摘要
本文基于双重差分模型实证检验了2004年货币政策紧缩与2009年货币政策扩张对中国上市公司信贷资源再分配的影响。结果发现,在货币紧缩时期,非国有上市公司获得的银行信用相比国有上市公司下降的幅度更大,但对外提供的商业信用和净商业信用上升的幅度更大;在货币扩张时期,非国有上市公司获得的银行信用相比国有上市公司没有显著差别,但净商业信用的上升幅度仍然更大。实证结果说明中国国有企业并没有比非国有企业更好地发挥信贷资源再分配的功能。
This paper examines the influence of tight monetary policy in 2004 and expansionary monetary policy in 2009 on credit resource reallocation of Chinese listed companies based on difference-in-difference model. We find that during peri- ods of tight monetary policy, the bank credit of non-state-owned corporate decreases more than that of state-owned corporate, while the trade credit and net trade credit offered by non-state-owned corporate increase more than that by state-owned corpo- rate; During periods of expansionary monetary policy, the bank credit of non-state-owned corporate is not significantly different from state-owned corporate, while the net trade credit offered by non-state-owned corporate increases more than that by state- owned corporate. These results show that it is not state-owned corporate but non-state-owned corporate that play the role of credit resource reallocation.
出处
《财经论丛》
CSSCI
北大核心
2013年第2期50-56,共7页
Collected Essays on Finance and Economics
基金
国家社会科学基金资助项目(12BGL049)
河南省教育厅自然科学基金资助项目(12A630064)
关键词
货币政策
银行信用
商业信用
信贷资源再分配
双重差分模型
monetary policy
bank credit
trade credit
credit resource reallocation
difference-in-difference model
