Abstract: This paper examines the influence of tight monetary policy in 2004 and expansionary monetary policy in 2009 on credit resource reallocation of Chinese listed companies based on difference-in-difference model. We find that during periods of tight monetary policy, the bank credit of non-state-owned corporate is decreased more than that of state-owned corporate, while the trade credit and net trade credit offered by non-state-owned corporate are increased more than that by state-owned corporate; During periods of expansionary monetary policy, the bank credit of non-state-owned corporate is not significant different from state-owned corporate, while the net trade credit offered by non-state-owned corporate is increased more than that by state-owned corporate. These results show that it is not state-owned corporate but non-state-owned corporate that play the role of credit resource reallocation.

摘要： 基于双重差分模型实证检验了2004年货币政策紧缩与2009年货币政策扩张对中国上市公司信贷资源再分配的影响。结果发现，在货币紧缩时期，非国有上市公司获得的银行信用相比国有上市公司下降的幅度更大，但对外提供的商业信用和净商业信用上升的幅度更大；在货币扩张时期，非国有上市公司获得的银行信用相比国有上市公司没有显著差别，但净商业信用的上升幅度仍然更大。实证结果说明中国国有企业并没有比非国有企业更好地发挥信贷资源再分配的功能。