【摘要】 应用2007-2012年中国上市银行季度数据,创新性的构建货币政策效率指标,并分别通过分组定性分析和数值定量分析建立面板数据模型,研究银行政府持股对货币政策传导效率的影响。得到以下结论:无论短期还是长期,国有控股股份制商业银行对货币政策的传导效率都高于其他股份制商业银行;银行政府持股比例越高,货币政策在该银行间的传导效果越好。本研究结果表明,虽然推进股份制改革、引进境外资本有利于银行的高效经营,但对境外投资者的持股比例设置上限是政策当局管理银行信贷、有效实施宏观政策的必要举措。更多还原

【Abstract】 This paper studies the relationship between bank’s government ownership and monetary policy transmission in China. It establishes two panel-data models as the direct and indirect method respectively,on the basis of the foundation of monetary policy efficiency index using 2007-2012 quarterly data of China’s listed banks. With both qualitative and quantitative analysis,this paper reaches the following conclusions:( a) Monetary policy transmits better through the state-owned commercial banks than the joint-stock commercial banks,no matter from the long-term or the short-term point of view;( b) The higher the bank’s government ownership,the more sensitive their credit adjust to monetary policy,thus the higher the monetary policy transmission efficiency; and( c) The introduction of foreign capital is conducive to the efficient operation of the bank by promoting joint-stock reform in China. However,setting the upper limit of the shares of foreign investors at the same time is necessary for the implementation of macroeconomic policies and effective regulation of the policy makers through banks.更多还原