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本文利用我国上市银行2008-2011年的季度数据,建立包含货币政策与股权结构交叉项的面板数据模型,对上市银行股权结构与货币政策信贷传导机制有效性的关系进行实证研究。结果显示,货币政策信贷渠道在我国是存在且有效的;第一大股东持股比例越高,货币政策信贷渠道有效性越差;股份制商业银行的传导效果强于国有商业银行;货币状况宽松时期商业银行更加配合央行货币政策,货币政策传导效果好,紧缩时期商业银行具有采取其他操作违背货币政策调控的意愿,导致货币政策信贷传导失效。
In this paper, we use the quarterly data of China’s listed banks from 2008 to 2011 to establish a panel data model that includes cross-terms of monetary policy and ownership structure. Empirical research is conducted on the relationship between the ownership structure of listed banks and the effectiveness of credit transmission mechanism of monetary policy. The results show that the credit channels of monetary policy exist and are effective in our country. The higher the ownership proportion of the largest shareholder, the worse the validity of the credit channels of monetary policy. The effect of joint-stock commercial banks is better than that of the state-owned commercial banks. Commercial banks are better equipped with the central bank’s monetary policy, monetary policy is effective, commercial banks in tightening period have the intention of taking other actions against the regulation of monetary policy, resulting in the failure of credit transmission of monetary policy.