摘要
本文以中国2004-2013年上市公司公告的委托贷款交易数据为研究对象,实证考察了货币政策对贷款期限的影响,其中强调了信息不对称、风险和所有制等企业异质性特征的重要性。研究发现,货币政策趋紧与贷款期限显著负相关。进一步的研究表明,货币政策对贷款期限施加的作用因企业异质性而表现出丰富的差异性:一方面,借贷双方之间的信息不对称程度越大,借款者的风险程度越大,货币政策紧缩对贷款期限的降低作用越显著;另一方面,与国有借款企业相比,货币政策趋紧对民营借款企业贷款期限的降低作用相对更显著。这些研究结果表明,除了降低贷款额度、提升资金价格以外,货币政策趋紧还能通过缩短贷款期限对实体经济施加影响。本文研究的政策含义十分明显,由于紧缩货币政策对年轻、风险较大或民营企业借款期限的降低作用尤其显著,因而,央行等相关政府部门有必要施加特别关注,避免这些企业受到流动性风险的冲击。
Based on the data of entrusted loan transaction of Chinese Listed Company between 2004 and 2013, the paper empirically studies the impact of monetary policy on the loan maturity, which emphasizes the importance of asymmetric information, risk and ownership of companies.This study finds that tight monetary policy is significantly negatively correlated with the loan maturity.Further studies show that firm heterogeneity would make the effect of monetary policy on the loan maturity with big difference.On one hand, the more a-symmetry information between borrowers and lenders and the greater borrowers’ risk are, the more significant-ly tight monetary policy reduces loan maturity;on the other hand, compared with the state-owned enterprises of borrowers, the effect of tight monetary policy on reducing the loan maturity of the private loan business is relatively more significant.These findings suggest that tight monetary policy can exert influence on the real e-conomy by shortening the loan maturity, except by reducing the loan amount and raising the cost of capital. The policy implications of this study are very clear.As the effect of tight monetary policy on reducing the loan maturity of the young, risky and private enterprises is particularly significant, the central bank and other rele-vant government departments should pay special attention to avoid these companies suffering liquidity risk shock.
出处
《华中科技大学学报（社会科学版）》
CSSCI
北大核心
2015年第5期85-96,共12页
Journal of Huazhong University of Science and Technology(Social Science Edition)
基金
国家自然科学基金"基于企业间委托贷款的非正规金融研究:制度环境
运作机理和经济效应"(71473091)
关键词
贷款期限
货币政策
借款者风险
信息不对称
委托贷款
loan maturity
monetary policy
borrowers’ risk
asymmetry information
entrusted loans
