银行甄别机制、货币政策与信贷资源流向

Bank Screening Mechanism, Monetary Policy and Credit Resources Flow

本文以银行在信贷资源投放时如何克服逆向选择问题为研究视角,利用2001-2013年中国沪、深两市A股上市公司数据,结合宏观货币政策调整考察了信贷资源投放时银行甄别机制作用于信贷资源流向的机理和经济后果。研究发现,银行基于投资的甄别机制扭曲,银行信贷资源流向呈现"过度效应";基于产权的甄别机制发挥作用,导致国有企业信贷资源流向呈现"过度效应";货币政策由紧缩转向宽松时,基于投资的甄别机制作用减弱、基于产权的甄别机制作用增强,信贷资源流向"过度效应"更为严重。

From the perspective of bank credit screening mechanism, based on the data of Chinese listed corporations from the year 2001 to 2013, this paper researches the microscopic mechanism and credit resources flow; furthermore it analyzes how the monetary policy exerts influence on the bank credit mechanism in allocation of resources. This research helps to stimulate the market-oriented principle to play a decisive role on credit resources allocation, and also provides decision-making references to the future reform and macroeconomic policy making.