Monetary Policy, Total Factor Productivity And Allocation Of Credit Resources

Under the influence of the Asian financial crisis in 98,credit has become the driving force of China’s economic development.From 1999 to 2015,the total amount of RMB loans from Chinese financial institutions increased from 93 73.43 billion yuan to 939 50 billion yuan,up to 10 times as much as possible.At present,China’s financial system is dominated by the banking sector,and the promotion effect of Finance on economic growth depends largely on the allocation efficiency of bank credit resources.Credit allocation is one of the important channels of the financial link to the real economy,the effectiveness of credit allocation is an important indicator of whether the financial sector to effectively serve the real economy.Therefore,the effectiveness of credit allocation has been the focus of academic attention.Therefore,in this paper,we analyze the relationship between the allocation of credit resources and the total factor productivity of different types of non-financial A shares listed companies in 2005-2015.Thus,some important questions arise: whether credit resources can be allocated to the higher total factor productivity of enterprises?If credit resources are allocated to firms with higher total factor productivity,does this effect have a similar impact on different ownership firms? Under different monetary policies,does the heterogeneity of firms affect the relationship between total factor productivity and credit resources? Further,in the industrial level,the efficiency of the allocation of credit resources are consistent? Based on the above problems,this paper analyzes the relationship between total factor productivity and corporate credit resources under different monetary policies.This paper also examines the effects of corporate characteristics,such as firm type,growth and ownership,on the total factor productivity and credit resources under different monetary policies.It is found that the improvement of total factor productivity has a positive effect on the acquisition of credit resources,and the allocation of credit resources to the enterprises with higher total factor productivity.However,the phenomenon that the credit resources flow to the enterprises with total factor productivity is moresignificant in the sample of state-owned enterprises.In the period of monetary policy tightening,the allocation of credit resources to a higher degree of efficiency of enterprises,this phenomenon is only significant in state-owned enterprises.The total factor productivity of different factor intensive industry and credit resources are positively correlated,indicating that China’s credit allocation is effective;monetary policy play an important role in the allocation of credit resources,in the period of monetary policy tightening,the allocation of credit resources to the high efficiency of enterprises to a greater degree,but this phenomenon only in capital intensive state-owned enterprises,industry enterprises and the low growth significantly.It is helpful for us to better understand the efficiency of credit resource allocation in China’s economic system reform and provide a direct basis for decision-making.The contribution of this paper is: first,before the research more institutional environment,enterprise performance based on the angle of the credit resource allocation problem,based on the enterprise total factor productivity as the starting point,to study the allocation of credit resources in different macro policy issues.Second,the existing research literature is only indirectly tested in the period of monetary policy tightening credit resources have a higher impact on enterprise performance,and confirmed that the allocation of credit tightening monetary policy under the condition of high efficiency.In this paper,it is proved that under the condition of tightening monetary policy,credit resources are more likely to be dependent on productivity.Therefore,the research evidence of this paper is helpful to better understand the efficiency of the allocation of credit resources in China’s economic system reform and provide a direct basis for decision-making.