银行业竞争和货币政策调控效果_一个自然实验框架下的分析_杜建华.pdfVIP

金 论坛 融 2013年第7期（总第211期） 银行业竞争与货币政策调控效果 ——— 一个自然实验框架下的分析 杜建华 ［摘 要］本文基于银行业竞争差异的视角 实证检验了中国货币政策 紧缩对企业债务融资的 区域 调控效果。研究发现 ：在货币紧缩之后 ，银行业竞争程度较低 区域的上市公司的银行借款对货币政策 的变动更敏感 ，而且这种效应在非 国有上市公司样本 中更显著 ，但是在国有上市公司样本 中则不明显 ； 进一步研究还发现 ，货币紧缩导致银行业竞争程度较低 区域的非 国有上市公司的银行借款相对于国 有上市公司下降的幅度更 大，而在银行业竞争程度较 高的区域则不存在这种效应 。研究结论表明，银 行业竞争程度的提 高有助于非 国有上市公司抑制货币紧缩的不利影响。 ［关键词］银行业竞争；货币政策 ；银行借款；产权性质 ；自然实验 ［文章编号］ （ ） ［ 分类号］ ［文献标志码］ 1009 - 9190 2013 07 - 0062 - 08 JEL G21 A Banking Competition and the Regulation Effects of Monetary Policy ———An Analysis in the Framework of Natural Experiment DU Jian-hua ［ ］ Abstract From the perspective of banking competition difference, this paper empirically examines the regional regulation ef－ ’ fects of China s tightening monetary policy on debt financing of enterprises. It is found that, after the monetary tightening, the listed companies that barrow money from banks in regions where the level of banking competition is lower are more sensitive to the monetary policy. This effect is more obvious in the samples of the non-state-owned listed companies, but it is not so in the samples of the state-owned listed companies. The further analysis shows that, in lower-competition regions, the monetary tight－ ening leads to a greater decrease in money borrowed by the non-state-owned companies from banks than that by the state-owned ’ companies, but it doesn t has such an effect in higher-competition regions. The above results show that the increase in banking competition will help the non-state-owned listed companies reduce the negative impacts of monetary tightening. ［ ］