【 摘要 】信贷指标是指信贷规模指标，也称作贷款限额控制或信贷规模控制。其本质上就是指中央银行运用行政权力严格控制商业银行资产负债表的资产方，达到宏观上控制货币总量、微观上调整和优化信贷结构的目的，是中央银行控制信贷总量，进而控制货币供应量、管理总需求的一种数量化的货币政策工具，其具有一定的行政化控制色彩。信贷指标在中国经历了如下几个发展阶段。（1）计划经济时期：完全的信贷指标管理。（2）1979—1984年：“信贷差额包干”下的变相信贷指标。（3）1984—1989年：信贷指标正式成为货币政策的中介目标。（4）1994—1997年：信贷指标的逐步淡化。（5）1998年以后：信贷指标的取消和“复出”。信贷指标可能造成效率损失和无法真正做到硬约束的问题，但由于我国现阶段经济体制和金融体系的一些特殊性：如银行体系内流动性过剩、国有企业和国有控股银行的预算软约束特征、国有银行公司治理不完善以及货币政策传导机制不健全等特征，所以，信贷指标在我国仍然具有不可替代的重要作用。另外，政府通过信贷指标比较容易实现自己调控经济的意图，所以政府仍然倾向于使用信贷指标作为货币政策工具。但是，信贷指标的控制本质上是一种数量化、行政干预色彩浓厚的货币政策工具，会造成资源配置效率的损失，而且与价格型工具相比，数量型工具不够灵活。所以，从长期来看应该逐步创造有利于市场化的货币政策工具，逐步放弃信贷指标的使用，代之以利率、公开市场操作、存款准备金、再贷款、再贴现和“窗口指导”等多种市场化货币政策工具，将中央银行的货币政策从直接调控转向间接调控。

【 关键词 】信贷指标 银行体系 货币政策

Abstract： Credit indicators is the size of credit,also known as a loan limit or credit scale control.It is essentially that the central bank strictly uses the executive power to control the balance sheets of commercial banks in the asset side,to control the money supply and micro credit structure adjustment.It is a quantitative monetary policy instrument of the central bank to control money supply and demand management,with a tint of administrative order.Credit indicators in China has undergone several stages of development.（1）planned economy period.（2）1979—1984,the responsibility of credit fund balance.（3）1984—1989,credit indicators become intermediary target of monetary policy.（4）1994—1997,credit indicators gradually weaken.（5）After 1998,cancellation and the“comeback”of credit indicators.Credit indicators may result in efficiency losses and strong constraints failure.On the other hand,because China’s current special economic system and financial system,such as excess liquidity in the banking system,soft budget constraint in state-owned enterprises and state-owned banks and imperfect corporate governance of state-owned banks and monetary policy transmission mechanism,credit indicators in China still play an irreplaceable role.The government using the credit indicators are relatively easy to realize their intention to regulate the economy.Therefore,the Government still tend to use credit indicator as the monetary policy.However,credit indicator is a quantitative monetary policy tools with a tint of administrative order,which will result in loss of efficiency in resource allocation.Moreover,compared with the price instruments,quantitative tools are not flexible enough.Therefore in the long run we should gradually create a marketbased monetary policy instruments and give up the credit indicators,which should be replaced by interest rates,open market operations,reserve,re-lending,rediscount,“window guidance”and other market-oriented monetary policy instruments.The central bank’s monetary policy should be changed from direct regulation to indirect control.

Key words： credit indicators,banking systems,monetary policy cgiu8zp2qZlCVijUsXjh5pasz1gFaMNS4eZFXkwVl+BwopPbFEylEJfB8a2XA0/P