商业信用影响了紧缩货币政策的有效性吗

Can Commercial Credit Affect the Effectiveness of the Tight Monetary Policy

以2005~2015年A股上市公司的季度数据为样本,从公司投资角度切入,检验商业信用是否会对紧缩货币政策下企业投资减少效果产生影响。实证结果发现,当货币政策紧缩时,总体上商业信用并不会影响货币政策对企业投资的作用效果;如将样本数据分为国企与非国企,由于商业信用的影响,国企的投资并未因货币政策紧缩而减少,即仅就国企而言,商业信用对货币政策的有效性产生了影响。进一步分析发现,得到该结果的原因一方面是由于货币政策在信贷渠道传导的调控作用在不同银行业集中度下的强弱程度不同,另一方面是由于企业在不同市场化程度下获取商业信用的难易程度不同。

Using the quarterly data of Chinese a share listed companies from 2005 to 2015, from the perspective of corporate investment, we investigate whether commercial credit will affect the results of corporate investment reduction under the tight monetary policy. The results show that under the tight monetary policy, commercial credit has no effect on the influence that mone- tary policy to corporate investment in the full sample. After distinguishing the nature of the com- pany＇s property right, the situation of the investment reduction doesn＇t appear under the influence of commercial credit in state-owned enterprise ,that is ,only in terms of state-owned enterprises, commercial credit has influence on the effectiveness of the monetary policy. Further analysis shows the reason for the results is that on the one hand, regulating effect of monetary policy in the credit channel vary with the different circumstances. On the other hand, the ability of firms obtain commercial credit in different circumstances is different.