货币政策、信息透明度与企业信贷期限结构

Monetary Policy,Information Transparency and Credit Term Structure

本文基于2004-2012年中国A股上市公司样本,系统考察了货币政策对企业信贷期限结构之影响,以及信息透明度所具有的调节效应。研究发现:货币政策越紧缩,企业信贷期限结构越短,而信息透明度能够在一定程度上缓解银根紧缩的冲击;深入分析排除了政府干预、大股东控制、成长性与企业信贷需求等潜在干扰因素的影响。本文研究表明,货币政策对企业信贷融资的影响主要由供给主导,而非需求方的主动选择,同时阐明了信息透明度在信贷资源配置中发挥的重要作用,对深化我国银行业市场化改革具有重要启示。

We investigate the relationship between monetary policy and the credit term structure, and the impact of information transparency on the relationship based on the sample of A-shares listed firms of China in 2004- 2012. We find that the tighter the monetary policy is, the shorter the credit term structure will be. But the information transparency can mitigate the impact of monetary policy on the credit term structure, which provides evidence for the information asymmetry hypothesis for the debt maturity theory. Taking government intervention and large shareholders into account, to some extent, although both factors have an impact on the credit term structure, the information transparency has a mitigation effect. Furthermore, the impact of monetary policy on the credit term structure does not result from the growth opportunity of listed firms. In addition, potential inferences of demand factors are eliminated, including the substitution of corporate bond, asset term structure, and liquidity requirement. Our study indicates that the impact of monetary policy on the credit term structure is mainly determined by the banks as the supply side rather than the listed firms as the demand side and emphasizes the important role of information transparency in resource allocation, which may make some contributions to the market-oriented reform of China＇s banking systems.