异质性条件、资产价格和银行信贷

Heterogeneous Conditions,Asset Price and Bank Credit

本文基于2001-2014年我国金融机构面板数据,在资产类型、金融机构类型、贷款类型等异质性条件下,实证检验了金融机构信贷投放对资产价格的敏感性。结果表明:在控制供需因素变量的全样本条件下,股票价格在较高的显著性水平上对信贷投放产生正向影响,而金融机构的信贷投放对房地产价格不敏感;非银行金融机构与银行金融机构信贷投放对资产价格的敏感性不存在显著差异;与非上市银行相比,上市银行的信贷投放对股票价格的敏感性更强;与中资银行相比,外资银行的信贷投放对股票价格的敏感性更强;商业银行的住房抵押贷款对于房产价格和股票价格均具有较强的敏感性,其他消费贷款对两类资产价格的波动均不敏感,工商贷款对股票价格的波动比较敏感。本文结论为差异化监管等政策提供了实证支持。

Based on the panel data of financial institutions for the 2001-2014 period, and under the heterogeneous conditions of asset, financial institutions and loan type, the paper empirically tests the effect of asset prices on credit growth in China. The results show that： under the condition of controlling the relevant variables, stock price produces a significant positive impact on credit growth, and credit growth is not sensitive to the price of real estate; as for the effect of asset prices on credit growth , there is no difference between nonbank financial institutions and commercial bank credit; the listed banks credit growth is more sensitive to the stock price than the unlisted banks, and the foreign banks credit growth is more sensitive to the stock price than the Chinese banks; the residential mortgage loan is sensitive to the price of stock and real estate, but the consumer loan is not sensitive to the price of assets; the corporate loan is sensitive to the price of stock. This provides empirical support for the differentiated supervision policies.