empirical studies are carried out on the relationship between corporate heterogeneity and corporate financing choices and interest burden, and the asymmetry of monetary policy. It is found that the balance sheet transmission effect of monetary policy in China is quite significant. The characteristic variables of the balance sheet of enterprises will significantly affect the borrowing and financing of enterprise banks. Monetary policy changes the amount of bank loans by influencing the balance sheet of enterprises, thus affecting the investment of enterprises. However, considering the different types of enterprises, the transmission of monetary policy through the balance sheet channel is complicated, and not all types of enterprises will respond sensitively to the central bank's monetary policy regulation. The efficiency and quality of monetary policy should be further improved by enterprises and low profit enterprises.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.4;F275;F822.0
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