双周期不同步、结构性失衡与货币政策传导困局——基于商业银行的视角
刘向明 邓翔欧（ 3 ）
Double-Cycle Un-Synchronization, Structural Imbalance and Monetary Policy Transmission Dilemma——From the Perspective of Commercial Banks
LIU Xiang-ming DENG Xiang-ou（ 3 ）
货币政策立场、宏观审慎管理与风险承担渠道——来自中国银行业的经验证据
张朝洋（12）
Monetary Policy Stance, Macro-Prudential Management and Risk-Taking Channels——Empirical Evidence of China’s Banking Sector
ZHANG Chao-yang（12）
国有股权、企业社会责任与信贷约束
杨北京 冯 璐（27）
State-Owned Shares, Corporate Social Responsibility and Credit Constraints
YANG Bei-jing FENG Lu（27）
银行信贷市场与股票市场促进产业升级了吗？——基于中国省域面板数据的检验
刘 运 叶德磊（40）
Do Bank Credit Market and Stock Market Promote Industrial Upgrading?——An Examination Based on China’s Provincial Panel Data During 1996-2015
LIU Yun YE De-lei（40）
融资交易对企业实际外部融资能力的影响——基于沪深A股的实证研究
黄巍巍 赵柏功 刘楚薇（56）
The Impact of Financing Transaction on the Actual External Financing Ability of Enterprises——An Empirical Analysis Based on Shanghai and Shenzhen A-Shares
HUANG Wei-wei ZHAO Bai-gong LIU Chu-wei（56）
高管金融网络关系、融资约束与资本结构
高增亮 张俊瑞 李海霞（69）
Top Manager’s Financial Social Network, Financing Constraints and Capital Structure
GAO Zeng-liang ZHANG Jun-rui LI Hai-xia（69）
双周期不同步、结构性失衡与货币政策传导困局——基于商业银行的视角
刘向明 邓翔欧
［摘 要］ 当前货币政策传导困局是周期性因素、结构性因素叠合作用的结果。本文将社融增速作为被解释变量，将经济和金融周期、民企和国企的融资歧视，以及表内外资金的融资效率等作为解释变量，分别探究周期性因素和结构性因素的影响特征。本文研究结论：一是中国的货币政策传导机制存在显著的周期性特征，打破困局的关键是优化整合货币政策传导渠道。二是去杠杆过程中民企被大量挤出，商业银行需做深做实普惠金融。三是表内外资金对社融增速和民企融资成本会产生交叉影响，合理平衡表内外资金投放才能提升货币政策传导效率。
［关键词］ 经济和金融周期；民营企业；影子银行；货币政策传导机制；商业银行
［Abstract］ The current monetary policy transmission dilemma is the combined effect of cyclical and structural factors. In this paper, the growth of AFRE is used as an explained variable, and the economic and financial cycle, financing discrimination against private enterprises and state-owned enterprises, and the financing efficiency of in- and off- balance sheet funds are used as explanatory variables to explore the characteristics of the influence of cyclical and structural factors. The conclusions of the paper are as follows: first, China’s monetary policy transmission mechanism has significant cyclical characteristics, and the key to break the dilemma is to optimize and integrate monetary policy transmission channels; second, because a lot of private enterprises have been squeezed crowd out in the process of deleveraging,the commercial banks need to provide considerate and practical inclusive-finance service; third, the in- and off- balance sheet funds have a cross-impact on the growth of AFRE and the financing cost of private enterprises, so a reasonable balance between in- and off-balance sheet funds is needed to improve the efficiency of monetary policy transmission.
［Key words］ economic and financial cycle; private enterprise; shadow bank; monetary policy transmission mechanism; commercial bank
货币政策立场、宏观审慎管理与风险承担渠道——来自中国银行业的经验证据
张朝洋
［摘 要］ 本文实证检验货币政策立场与宏观审慎管理对银行风险承担的协同作用。研究结果表明：宽松的货币政策立场会增加银行风险承担，且银行的资产规模越小、资本比例越低、流动性越差，承担的风险越高，对货币政策立场的变化越敏感。研究还发现，宏观审慎管理的加强会降低银行风险承担，削弱货币政策立场对银行风险承担的影响，且银行的资产规模越小、资本比例越低，货币政策立场对银行风险承担的作用效果降低得越明显。
［关键词］ 货币政策立场；宏观审慎管理；风险承担渠道；银行信贷；系统性风险
［Abstract］ This paper presents an empirical test on the synergistic effect of monetary policy stance and macro-prudential management on the risk taking of banks. The results of the paper show that the accommodative monetary policy stance will increase the risk-taking of banks, and the banks with smaller assets, lower capital ratio or lower liquidity have a higher risk-taking, and are more sensitive to the change in monetary policy stance. It’s found that the macro-prudential management will help to reduce the risk-taking of banks and the impacts of monetary policy stance on the risk-taking of banks, and the effect of monetary policy stance on the risk-taking of banks with smaller assets or lower capital ratio decreases more significantly.
