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在Kashyap等(1993)的基础上,本文利用中国短期融资券和短期贷款所构建的金融市场总量融资结构数据进行了经验分析,结果表明中国确实存在货币政策传导信贷渠道。在货币条件趋紧的情形下,宏观经济放缓过程中银行信贷供给相对不足是客观存在的。金融市场信息不完全是信贷传导渠道存在的必要条件。融资溢价分析表明,信贷配给仍是中国信贷市场的重要特征。融资结构和融资溢价与实体经济关系非常密切,并具备一定的宏观经济预测能力。
On the basis of Kashyap et al. (1993), this paper analyzes empirically the total financing structure data of financial markets constructed by China’s short-term financing bills and short-term loans. The result shows that there are indeed channels of monetary credit conduction in China. Under the condition of tighter monetary conditions, the relative lack of bank credit supply during the macro-economic slowdown is an objective reality. Incomplete financial market information is a prerequisite for the existence of credit transmission channels. Financing premium analysis shows that credit rationing is still an important feature of China’s credit market. The financing structure and financing premium are closely related to the real economy and possess some macroeconomic forecasting capabilities.