公司金融、银行业结构和货币传导机制

Corporate Finance,Banking Industry Structure and Monetary Policy Transmission Mechanism

本文构造了一个资本市场一般均衡模型,其中,银行股权资本是否充裕影响了银行信贷决策。分析表明,银行业结构对货币政策传导机制施加了作用:如果银行业由几家银行垄断,银行信贷对货币政策的反应不连续。分析强调,垄断银行业结构、公司债市场不发达是我国货币政策效果不明显的原因。本文的政策含义是,从改变银行业垄断性市场结构、发展公司债市场两方面着手,完善货币传导机制的微观基础,这样才能提高货币政策的有效性。

This paper develops a general equilibrium model of the financial sector where the adequacy of bank＇s equity capital has influences on its lending decision. The result shows that market structure of banking industry influences the effects of monetary policy. The theoretical analysis implies that the response to monetary policy is not continuous if banking industry, is dominated by some monopolistic banks. The author further points out that the monopolistic structure of banking industry and the undeveloped corporate debt market are the main reason for inconspicuous effect of monetary, policy in China. The policy implications from the model is that in order to reinforce the effectiveness of monetary policy, we should change the monopolistic bank struetlure and develop the corporate debt market.