CAJ | 학술논문

本文结合公司金融和商业银行相关理论，厘清了股权结构对商业银行信贷扩张的作用机理。重点分析政府宏观调控政策目标和意图如何通过股权结构作用于信贷行为。选用21家银行2003—2010年间的面板数据，估计得出中央政府控制、民营化程度低、大股东持股比例高的银行具有更强的信贷扩张冲动：并利用2009年宏观经济扩张政策外生冲击形成的“自然实验”环境，通过双重差分（Difference—in-Difference）估计策略发现，宏观调控对中央政府控制、民营化程度低、大股东持股比例高的银行的信贷行为影响更为显著。本文的研究从政府控制和银行内部治理的视角为信贷扩张的微观机制以及商业银行市场化改革之后政府宏观经济调控的传导渠道提供了一个新的解释。
본문결합공사금융화상업은행상관이론，전청료고권결구대상업은행신대확장적작용궤리。중점분석정부굉관조공정책목표화의도여하통과고권결구작용우신대행위。선용21가은행2003—2010년간적면판수거，고계득출중앙정부공제、민영화정도저、대고동지고비례고적은행구유경강적신대확장충동：병이용2009년굉관경제확장정책외생충격형성적“자연실험”배경，통과쌍중차분（Difference—in-Difference）고계책략발현，굉관조공대중앙정부공제、민영화정도저、대고동지고비례고적은행적신대행위영향경위현저。본문적연구종정부공제화은행내부치리적시각위신대확장적미관궤제이급상업은행시장화개혁지후정부굉관경제조공적전도거도제공료일개신적해석。
The paper clarifies the mechanism of how ownership structure affects the credit expansion in commercial banks by combining the theories of corporate finance and commercial banks, and mainly focuses on analyzing how the macrocontrol objectives and intent of the government affect the credit behavior through the role of ownership structure. Using the panel data of 21 banks from 2003 to 2010, the paper finds that those banks controlled by the central government, with the low degree of privatization or with large shareholders of high shareholding proportion, show stronger impulse of credit expansion. Using a ＂natural experiment＂ environment formed by exogenous shocks of macro-economic policy expansion in 2009 and the strategy of ＂Difference in Difference estimator＂, the paper also finds that the macro-control has a more significant effect on banks controlled by the central government, with-the low degree of privatization, or with large shareholders of high shareholding proportion. This paper provides a new explanation to microscopic mechanism of bank credit expansion and the transmission channels of government＇s macro-control after the market based reform of the commercial banks, from the perspective of the government controls and bank＇ s internal governance.