企业信贷需求对货币需求的影响.doc

企业信贷需求对货币需求的影响 The Influence of the Enterprises Credit Demand upon the Money Demand in China 姓名： 学号： 院系： 中国经济研究中心 专业： 金融学 研究方向： 国际金融 导师： 摘 要 货币需求是现代经济体系中的重要变量，在影响货币需求的诸多因素中，除了经典理论中强调过的长期收入、价格水平、实际利率和预期通货膨胀等因素外，对发展中国家而言，制度因素成为影响其货币需求的重要方面。本文列举了三个方面的影响中国货币需求的制度因素——企业信贷需求的过度扩张、货币化进程和证券市场的飞速发展。而文章的重点在分析因素之一，其具体成因和传导机制是本文作者所关注并试图描述的。 文章重点阐述了企业信贷需求过度扩张的成因，由此进而到社会整体货币需求的传导途径，构造了包含制度因素的有中国特点的货币需求函数，并对传导途径的理论和逻辑进行了实证检验。 文章包括三个主要的部分：第一部分介绍了现有主要的货币需求理论和影响与决定货币需求的基本因素；第二部分论述了影响中国货币需求函数的制度因素，着重说明了从企业信贷需求过度扩张到社会整体货币需求的传导途径；第三部分构造了包含制度因素的货币需求函数并对上述的理论进行了实证检验。 关键词： 货币需求 信贷需求 收入分配 制度因素 Abstract Money demand is a very important variable in an economic system. Many factors infect the money demand in a country. The Chinese economy is in a rapid transition and its financial sector and enterprises sector have been constantly changing since the late 1970s, so the institutional factors are intrinsically important aspect in determining the growth and stability of the money demand. The thesis provides three institutional factors with Chinese characteristics in the reform that will infect the money demand in China-credit demand in enterprises, monetization process and the development of the securities market-and focuses the first one. The thesis offers the explanation of the conductive machanism from the explosion of the credit demand to the total money demand, build a new money demand function includes the institutional factors and give the empirical research of the model based on the recent data available. The thesis consists of three main parts. Part one of the thesis reviews the main money demand theories in economics and analyses the fundamental factors that affect the money demand. Part two discusses three institutional factors with Chinese Characteristics in the economic reform, focuses on the credit demand and explains the conductive mechanism and channel from credit demand of enterprises to the tota