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本文结合我国转轨经济背景,利用我国2005-2015年间短期融资券发行数据,从企业所有权性质角度对我国货币政策传导信贷渠道进行研究。研究发现,我国货币政策传导信贷渠道更多通过民营企业实现,而对于国有企业则并不显著。民营企业短期融资券的超额发行量以及相对于国有企业的发行利率溢价与货币政策立场代理指标显著正相关,而国有企业短期融资券的发行则不存在这样的相关性。
In this paper, with the background of our country’s transitional economy, using the data of China’s short-term financing bonds from 2005 to 2015 to disseminate the data, this paper studies the monetary channels of China’s monetary policy from the perspective of the ownership of the enterprises. The study found that China’s monetary policy conduction credit more through private enterprises to achieve, while for state-owned enterprises is not significant. The excessive circulation of short-term financing bills of private enterprises and the issuance of interest rate premiums relative to state-owned enterprises were positively correlated with the indicators of monetary policy stance, while the issuance of short-term financing bills of state-owned enterprises did not have such correlation.