［Key words］ monetary policy stance; macro-prudential management; risk-taking channel; bank credit; systemic risk
国有股权、企业社会责任与信贷约束
杨北京 冯 璐
［摘 要］ 本文以中国2009-2016年沪深两市1 686家上市公司为样本，研究企业内部国有股权比例和社会责任承担对企业信贷约束的影响，并对企业提高国有股权和积极承担社会责任之间的替代性进行检验。结果表明：提高国有股权占比和积极承担社会责任均有利于企业缓解其信贷约束，且国有股权作为一种企业与政府建立直接利益关系的方式，与企业通过积极承担社会责任来换取社会资源的机制有一定的替代效应，且这一替代效应只存在于民营企业。
［关键词］ 国有企业；民营企业；国有股权；社会责任；信贷约束；所有权性质
［Abstract］ In this paper the Chinese 1686 listed companies in Shanghai and Shenzhen Stock Exchanges during 2009-2016 are used as samples to study the impacts of the ratio of state-owned shares and the social responsibility on the credit constraints of enterprises, and to examine the substitution between increasing state-owned shares and actively-assuming social responsibility. The results pf the paper show that both increasing the ratio of state-owned shares and actively-assuming social responsibility are conducive to the decrease in the credit constraints of enterprises, and the state-owned shares, a way of establishing a direct interest relationship between enterprises and government, have a substitution effect for the mechanism that the enterprises actively assume social responsibility to obtain social resources, and the substitution effect exists only in private enterprises.
［Key words］ state-owned enterprise; private enterprise; state-owned share; social responsibility; credit constraint; ownership characteristic
银行信贷市场与股票市场促进产业升级了吗？——基于中国省域面板数据的检验
刘 运 叶德磊
［摘 要］ 本文基于中国省域数据实证分析银行信贷市场与股票市场对产业结构升级的影响。研究表明，银行信贷规模对产业结构合理化和高级化起到了积极效果；股市规模未有效促进产业结构合理化，不利于产业结构向二三产业升级，却推动产业结构向服务化升级；信贷配置效率和股市流动性均促进产业结构合理化，抑制产业结构高级化。银行信贷与股市的交互效应阻碍产业结构合理化及其向二三产业升级，但促进产业结构向服务化升级；银行信贷和股市及其交互效应对产业升级的影响存在较为明显的区域差异。
［关键词］ 银行信贷市场；股票市场；产业结构；产业升级；全面FGLS估计
［Abstract］ Based on China’s provincial data, this paper presents an analysis of the impacts of bank credit market and stock market on industrial structure upgrading. The results of the analysis show that the scale of bank credit has a positive effect on the rationalization and upgrading of industrial structure; the scale of stock market has not effectively promoted the rationalization of industrial structure, which is not conducive to the upgrading of industrial structure to the secondary and the tertiary industries, but promotes the upgrading of industrial structure to service industry; the efficiency of the credit allocation and the liquidity of stock market promote the rationalization of industrial structure and inhibit the upgrading of industrial structure; the interaction between bank credit and stock market hinders the rationalization of industrial structure and its upgrading to the secondary and the tertiary industries, but promotes the upgrading of industrial structure to service industry; the impacts of the bank credit, stock market and the interaction on industrial upgrading show an obvious regional difference.
［Key words］ bank credit market; stock market; industrial structure; industrial upgrading; comprehensive FGLS estimation
融资交易对企业实际外部融资能力的影响——基于沪深A股的实证研究
黄巍巍 赵柏功 刘楚薇
［摘 要］ 本文实证研究股票市场融资交易对于企业实际外部融资能力的影响及金融市场与企业实体发展的关系。实证结果表明，股市融资交易状况越好的企业，有着更好的外部债务融资能力；融资交易对于企业外部股权融资能力的改善效果并不明显；融券交易对企业外部融资有着抑制作用；稳健性检验表明，企业的管理者越自信，融资交易对于企业外部融资能力的改善作用越显著；融资约束越大的企业，融资交易对其外部融资情况的改善越显著。
［关键词］ 证券市场；融资交易；融券交易；外部债务融资；外部股权融资
［Abstract］ This paper presents an empirical analysis of the impact of the financing trading of stock markets on the actual external financing ability of enterprises and the relationship between financial markets and the development of enterprises. The empirical results show that the better the stock market financing trading of the enterprises, the better the external debt financing ability is; the financing trading has no obvious effect on the improvement in external equity financing ability, and margin trading has an inhibitory effect on the external financing of enterprises; the robust test shows that the more confident the manager of the enterprise is, the more significant the effect of financing trading on the improvement in the external financing ability of enterprises; the more financing constraints the enterprises have, the more significant the effect of financing trading improving external financing is.
［Key words］ security market; financing trading; margin trading; external debt financing; external equity financing
高管金融网络关系、融资约束与资本结构
高增亮 张俊瑞 李海霞
［摘 要］ 基于社会网络理论，本文探讨高管团队的金融网络与资本结构和资本结构动态调整速度之间的关系，分析金融网络关系与资本结构之间的作用机制。研究结论表明：高管的金融网络关系嵌入越丰富，企业的负债率越高，资本结构动态调整的速度越快；融资约束在高管金融网络关系与资本结构中存在部分中介作用机制，即高管的金融网络关系通过降低企业的融资约束，从而使得企业能够获得更多的资本市场资源，提高企业的负债率，加快企业资本结构动态调整的速度。
［关键词］ 高管团队；金融网络关系；融资约束；资本结构；社会网络理论
［Abstract］ Based on the social network theory, the authors of this paper explore the relationship between the financial network of top manager team and the capital structure and dynamic adjustment speed of capital structure, and analyze the mechanism of interaction between financial network relationship and capital structure. The results of the paper show that, the more the financial network relationship embedding in top managers is, the higher the debt ratio of the firm and the faster the dynamic adjustment of capital structure; the financing constraint play a role of partial intermediary mechanism between top manager’s financial network relationship and capital structure, which means that the top manager’s financial network relationship reduces the financing constraints of the firm so that the firm gains more resources in capital market, the debt ratio rises and the dynamic adjustment in capital structure accelerates.
［Key words］ top manager team; financial network relationship; financing constraint; capital structure; social network theory