银行信贷结构对货币政策有效性的影响

The Impact on the Effectiveness of Monetary Policy by the Bank’s Credit Structure

随着我国市场经济的不断推进,货币政策在宏观调控中的地位越来越突出。商业银行偏向大型企业贷款的特殊信贷结构削弱了中央银行货币政策对实体经济的调控能力和效果,是导致信贷市场传导渠道梗塞的重要原因之一,我国政府应该采取措施提升商业银行对中小企业的贷款力度。具体体现在商业银行对中小企业贷款充足时,货币政策与信贷市场、信贷市场与实体经济的相关性更强,货币政策的信贷传导渠道更加畅通;金融机构对中小企业贷款比重提高时,一定程度上提升货币政策的消费效应和投资效应。

Monetary policy has assumed an important role in China’s economy.Credit is the main channel for implementing monetary polcy in China,and credit barriers during the transition period is one of the main factors,weakening the effectiveness of monetary policy.It is tested by Granger Test and Simultaneous Equations whether the structure of the bank credits allocation between large enterprises and small enterprises has impacts on the effectiveness of monetary policy.The credit structure measuring the extent that Commercial banks prefer to lend to big companies rather than to small and medium-sized enterprises has a significant impact on the credit transmission induced by monetary policy,and it is one of the reasons leading to the infarction of the credit transmission channel in China.By including the credit structure as a dummy variable,the regression shows that the efficiency of monetary policy would be improved through encouraging more consumption and more investments when the loans of the commercial banks to small and medium-sized enterprises are more sufficient.