金融危机、货币政策与企业贷款行为——基于企业风险承担的微观视角研究

货币政策调控会先影响企业的风险偏好或风险容忍度，进而对企业的贷款行为产生影响。并且，金融危机冲击和货币政策调控会引起不同特征企业贷款行为的异质性反应。经验研究发现：宽松的货币政策会显著引起我国企业风险承担的上升，而企业风险承担上升也显著引起其银行贷款规模的增加，中小企业、股权分散型企业和民营企业其银行贷款规模对企业风险承担变化的反应更加敏感。在2008-2009年金融危机期间，企业风险承担水平对货币政策变动的反应更加灵敏，而企业贷款规模对企业风险承担的敏感度有所下降，大型企业、股权集中型企业和国有企业其基于企业风险承担传导的银行贷款行为受金融危机冲击影响更大。

Financial Crisis,Monetary Policy and Corporate Lending Behavior： A Study from the Micro Perspective of Corporate Risk-taking

In response to the 2008 global financial crisis, the monetary authorities in various countries carried out the positive monetary policy based on their national conditions. During the global financial crisis, the People's Bank of China implemented the traditional monetary policy, such as opening market operations, lowering deposit reserve ratio and benchmark interest rate, in order to provide liquidity for the market, and canceled the hard credit constraints to increase the flexibility of commercial banks' credit supply. The global financial crisis cannot be avoided. Only by minimizing the negative impact of the global financial crisis on the economy, formulate and implement a reasonable monetary policy so as to enable the economy to resume growth as soon as possible. Therefore, efforts to study the impact of the global financial crisis on the effectiveness of monetary policy and monetary policy transmission in China, and explore the methods to improve the effectiveness of monetary policy during the financial crisis, have a great theoretical and practical significance for improving the effects of macro-control and promoting the financial reform. After the global financial crisis, the academia reflects the relationship between the financial crisis and monetary policy. The impact of monetary policy on the level of risk-taking has become a hot spot of academic research. The domestic and foreign literatures have studied more of the choices and effectiveness of monetary policy during the global financial crisis, but less on the impact of the global financial crisis on the channels of monetary policy transmission. In addition, domestic and foreign scholars mainly use macro data and bank data to study the channels of monetary policy transmission. However, these approaches cannot effectively separate the credit supply and the credit demand. This paper uses the mixed OLS model and the fixed effect model to examine whether a risk-taking channel exists in China and whether there are cross-sectional differences in response to the monetary policies among companies of different characteristics based on the micro-perspective of corporate risk-taking, employing loan-level data and micro-data of the listed companies from 2001 to 2016. On this basis, further studies have been done on the impact of the global financial crisis on the risk-taking channel of monetary policy transmission. Risk-taking channel of monetary policy transmission based on the corporate micro-conduction refers to the monetary policy control first affects the corporate risk-taking, and then affects the corporate lending behavior. The result of our study indicates that the risk-taking channel of monetary policy transmission exists in China and expansionary monetary policy will lead to significant increase in our corporate risk-taking, then the rise of corporate risk-taking also leads to a significant increase in corporate bank loans; when monetary policy tightens, the level of corporate risk-taking is lower and corporate lending scale is smaller. While monetary policy affects the scale of corporate loans through the level of corporate risk-taking, the corporate lending behaviors are also different due to the differences in asset size, ownership structure and the nature of ownership and other corporate characteristics. The corporate bank loans of small and medium enterprises, equity balance class enterprise and private enterprises are more sensitive to the monetary policy. During the global financial crisis, the level of corporate risk-taking is more sensitive to changes in monetary policies, while the sensitivity of corporate bank loans to corporate risk-taking has declined. Large-scale enterprises, equity concentration enterprises and state-owned enterprises, whose bank loans are based on enterprise risk-taking transmission, are more affected by the global financial crisis.