金融危机冲击下的民营企业信贷软约束研究——基于政府、银行与企业三方间利益博弈的视角

Study of the Soft Credit Constraint of Private Enterprises Under the Impact of Financial Crisis:From the Perspective of a Game Among Government, Bank and Company

本文基于政府、银行与企业三方利益博弈的视角,利用2008年金融危机爆发前后民营企业银行信贷的相关数据,检验了不同经济环境和宏观政策下民营企业信贷约束的变化规律,以及政策性负担、政治关系和银企关系对民营企业信贷软约束的影响机理。研究发现,民营企业信贷约束的硬化与软化,是政府、银行和企业三方之间不对等的利益博弈的结果,并分别伴随着宏观货币政策的从紧和宽松相应出现。

This paper is based on the perspective of a game among government, bank and company. We exam related data about private enterprises＇ credit data before and after the explosion of 2008 financial crisis, and apply it to test the change rules of credit constraints on private enterprises under different economic environment and macropolicy. We also test policy burden, po- litical relationship and bank-enterprise relation＇ s influential mechanism on soft credit constraint of private enterprises. We find that, hardening and softening credit constraint on private enterprises is the outcome of unequal game among government, bank and company, and occurred corresponding to the tightening and loosing of monetary policy.