我国上市银行股权结构与货币政策信贷传导有效性研究

Bank Equity Structure and Monetary Policy Transmission

本文利用我国上市银行2008-2011年的季度数据,建立包含货币政策与股权结构交叉项的面板数据模型,对上市银行股权结构与货币政策信贷传导机制有效性的关系进行实证研究。结果显示,货币政策信贷渠道在我国是存在且有效的;第一大股东持股比例越高,货币政策信贷渠道有效性越差;股份制商业银行的传导效果强于国有商业银行;货币状况宽松时期商业银行更加配合央行货币政策,货币政策传导效果好,紧缩时期商业银行具有采取其他操作违背货币政策调控的意愿,导致货币政策信贷传导失效。

The relationship between listed banks' ownership structure and the validity of monetary policy credit transmission mechanism in China is tested using the quarterly data of listed banks during year 2008-2011 and a panel data model containing a cross term of the monetary policy and banks' ownership structure.The empirical study results show that in the monetary policy credit transmission mechanism,the higher the share ratio of the largest shareholder,the lower the sensitivity of the bank credit to monetary policy changes,thus the worse the monetary policy credit channel effectiveness.The conduction of joint-stock commercial banks is better than the stateowned commercial banks.The effect of monetary policy transmission is effective when the monetary conditions is loose because commercial banks are more in line with the central bank monetary policy.The effect of monetary policy transmission is ineffective when the monetary conditions is tight because commercial banks have to take other actions which disobey the control of monetary policy.