货币政策、所有制差异与“供给侧”资源再配置——基于委托贷款视角的再检验

Monetary Policy,Ownership Differences and the Redistribution of the “Supply-front”Resources——Reexamination from the Perspective of Entrusted Loans

通过手工整理2004-2013年非金融类上市企业关联及非关联委托贷款数据,考察委托贷款对金融资源的再配置效应,发现基于委托贷款渠道的信贷资源“再配置”行为显著存在;国有企业实施“再配置”的意愿更强,对初始资源配置效率的修正意义更突出;再配置过程受货币政策影响的强度存在所有制差异,紧缩政策加剧了国企与民企再配置水平的分化,使金融资源更大程度上从国有部门转移,从而推动了厂商在供给侧对资源配置效率的治理过程。

Through manual organizing associated and non - associated data of entrusted loans of non - financial listed companies from 2004 to 2013, the paper studies the redistribution effects of entrusted loans on financial resources. The results show that the behavior of redistribution of credit resources based on entrusted loan channel is significantly existed; state -owned enterprises have stronger willingness to make ＂redistribution＂, and it has stronger significance to the efficien- cy of initial resource distribution ; The redistribution process is affected by monetary policy and the intensities vary from ownership to ownership. The tight monetary policy intensifies the differentia- tion of redistribution level between state -owned enterprises and private enterprises, which trans- fers more financial resources from the state -owned sector. This promotes the governance process of factories in their resource distribution efficiency of supply front.