中文摘要：

货币政策对银行贷款有着重大影响,贷款续新是银行给予已获得贷款企业的再次贷款,其在监管、信息不对称方面均优于新发贷款。因此,选用2006年至2012年我国非金融类A股上市公司的年度数据,实证分析了货币政策与企业贷款续新、投资效率之间的关系。研究发现,货币政策的变动确实会影响企业贷款续新的获取和企业的投资效率,且获得贷款续新的企业其投资效率更高。研究还表明,贷款续新能够提升企业的投资效率,因此,在相同的条件下,相对于首次发放贷款,银行应该更倾向于发放贷款续新。

英文摘要：

Monetary policy has a significant impact on bank loans. Loan renewal means the enterprise gain loans from the same bank again. It is different from the first credit in regulatory and information symmetry. According to the annual data of Chinese non-financial listed companies in stock exchange market during the year 2006-2012, the paper investigates the rela- tionship among monetary policy, loan renewals and investment efficiency of enterprise. The result is that it is more difficult for enterprise to get loan renewals in the period of tight monetary policy, and the enterprise that could access to loan renewals has higher investment efficiency. The paper also shows that the renewal of loans can improve enterprise＇s investment efficiency. Thus, under the same condition, banks tend to give loan renewals rather than the first loan.