我国利率市场化与上市商业银行再融资研究

发布时间：2019-01-07 22:44

【摘要】：2009年各上市商业银行在信贷大规模扩张的同时,资本充足率均出现了不同程度的下降从而面临补充资本金的压力,于是各上市商业银行先后提出了再融资计划,从而形成了上市商业银行的再融资热潮。上市商业银行营业收入的80%以上来源于利息收入,在这种现状下,利率管制形成的存贷利差使得商业银行单纯依靠发放贷款就可以提高营业收入、增加利润。正是较高的存贷利差使得上市商业银行不断地扩张信贷规模,从而需要不断地融资以补充资本金的不足。本文分利率管制和利率市场化两种情况,分别分析了商业银行的存贷利差模型,同时将存贷利差模型引入上市商业银行的利润最大化模型并得出了结论。本文结论表明：(1)利率管制下将形成一个固定的存贷利差。商业银行利润是银行信贷规模的增函数,固定的存贷利差将作为商业银行利润与信贷规模线性关系的系数,由此导致商业银行将通过扩大信贷规模来追求利润最大化目标。同时,银行资本金增量与信贷规模增量之间存在线性关系(且系数为正),因此银行在扩张信贷规模时,需要补充资本金,也即在利率管制下,商业银行追求利润最大化的结果将导致银行需要不断补充资本金,从而形成“贷款——再融资——再贷款”的循环。(2)利率市场化条件下存贷利差是变动的。利率水平由市场存款者和贷款者决定,并会形成一个不同于利率管制下的存贷利差作为银行提供中介服务的价格。商业银行在贷款市场上追求利润最大化时会出现一个最优的新增贷款规模。可知,利率市场化条件下,商业银行的最大化利润与新增贷款规模呈现倒U型关系,不再呈线性关系(利率管制下呈线性关系),商业银行将不会单纯依靠信贷规模的扩张来增加利润。
[Abstract]:During the large-scale expansion of credit in 2009, the capital adequacy ratio of each listed commercial bank has declined to varying degrees, thus facing the pressure of replenishing capital, so each listed commercial bank has put forward refinancing plans one after another. As a result, the refinancing boom of listed commercial banks was formed. More than 80% of the operating income of listed commercial banks comes from interest income. In this situation, the deposit and loan interest margin formed by interest rate control makes commercial banks increase their operating income and profits simply by issuing loans. It is the higher deposit and loan interest rate that makes the listed commercial banks expand the credit scale constantly, so they need to continuously raise funds to supplement the shortage of capital. This paper analyzes the deposit and loan interest margin model of commercial banks, and introduces the deposit and loan interest margin model into the profit maximization model of listed commercial banks and draws a conclusion. The conclusions are as follows: (1) there will be a fixed deposit and loan spread under interest rate control. Commercial bank profit is the increasing function of bank credit scale. The fixed deposit and loan interest margin will be the coefficient of linear relationship between commercial bank profit and credit scale, which will lead commercial bank to pursue the goal of profit maximization by expanding credit scale. At the same time, there is a linear relationship between the increment of bank capital and the increment of credit scale (and the coefficient is positive), so banks need to replenish their capital, that is, under the interest rate control, when they expand the credit scale. The result of the commercial bank pursuing the profit maximization will cause the bank to need to replenish the capital continuously, thus form the cycle of "loan-refinancing-reloan". (2) under the interest rate marketization condition, the deposit and loan interest margin is changeable. The level of interest rate is determined by market depositors and lenders, and will form a difference between deposit and loan interest rates under interest rate control as the price of intermediary services provided by banks. When commercial banks pursue profit maximization in loan market, there will be an optimal new loan scale. Under the condition of marketization of interest rate, the maximization profit of commercial banks and the scale of new loans are inversely U-shaped, no longer linear (linear relationship under interest rate control). Commercial banks will not simply rely on the expansion of the scale of credit to increase profits.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F822.0;F832.33;F224

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