转轨经济背景、所有权性质与货币政策信贷渠道——从我国短期融资券视角

Transition Economy, Ownership Property and the Credit Channel of Monetary Policy—Evidence from the Short-term Commercial Paper of China

本文结合我国转轨经济背景,利用我国2005-2015年间短期融资券发行数据,从企业所有权性质角度对我国货币政策传导信贷渠道进行研究。研究发现,我国货币政策传导信贷渠道更多通过民营企业实现,而对于国有企业则并不显著。民营企业短期融资券的超额发行量以及相对于国有企业的发行利率溢价与货币政策立场代理指标显著正相关,而国有企业短期融资券的发行则不存在这样的相关性。

As an ahemative financing method to bank credit, short-term commercial paper contains useful information for the research of bank lending channel. Under the transition economy, we use the short-term commercial papers issued in 2005-2015, from the perspective of corporate ownership property, to study the bank lending channel of China. The results of our study indicate that the bank lending channel of China is implemented by the Private Enterprises, rather than the State- owned Enterprises. The extra-Issuance and the interest rates premium of short-term commercial papers for private enterprise have significant positive correlations with the monetary policies, and no significant correlations between those for state-owned enterprises and the monetary policies are found.