金融危机、货币政策与信贷供给--基于公司层面银行信贷数据的经验研究

FINANCIAL CRISIS,MONETARY POLICY AND CREDIT SUPPLY——A Loan-level Analysis

不同的银行特征会对金融危机和货币政策传导的银行信贷渠道产生异质性影响。本文运用2001—2015年公司层面银行信贷数据实证检验了我国货币政策传导的银行信贷渠道,随后进一步研究金融危机对不同特征银行信贷供给的影响差异。经验研究发现:我国货币政策银行信贷渠道主要通过非国有控股银行传导,并引起不同资产负债表特征银行信贷供给的异质性反应。银行规模越大、流动性越强、资本充足率越高,银行信贷供给对货币政策越不敏感。金融危机期间,银行信贷渠道的传导效率显著降低,高资本充足水平的银行和国有控股银行受金融危机的冲击较小,并且宽松的货币政策对国有控股银行信贷供给调控的效率更高。

The different characteristics of banks have influence of heterogeneity on the bank lending channel of financial crisis and monetary transmissiors This paper examines whether a bank lending channel exists in monetary policy transmission in China, employing loan-level data from 2001 through 2015. Further study on whether there are cross-sectional differences in response to financial crisis among the banks of different characteristics. The results of our study indicate that the bank lending of monetary policy exists in China and the change in monetary policies generate heterogeneous bank＇ credit supply. If banks own larger scale, higher level of liquidity and capital adequacy ratio, the credit supply will not be sensitive to the monetary policy. The financial crisis reduces the efficiency of bank lending channel in monetary policy transmission significantly, while banks of higher capital adequacy ratios and state-owned banks can alleviate this negative effect. Moreover, the easy monetary policy is more efficient to control state-owned banks＇ credit supply during the financial crisis.