借贷便利影响了商业银行贷款期限结构吗

Do Lending Facilities Affect the Loan Maturity Structure of Commercial Banks in China?

本文基于我国借贷便利工具相关制度设计,从商业银行的视角研究央行的借贷便利对贷款期限结构的影响,便于直观地揭示借贷便利类货币政策对企业债务期限结构的影响机制。研究发现,借贷便利工具的创设显著增加了商业银行向中央银行借款,央行的借贷便利操作可以通过商业银行的合格担保品渠道发挥作用,总体而言显著促进了商业银行的贷款投放,尤其是向实体经济部门的贷款投放,但对贷款的促进作用主要表现在短期贷款方面,商业银行的长期贷款投放反而减少,从而缩短了总体的贷款期限。央行应关注借贷便利期限及其潜在影响,合理搭配不同借贷便利工具的操作期限,本文的研究发现对于我国借贷便利类货币政策的实施和完善具有重要启发意义。

This paper investigates the impact of central bank’s lending facilities on the loan maturity structure of commercial banks,and reveals the mechanism of how the lending facilities affect the maturity structure of corporate debts.It is found that the lending facilities increase the scale of borrowing from the central bank through the channel of eligible collaterals held by commercial banks,significantly expanding commercial banks’overall loan scale,especially lending to the real economy.But the incremental bank loans are mainly short-term while long-term loans are squeezed out,thus shortening the loan maturity on the whole.These findings have important policy implications for the implementation of China’s lending facilities.