微观主体投资效率、信贷配置与货币政策传导效率

A Study on Investment Efficiency,Credit Allocation and Conveyance Efficiency of Monetary Policy of Micro Agents

信贷渠道是我国货币政策传导的主要途径。银行、企业作为信贷渠道中最主要的微观主体,构成了我国货币政策传导机制中重要的微观基础。本文利用实证研究方法,分析在货币政策调整过程中,具有不同投资效率的企业的债务融资变化,具有不同产权的企业获得银行贷款难易程度,以及政府干预对银行债务融资-投资效率敏感度的影响,进而研究我国货币政策传导机制中信贷渠道传导效率以及货币政策有效性问题。

In China,the monetary policies are mainly conveyed via credit.As the most important micro agents among the credit channel,banks and enterprises constitute a vital foundation for the conveyance mechanism of China's monetary policy.With the empirical methods,the thesis makes a research on the effectiveness of credit channels and validity of the monetary policies in the conveyance of the policies in China through the analysis on debt financing changes of the enterprises with differed investment efficiency,on the availability of obtaining loans for the corporations with differed property rights and on the impacts of the government interference upon debt financing-investment efficiency sensitivity of the banks.