基于影子银行视角的中国货币政策传导问题研究：来自委托贷款的理论分析与经验证据

Recently, shadow banking, such as entrusted loans, has been booming in China: not only in the rapid growth of its scale, but also in the diversification of participants and operation modes. These complicate the study of the transmission of monetary policy in China. However, due to the limitation of the data and method, there still lacks systematic research on this issue..Firstly, on the basis of development and operation characteristics of entrusted loans, and the practice of monetary policy in China, we construct theoretical models of monetary policy transmission including the shadow banking sector. Based on these models, we analyze the transmission of monetary policy from the perspective of shadow banking. Secondly, using a unique hand-collected dataset of entrusted loans, we empirically examine the credit channel and interest rate channel of the monetary policy by investigating how monetary policy affects entrusted loans’ scale, interest rate and non-price terms. Furthermore, by introducing the heterogeneous characteristics of firms, we conduct deep empirical study on the transmission of monetary policy from the perspective of shadow banking..Our research will extend the research perspective and method of transmission of monetary policy in China, and enrich the research framework and empirical evidence of shadow banking. Meanwhile, our findings also provide policy implications for central bank to facilitate the transmission channel of monetary policy, and hence improve its effectiveness.

近年来中国委托贷款等影子银行业务蓬勃发展，不仅规模快速增长，而且参与主体和运作模式也呈现多样化，这使得我国货币政策传导错综复杂。但囿于数据和方法，学术界对此问题仍缺乏系统认识。.本项目在细致梳理委托贷款这一典型影子银行发展现状和运作特点的基础上，结合我国货币政策实践，构建包含影子银行部门的货币政策传导理论模型，从影子银行视角切入剖析我国货币政策传导问题。然后，运用手工搜集整理的委托贷款这一独特数据，从规模、利率和非价格条款切入系统考察信贷传导、利率传导等货币政策传导机制；并引入企业异质性、地区金融市场化程度差异和利率市场化改革等因素，检验它们对货币政策传导的影响，以从影子银行视角全面解析货币政策传导的运作机理。.本项目将拓展中国货币政策传导问题的研究视角和方法，同时还会丰富和完善影子银行的分析框架和经验研究，并为货币当局疏通货币政策传导渠道、提高货币政策效果提供有价值的参考。

近年来中国委托贷款等影子银行业务蓬勃发展，不仅规模快速增长，而且参与主体和运作模式也呈现多样化，这使得我国货币政策传导错综复杂。但囿于数据和方法，学术界对此问题仍缺乏系统认识。.本项目在细致梳理委托贷款这一典型影子银行发展现状和运作特点的基础上，结合我国货币政策实践，运用手工搜集整理的委托贷款公告数据，从规模、利率和非价格条款切入系统考察信贷传导、利率传导等货币政策传导机制。进一步地，引入经济地理学、契约设计、金融风险防控等重要的制度环境因素，重点考察了借贷双方地理距离对企业间委托贷款借贷条款的影响。另外，本项目还结合我国独特的经济改革实践，从利率市场化改革、房地产行业投资和产能利用率维度切入，全面探讨了委托贷款的运作机理。.本项目研究拓展了中国货币政策传导问题的研究视角和方法，同时还丰富和完善了影子银行的分析框架和经验研究，并为政府部门疏通货币政策传导渠道、提高货币政策效果、防控影子银行风险提供有价值的参考。