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中小企业融资难是国内外普遍存在的问题,其重要原因之一是商业银行对中小企业实行信贷配给,以致中小企业普遍面临较大的信贷约束。本文以此为出发点,利用向量自回归、格兰杰因果检验以及脉冲响应函数,对我国2010年1月至2013年7月的货币供应量、大型国有企业贷款总量、中小企业贷款总量的月度数据进行实证分析,结果表明我国货币政策传导过程中存在信贷渠道;且货币政策效应对国有企业和中小企业的非对称效应明显。
Financing of SMEs is a common problem both at home and abroad. One of the important reasons for this is that commercial banks allocate credit to SMEs, so that SMEs generally face greater credit constraints. This article takes this as the starting point, uses the vector autoregressive, the Granger causality test and the impulse response function, to our country from January 2010 to July 2013 the money supply, the large-scale state-owned enterprise total loan, the small and medium-sized enterprise loan total amount Monthly data for empirical analysis, the results show that there is a credit channel in the process of monetary policy transmission in China; and the effect of monetary policy on SOEs and SMEs asymmetric effect is obvious.