關鍵詞：銀行借出管道、資本市場不完全性、貨幣政策、非對稱性效果 This paper investigates empirically the effects of capital market imperfections on bank lending channel. We use financial development index, information sharing, and creditor rights to measure capital market imperfections. Applying to 49 countries covering 2640 banks during the period of 1993-2003, our empirical results are summarized as follows. First, bank lending channel exists for both whole sample and low-income sample countries. That is, after monetary tightening, not only bank loans, but also deposits and liquid assets fall immediately. On the other hand, bank lending channel does not significantly exist for high-income sample countries. Second, for whole sample and low-income sample countries, the effect of bank lending channel becomes weaker as market imperfection measures improve, while for high-income sample countries the degree of market imperfections has no significant effects on bank lending channel. Finally, we also find asymmetric effects of bank lending channel for both low- and high-income sample countries. Specifically, monetary tightening causes bank loans to decrease while monetary expansion has insignificant impacts on bank loans.