货币政策、地区差异与信贷融资——来自中国上市公司的实证研究

本文采用2004—2007年沪深两市上市公司的季度数据,从地区经济发展水平和政治影响力等角度考察了货币政策对不同地区上市公司银行贷款的影响。实证研究发现货币政策越紧缩,企业获得的信贷融资额越少。货币政策宽松时,企业所属地区经济越发达或政治地位越高,企业获得信贷融资额也越多;相反,货币政策紧缩时,经济发达地区或政治地位高的地区的企业信贷融资额减少更多。

Monetary Policy, Regional Difference and Credit Financing: An Empirical Research from Listed Companies in China

This paper analyzes the impact of monetary policy on listed companies＇ bank financing from angles of regional economic and regional political status.And using the quarter data about listed companies in Shanghai and Shenzhen stock market from 2004 to 2007,it makes the empirical analysis.The empirical results show that the more tightening of monetary policy,the less of company＇s bank financing.In the meantime,it shows that the bank loans are more sensitive to monetary policy changes in economically developed areas or high social capital districts.When monetary policy is loose,these areas＇ companies get more bank loans,but in the tight period,these areas＇ companies get less bank loans.