金融研究
金融研究
금융연구
Journal of Financial Research
2015年
5期
1~17
,共null页
金融摩擦 银行信贷渠道 结构错配效应
金融摩抆 銀行信貸渠道 結構錯配效應
금융마찰 은행신대거도 결구착배효응
Financial frictions, Bank lending channel, Structural misallocation effect
以金融摩擦条件下修正的状态证实模型为基础，本文首先对银行信贷渠道影响信贷资源在产业间配置的机理进行了理论分析，提出了相应的假说，并利用差异中的差异交叉项模型对假说进行了实证检验，得到了如下主要结论：一是银行信贷渠道的强化对产业结构升级具有结构性错配效应，而紧缩性的货币政策则显著地放大了这一效应；二是企业的国有属性强化了银行信贷渠道的信贷资源错配效应，但在考虑企业国有属性的条件下，紧缩性货币政策却对这种错配效应没有显著影响。不过尽管如此，由于国有比重在不同产业问的分布是不均衡的，因而，总的来看，经济中国有比重的提高，仍对货币政策银行信贷渠道的信贷资源错配效应具有显著的强化作用。最后，本文从产业结构升级的视角，给出了如下政策含义：一是货币政策不仅具有熨平短期经济波动功能，还具有长期经济结构调整功能；二是银行竞争结构的改善有助于弱化银行信贷渠道，从而促进产业结构升级；三是需要对战略性新兴产业实行特殊的金融支持政策。
以金融摩抆條件下脩正的狀態證實模型為基礎，本文首先對銀行信貸渠道影響信貸資源在產業間配置的機理進行瞭理論分析，提齣瞭相應的假說，併利用差異中的差異交扠項模型對假說進行瞭實證檢驗，得到瞭如下主要結論：一是銀行信貸渠道的彊化對產業結構升級具有結構性錯配效應，而緊縮性的貨幣政策則顯著地放大瞭這一效應；二是企業的國有屬性彊化瞭銀行信貸渠道的信貸資源錯配效應，但在攷慮企業國有屬性的條件下，緊縮性貨幣政策卻對這種錯配效應沒有顯著影響。不過儘管如此，由于國有比重在不同產業問的分佈是不均衡的，因而，總的來看，經濟中國有比重的提高，仍對貨幣政策銀行信貸渠道的信貸資源錯配效應具有顯著的彊化作用。最後，本文從產業結構升級的視角，給齣瞭如下政策含義：一是貨幣政策不僅具有熨平短期經濟波動功能，還具有長期經濟結構調整功能；二是銀行競爭結構的改善有助于弱化銀行信貸渠道，從而促進產業結構升級；三是需要對戰略性新興產業實行特殊的金融支持政策。
이금융마찰조건하수정적상태증실모형위기출，본문수선대은행신대거도영향신대자원재산업간배치적궤리진행료이론분석，제출료상응적가설，병이용차이중적차이교차항모형대가설진행료실증검험，득도료여하주요결론：일시은행신대거도적강화대산업결구승급구유결구성착배효응，이긴축성적화폐정책칙현저지방대료저일효응；이시기업적국유속성강화료은행신대거도적신대자원착배효응，단재고필기업국유속성적조건하，긴축성화폐정책각대저충착배효응몰유현저영향。불과진관여차，유우국유비중재불동산업문적분포시불균형적，인이，총적래간，경제중국유비중적제고，잉대화폐정책은행신대거도적신대자원착배효응구유현저적강화작용。최후，본문종산업결구승급적시각，급출료여하정책함의：일시화폐정책불부구유의평단기경제파동공능，환구유장기경제결구조정공능；이시은행경쟁결구적개선유조우약화은행신대거도，종이촉진산업결구승급；삼시수요대전략성신흥산업실행특수적금융지지정책。
On the basis of modified costly state verification under the condition of financial frictions, we first analyze the theoretical mechanism of credit resources allocation in the industry through the bank lending channel, and give a assumption. Then for testing the assumption, we use difference - in - difference model, get the following conclusion ： （ 1 ） The strengthening of the bank lending channels has a structural misallocation effect on the. upgrading of industrial structure, while tightening of monetary policy significantly expands the effect; （2） Properties of state - owned enterprises strengthen the credit resources misallocation effect of bank lending channel, but in consideration of properties of state - owned enterprises, tight monetary policy has no significant in- fluence on the misallocation effect. But even so, due to the proportion of state - owned distribution is not balanced in different industries, therefore, on the whole, the increasing of proportion belong to the state strengthens the credit resources misallocation effect of bank lending channel Under the impact of monetary policy. Finally, we give the policy implication in the view of industrial structure upgrade as follows ： （ 1 ） Monetary policy has not only pressed short - term economic fluctuation, but has the functions of adjusting the long - term eco-nomic structure ; （2） The improvement of banks＇ competitive structure helps to soften the bank lending channel, so as to promote the upgrading of industrial structure ; （3） Special financial support policy should be carried out to strategic emerging industries.
