货币政策、区域金融发展与企业信贷融资

Monetary Policy, Regional Financial Development and Credit Financing

本文利用2004~2011年我国沪深上市公司为研究样本,研究宏观货币政策对微观企业信贷行为的影响以及该影响在不同金融发展水平的区域之间的差异。研究结果发现,宏观货币政策对微观企业的信贷融资行为有显著影响,货币政策紧缩时期,企业银行信贷融资数量更少、期限更短、成本更高。考虑区域金融发展的因素,研究表明金融发展越快的地区,银行信贷成本越低,并且银行信贷融资在企业债务融资中比重也相对较低。研究货币政策影响力的区域效应时发现,在货币政策由宽松趋向紧缩时,相对于金融发展水平低的地区,金融发展水平高的地区企业对银行信贷资源的依赖程度下降更显著,同时企业银行信贷成本上升也更显著,货币政策的调整对金融发达地区企业的信贷融资冲击更为明显。

Choosing the listed companies in China from 2004 to 2011 as a study sample, this paper explores how monetary policies influence enterprise credit financing behaviors, and how regional financial development impacts the above mentioned influence. We find that the monetary policy has a significant effect on the enterprises credit financing. Compared with a tight monetary policy, a loose monetary policy can help enterprises obtain more bank credit with lower cost and longer term. Considering the regional financial development, we find that in a region where finance develops rapidly, the bank credit cost is relatively low, and so is the proportion of bank credit in the corporate debt financing. Moreover, we explore the impact of regional financial development, and find that when the monetary policy tends to be tight, enterprises in financial developed regions will reduce their dependence on the bank credit significantly. Meanwhile, the bank credit cost will significantly increase, which suggests that the adjustment of monetary policy has a greater influence on enterprise credit financing behaviors in financial developed areas.