华中科技大学学报（社会科学版）
華中科技大學學報（社會科學版）
화중과기대학학보（사회과학판）
Journal of Huazhong University of Science and Technology (Social Science Edition)
2015年
5期
85-96
,共12页
贷款期限%货币政策%借款者风险%信息不对称%委托贷款
貸款期限%貨幣政策%藉款者風險%信息不對稱%委託貸款
대관기한%화폐정책%차관자풍험%신식불대칭%위탁대관
loan maturity%monetary policy%borrowers’ risk%asymmetry information%entrusted loans
本文以中国2004-2013年上市公司公告的委托贷款交易数据为研究对象，实证考察了货币政策对贷款期限的影响，其中强调了信息不对称、风险和所有制等企业异质性特征的重要性。研究发现，货币政策趋紧与贷款期限显著负相关。进一步的研究表明，货币政策对贷款期限施加的作用因企业异质性而表现出丰富的差异性：一方面，借贷双方之间的信息不对称程度越大，借款者的风险程度越大，货币政策紧缩对贷款期限的降低作用越显著；另一方面，与国有借款企业相比，货币政策趋紧对民营借款企业贷款期限的降低作用相对更显著。这些研究结果表明，除了降低贷款额度、提升资金价格以外，货币政策趋紧还能通过缩短贷款期限对实体经济施加影响。本文研究的政策含义十分明显，由于紧缩货币政策对年轻、风险较大或民营企业借款期限的降低作用尤其显著，因而，央行等相关政府部门有必要施加特别关注，避免这些企业受到流动性风险的冲击。
本文以中國2004-2013年上市公司公告的委託貸款交易數據為研究對象，實證攷察瞭貨幣政策對貸款期限的影響，其中彊調瞭信息不對稱、風險和所有製等企業異質性特徵的重要性。研究髮現，貨幣政策趨緊與貸款期限顯著負相關。進一步的研究錶明，貨幣政策對貸款期限施加的作用因企業異質性而錶現齣豐富的差異性：一方麵，藉貸雙方之間的信息不對稱程度越大，藉款者的風險程度越大，貨幣政策緊縮對貸款期限的降低作用越顯著；另一方麵，與國有藉款企業相比，貨幣政策趨緊對民營藉款企業貸款期限的降低作用相對更顯著。這些研究結果錶明，除瞭降低貸款額度、提升資金價格以外，貨幣政策趨緊還能通過縮短貸款期限對實體經濟施加影響。本文研究的政策含義十分明顯，由于緊縮貨幣政策對年輕、風險較大或民營企業藉款期限的降低作用尤其顯著，因而，央行等相關政府部門有必要施加特彆關註，避免這些企業受到流動性風險的遲擊。
본문이중국2004-2013년상시공사공고적위탁대관교역수거위연구대상，실증고찰료화폐정책대대관기한적영향，기중강조료신식불대칭、풍험화소유제등기업이질성특정적중요성。연구발현，화폐정책추긴여대관기한현저부상관。진일보적연구표명，화폐정책대대관기한시가적작용인기업이질성이표현출봉부적차이성：일방면，차대쌍방지간적신식불대칭정도월대，차관자적풍험정도월대，화폐정책긴축대대관기한적강저작용월현저；령일방면，여국유차관기업상비，화폐정책추긴대민영차관기업대관기한적강저작용상대경현저。저사연구결과표명，제료강저대관액도、제승자금개격이외，화폐정책추긴환능통과축단대관기한대실체경제시가영향。본문연구적정책함의십분명현，유우긴축화폐정책대년경、풍험교대혹민영기업차관기한적강저작용우기현저，인이，앙행등상관정부부문유필요시가특별관주，피면저사기업수도류동성풍험적충격。
Based on the data of entrusted loan transaction of Chinese Listed Company between 2004 and 2013, the paper empirically studies the impact of monetary policy on the loan maturity, which emphasizes the importance of asymmetric information, risk and ownership of companies.This study finds that tight monetary policy is significantly negatively correlated with the loan maturity.Further studies show that firm heterogeneity would make the effect of monetary policy on the loan maturity with big difference.On one hand, the more a-symmetry information between borrowers and lenders and the greater borrowers’ risk are, the more significant-ly tight monetary policy reduces loan maturity;on the other hand, compared with the state-owned enterprises of borrowers, the effect of tight monetary policy on reducing the loan maturity of the private loan business is relatively more significant.These findings suggest that tight monetary policy can exert influence on the real e-conomy by shortening the loan maturity, except by reducing the loan amount and raising the cost of capital. The policy implications of this study are very clear.As the effect of tight monetary policy on reducing the loan maturity of the young, risky and private enterprises is particularly significant, the central bank and other rele-vant government departments should pay special attention to avoid these companies suffering liquidity risk shock.
