政治关系、金融发展与货币政策有效性——基于我国民营上市公司银行贷款视角

摘要/Abstract

摘要：

本文选取2006-2011年间沪、深两市A股的民营上市公司为样本,通过研究政治关系与金融发展分别在货币政策宽松和紧缩时期对我国民营上市公司银行贷款额度和期限的影响,以期提供我国货币政策信贷传导渠道是否受阻、是否有效的一些微观证据,进而为解决我国民营企业所面临的"信贷歧视"问题提供一些思路。我们研究发现:(1)金融发展能够影响到紧缩货币政策对银行贷款期限的作用,而就其对额度的作用却没有影响;(2)紧缩货币政策对民营企业银行贷款额度和期限的作用,都会受到政治关系的影响;(3)政治关系和金融发展交互项对货币政策影响银行贷款额度的有效性存在影响,而对货币政策影响银行贷款期限的有效性则没有影响。

关键词: 民营上市公司, 政治关系, 金融发展, 货币政策, 银行贷款

Abstract:

This paperdraws upon A share listed private companies during 2006~2011 to study the political connections and the level of financial development impact on the availability of their bank loans in different periods of monetary policy, in order to make it clear from the micro perspective whether the credit transmission channel of monetary policy is blocked and valid, and then provide some ideas for solving the "credit discrimination" problem faced by Chinese private companies. The study finds that the political connections, the level of financial development and their interaction have different effects on the effectiveness of monetary policy. To be specific:(1) the level of financial development could affect the effect of tightening monetary policy on the term of the loan, but not the effect on the total amount of bank loans; (2) the effect of tightening monetary policy on amounts and term of bank loans, are affected by political connections; and (3) interaction term of financial development and political connections can affect the validity of monetary policy to the amount of bank loans, but the validity impact of monetary policy on the term of bank loans is not affected.

Key words: private listed companies, political connections, financial development, monetary policy, bank loans

王伟. 政治关系、金融发展与货币政策有效性——基于我国民营上市公司银行贷款视角[J]. , 2016, 28(6): 52-64.

Wang Wei. Political Connections, Financial Development and the Effectiveness of Monetary Policy——From the Perspective of Chinese Private Listed Companies' Bank Loans[J]. , 2016, 28(6): 52-64.

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