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Between Short Money Supply and the Allocation of Credit Resources

Ye Kangtao and Zhu Jigao  
Based on the data of the seasons of 2004-to 2007 on China’s listed companies, we have probed into how the policy for short money supply impact on the structure and efficiency of the allocation of credit resources. We have found that, at the stage of easy money, the lines of business with speedy growth (LOBWSG) were more likely to obtain financing by means of credit, and that, however, at the period of tight money, the amount of enterprises’ financing by credit plunged, which fact occurred mainly in LOBWSG. Our further analysis indicates that the drop of "reaction coefficient of credit financing-investment opportunity (RCOCFIO)" did not originate in the decrease of future investment opportunities of LOBWSG or in the drop on the demand of external financing, which shows, to some extent, that the policy for tight money lowered the efficiency of the allocation of credit fund. We have further discovered that, at the period of tight money, the favor given to the state-owned enterprises and labor-intensive firms in terms of credit fund resulted in the fall of RCOCFIO. The analyses given by this article demonstrates that, at the period of tight money, the allocation of credit resources is more likely to accomplish the object of giving more consideration to state-owned enterprises and to stabilizing employment, but not to aim at raising economic effectiveness.
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