中国货币传导的银行信贷渠道与商业信贷渠道研究——基于公司债务融资的DID分析

A Research of the Bank Credit Channel and Trade Credit of Monetary Transimssion in China——Based on Evidence of DID Corporate Finance

基于上市公司的债务融资数据,采用双重差分方法实证检验了中国货币政策传导的银行信贷渠道与商业信贷渠道。研究发现,在货币政策紧缩时期,上市公司的银行信贷融资下降,商业信贷融资上升,易遭受信贷歧视的非国有上市公司银行信贷下降幅度更大,而国有上市公司商业信贷增加的幅度更大;而在货币政策宽松时期,非国有上市公司与国有上市公司相比,其银行信贷融资上升的幅度更大,商业信贷融资的变化则没有显著差异。

Based on corporate debt finance, this paper uses the difference--in--difference model to test for the existence of the bank credit channel and trade credit channel for monetary policy in China. We find that during periods of tight monetary, the bank credit is decreased, and the trade credit is increased. The bank credit of non-state-owned corporate is decreased more than that of state-owned corporate due to credit discrimination, and the trade credit of state-owned corporate is increased more than that of non-state-owned corporate. But during periods of expansionary monetary policy, the bank credit of non-state-owned corporate is increased more than that of state-owned corporate, while the trade credit of non-state-owned corporate is not significant different from that of state-owned corporate.