我国贷款利率市场化对中小企业信贷融资的影响

发布时间：2018-07-05 12:13

本文选题：贷款利率市场化 + 信贷配给　；参考：《浙江工商大学》2013年硕士论文

【摘要】：改革开放以来,中小企业不断地改革换代,为我国国民经济注入新鲜的血液,中小企业的重要性不仅体现在数量上占绝对优势,还体现在为经济增长、解决就业问题方面做出的巨大贡献。在这个经济结构已经改变的时代,中小企业纷纷崛起,,这些企业由于规模小、财务制度不透明、资产少等自身原因使得银行对其投放贷款非常谨慎,这样一来就严重抑制了中小企业的发展,直接导致中小企业融资难。目前,中小企业融资的主要途径是银行信贷融资,然而他们又很难从银行获得资金,融资难问题主要表现在信贷配给问题上,因此研究信贷配给对于搞清中小企业信贷融资有着重要意义。 2004年10月29日央行宣布正式放开贷款利率上限,这意味着我国利率市场化迈开了关键的一步,理论上,这一举措可以使之前的利率管制问题得到一定解决。2013年7月20日央行宣布全面放开贷款利率,开启了贷款利率市场化的时代,意味着银行可以根据风险定价更合理地进行贷款定价,企业能够根据自己的情况合理选择贷款,实际上,中小企业是否能够借着这一系列举措获得好处呢?也就是说,贷款利率市场化是否能真正解决信贷配给问题,中小企业的信贷难问题是否可以得到缓解? 本文首先论述了中小企业发展现状、融资现状及其信贷难的问题。其中信贷难主要用文献来说明,分别从企业自身、金融结构、政策环境与民间金融因素几个方面加以阐述。其次,以斯蒂格利茨和韦斯S-W摸型为基础并加以扩展,分析了贷款利率市场化前后的中小企业信贷供求情况。本文的实证部分运用空间面板回归分析,得出了贷款利率上限放开对中小企业信贷融资有正向的影响的结论。实证结果说明贷款利率上浮幅度确实对中小企业贷款有正向的推动作用,贷款利率上浮幅度增加一个百分点,中小企业贷款将会增加0.5341个百分点。通常情况下,贷款利率上浮幅度越大,商业银行越能够覆盖贷款的风险,在一定程度上缓解信贷配给问题,从而在中小企业贷款需求不变的情况下,对其贷款量将会放大。文章结尾根据实证结果结合我国经济发展状况,提出了几方面建议,包括继续稳步推动贷款利率市场化改革,同时完善银行贷款定价机制；完善相关体系如法律体系、信用体系、担保体系等；加大政府对中小企业发展的扶持力度；加快建设中小型金融机构,从而增加对中小企业的信贷投放量。本文的创新之处在于首次通过定量分析方法对影响我国中小企业贷款的因素进行分析；分析方法上用了鲜有的空间面板模型,在衡量贷款利率指标时首次用了贷款利率上浮幅度变量；中小企业贷款数据估计是一个创新点,借鉴张军(2005)对金融中介深度的测算中非国有企业贷款的估计的方法,假定各地区中小工业企业贷款占总工业企业贷款的份额与中小工业企业固定资产净值占总工业企业固定资产净值的份额成固定比例,然后借鉴姚耀军(2012)在张军的基础上对“总贷款/GDP”指标进行分解,本文对“总工业企业贷款／工业企业总产值”这个指标进行分解,利用固定效应估计法估计参数得出估计值最终间接计算得出贷款额。
[Abstract]:Since the reform and opening - up , small and medium - sized enterprises have continuously reformed and replaced the new generation . The importance of small and medium - sized enterprises is not only the absolute advantage in quantity , but also the great contribution to the economic growth and the settlement of employment problems .

On Oct . 29 , 2004 , the central bank announced the official release of the loan interest rate ceiling , which means that the interest rate liberalization in China is a key step . In theory , this initiative can make the previous interest rate control problem settled . On July 20 , 2013 , the central bank announced a full release of the loan interest rate , and opened the era of marketization of the loan interest rate , which means that the bank can choose the loan more reasonably according to the risk pricing . In fact , can the small and medium - sized enterprises can really solve the credit rationing problem , and whether the credit difficult problem of the small and medium - sized enterprises can be eased ?

This paper first discusses the present situation of the development of small and medium - sized enterprises , the current situation of financing and the difficult problems of credit . Among them , the credit is difficult to be explained by the literature , and the credit supply and demand of small and medium - sized enterprises before and after the marketization of the loan interest rate is analyzed .

The empirical part uses spatial panel regression analysis to draw the conclusion that the upper limit of loan interest rate has positive impact on the credit financing of small and medium - sized enterprises . The empirical results show that the loan interest rate rises by a percentage point , and the loan interest rate rises by a percentage point . In general , the higher the loan interest rate rises , the more the commercial bank can cover the risk of the loan , it can alleviate the credit rationing problem to a certain extent , so that the loan amount will be enlarged in the case of the loan demand of the small and medium - sized enterprises .

At the end of the article , according to the empirical results , the author puts forward several suggestions , including the steady advance of the market reform of the loan interest rate and the improvement of the bank loan pricing mechanism .
To perfect the relevant system such as legal system , credit system , guarantee system , etc . ;
Increase the government ' s support to the development of small and medium - sized enterprises ;
Accelerate the construction of small and medium - sized financial institutions , thereby increasing the credit delivery to small and medium - sized enterprises .

The innovation of this paper is to analyze the factors that affect the loan of small and medium - sized enterprises in our country for the first time through quantitative analysis method .
In this paper , a new model of spatial panel is used for the analysis of the loan interest rate index .
The loan data of small and medium - sized enterprises is estimated to be an innovation point , and the method of estimating the non - state - owned enterprise loan in the measurement of financial intermediation depth by using Zhang Jun ( 2005 ) assumes that small and medium - sized industrial enterprise loans account for the fixed ratio of the share of the total industrial enterprise loan and the net value of the fixed assets of the small and medium - sized industrial enterprises , and then use the Yao Yaojun ( 2012 ) to decompose the index of the total loan / GDP index on the basis of Zhang Jun , and then use the fixed effect estimation method to estimate the parameters to obtain the loan amount .
【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F276.3;F275;F832.4

【参考文献】