货币政策信贷传导的投资效应及行业差异研究-西方经济学专业论文.docx

A b A b s tr a c t T h e cred it m a rk et is th e m ain ch an n el of co rp o rate fin a n cin g in C h in a . T h e cred it p olicy is u sed to a d ju st th e in d u strial stru ctu re an d h a s b eca m e th e m o st im p ortan t m ea n s o f restru ctu rin g C h in a s eco n o m y an d p ro m o tin g eco n o m ic grow th . H ow ev er, th e in v estm en ts of v ario u s in d u stries h av e d ifferen t sen sitivity to th e u n ified cred it p olicy. O n ly if th ese d ifferen t reaction s a re stu d ied p rofou n d ly, can w e av oid th e stru ctu ral im b alan ce o f th e cred it p olicy . T h is th esis is b a sed on th e th eory o f th e cred it ch an n el o f m on etary p olicy, w h ich assu m ed th e in fo rm atio n is im p erfect in th e cred it m a rk et, an d exp lain ed th e asy m m etric effect of m o n etary p olicy. T h e em p irical research in clu d es th e V A R m od el a n d im p u lse resp o n se a n aly sis an d aim ed to ch eck th e existen ce, v alid ity an d im p o rtan ce o f th e cred it ch a n n el. T h e resu lt im p lies th at th e cred it ch an n el is still th e m a in w ay fo r C h in a s m o n eta ry p olicy tran sm issio n after th e d irect cred it co n stra in is a b an d on ed in 19 9 8 . Its o b v io u sly m o re effectiv e th an o th er m o n eta ry ch a n n els. T h e fu rth er em p irical research m ea su res th e d ifferen t rea ction s o f th e th irty-n in e in d u stries to th e sam e cred it sh o ck . T h ere are fou r categories of in d u stries classified b y d ifferen t in v estm en t effect a n d o u tp u t effect. T h e first grou p h as b oth stron g effects lik e tran sitio n al ligh t m an u factu rin g in d u stry. T h e secon d gro u p h a s w eak in v estm en t effect b u t stro n g ou tp u t effect, in clu d in g ch em ical in d u stry a n d electron ic eq u ip m en t m an u factu rin g . T h e th ird is op p osite to th e s