利率市场化的制度研究

发布时间：2018-02-26 06:17

本文关键词： 利率利率市场化商业银行制度基础货币政策　出处：《浙江工商大学》2015年硕士论文　论文类型：学位论文

【摘要】：实现利率市场化改革是我国金融市场深化发展的核心内容,而实现真正意义上的利率市场化改革需要正确转变扭曲的市场利率,使得金融市场形成有效的利率价格机制,提高我国金融市场的资源配置效率,更好地服务于我国的实体经济。综观我国利率市场化改革20多年道路,市场实际预期效果并不理想,当前我国金融市场出现很多问题,如“金融脱媒”及“影子银行”迅速滋生,地方政府融资结构不合理,股票市场泡沫严重等等市场问题都是与我国金融市场利率市场化改革存在的市场制度问题有关。本文认为我国在推进利率市场化的过程中,不是应该研究如何加速推进存款利率放开,而更要关注市场制度存在的产权制度与政府过度管制的问题并做出及时的调整。本文认为完善的制度环境需要正确转换政府在金融市场的职能作用以及对国有企业的产权制度的改革,打破传统金融机构对市场的长期垄断机制,形成有效的动态竞争机制的市场环境。将政府以调控市场货币数量的货币政策转为以政府服务于资本市场制度环境条件下形成完善的市场动态竞争机制决定的市场利率,有效的反应市场资金供求情况,是形成我国市场化利率的关键所在。本文的理论部分：首先,将奥地利学派的市场动态竞争理论与利率理论结合分析利率形成机制,并指出奥地利学派与主流思想在利率理论方面的关联性。其次,结合我国现有利率形成机制提出利率市场化的含义,即在完善的基准利率体系下,形成由市场动态竞争决定的市场利率,有效反应市场资金供求情况。然后分别从产权制度、交易成本和管制三方面分析制度对利率市场化的影响机理,指出制度环境的完善对利率市场化改革的重要性。其次分析我国利率市场化的进程。一方面通过数理分析将我国利率市场化改革进程分三部分：政府管制存贷利率市场、政府放开贷款利率市场和政府放开存款利率市场,指出利率管制对利率市场的影响及提出存款制度的放开才是我国利率市场化的关键。另一方面通过分析我国利率市场化改革过程指出我国金融市场主体及市场体系存在的制度障碍。然后通过选取制度环境质量和产权制度作为指标进行实证分析：选取受欧债危机影响金融市场波动性不同的两组国家在利率市场化改革前后10年的数据进行对比实证分析指出,利率市场化改革过程中制度环境建设和产权制度完善的重要性及它们对改革后金融市场稳定发展的重要性。最后结合对国外成功利率市场化改革的国家进行学习,提出完善我国金融市场环境建设的建议,并提出对我国利率市场化未来的展望。
[Abstract]:To realize the reform of interest rate marketization is the core content of deepening the development of financial market in our country. However, to realize the reform of interest rate marketization in real sense needs to change the distorted market interest rate correctly and make the financial market form an effective interest rate price mechanism. To improve the resource allocation efficiency of our financial market and to serve the real economy of our country better. Looking at the road of China's interest rate marketization reform for more than 20 years, the actual expected effect of the market is not ideal. At present, there are many problems in our financial market. If "financial disintermediation" and "shadow banking" grow rapidly, the financing structure of local governments is unreasonable. The serious stock market bubble and other market problems are all related to the market system problems existing in the market-oriented reform of interest rate in China's financial market. We should not study how to speed up the liberalization of deposit interest rates. We should pay more attention to the problems of property right system and excessive government regulation in the market system and make timely adjustment. This paper holds that the perfect institutional environment needs to correctly change the function of the government in the financial market as well as the state-owned enterprises. The reform of the property right system of the industry, To break the long-standing monopoly mechanism of traditional financial institutions on the market, Forming the market environment of effective dynamic competition mechanism. Changing the monetary policy of the government to the market interest rate determined by the perfect market dynamic competition mechanism under the condition that the government serves the institutional environment of the capital market. An effective response to the supply and demand of market funds is the key to the formation of market-oriented interest rates in China. The theoretical part of this paper is to analyze the mechanism of interest rate formation by combining the Austrian school's theory of market dynamic competition with the theory of interest rate. It also points out the relevance of Austrian school and mainstream thought in interest rate theory. Secondly, combining with the existing interest rate formation mechanism in China, it puts forward the meaning of interest rate marketization, that is, under the perfect benchmark interest rate system, Forming the market interest rate determined by the market dynamic competition, effectively reflecting the market capital supply and demand situation, then analyzing the influence mechanism of the system on the interest rate marketization from three aspects of property right system, transaction cost and regulation, respectively. The paper points out the importance of perfecting the institutional environment to the reform of interest rate marketization. Secondly, it analyzes the process of interest rate marketization in China. On the one hand, it divides the reform process of interest rate marketization into three parts through mathematical analysis: the government regulates the market of deposit and loan interest rate. The government opens up the loan interest rate market and the government liberalizes the deposit interest rate market, It is pointed out that the influence of interest rate regulation on the interest rate market and the liberalization of deposit system are the key to the marketization of interest rate in China. Then through selecting institutional environment quality and property right system as indicators to carry on empirical analysis: two groups of countries affected by European debt crisis have different volatility of financial market before and after the reform of interest rate marketization. A comparative empirical analysis of 10 years' data shows that. The importance of institutional environment construction and property right system perfection in the process of interest rate marketization reform and their importance to the stable development of financial market after the reform. The paper puts forward some suggestions to perfect the financial market environment in our country, and puts forward the prospect for the future of interest rate marketization in our country.
【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F832.5

【参考文献】