中国银行业的福利效应研究
发布时间：2018-12-12 02:57
【摘要】：本文主要研究了中国银行业对个人、企业以及政府这三个主要参与方的福利状况。 中国银行业对个人的福利分析,我们首先从理论上阐述跨期消费理论,得出消费者效应最大化的情况为一种跨期消费行为,此时消费者通过储蓄将收入转为下期消费或者贷款提前消费来实现跨期消费。与消费者只消费当期收入相比,跨期消费的效用更优。即消费者通过跨期消费与只进行当期消费相比获得了额外的效用,也可以说获得了额外的福利。而这种额外福利是消费者通过在银行储蓄和借贷来实现的,所以也可以认为银行的吸储与贷款业务给消费者带来了这额外的福利。然后通过中国三十多年的数据实证分析中国消费者的行为确实存在着跨期消费行为。即从实证角度定性的分析了中国银行业对个人的福利效应。最后考虑到个人与银行的关系主要为存款和借贷,而这两种行为都与利率有着紧密的联系。参照Zou (1991、1994、1998) G. corneo and0. Jeanne (2001)个体效应函数采用效用可分性的形式,效用函数包括消费和资产,通过实证分析国内生产总值、消费指数、存款利率对个人效用的影响,实证结果显示银行存款利率总体趋势是变小,对个体效用的影响是负向的。 中国银行业对企业的福利分析主要从财务杠杆和税盾效应两个角度来进行。税盾效应角度实证分析了企业的资产负债表,发现企业运用了从银行借款利息免税的税盾效应来合理避税,而且发现企业越发展利用税盾效应的趋势越明显。税盾效应带来的合理避税可以说是银行给企业的一种额外福利。财务杠杆角度的实证分析了资金需求大的房地产123家上市房企,发现在合理负债比率的区间内企业价值与财务杠杆比率成正比,企业价值越大往往财务杠杆比率越高。正财务杠杆对企业而言可以看成是一种福利。 中国银行业对政府的福利效应分析主要从银行贷款、银行贷款利率与经济发展的关系两个角度来进行分析。经济发展又好又快,对政府而言可以说是一种福利,经济发展好了,失业率降低,社会稳定,对政府执政地位有利。首先通过构造社会福利函数,实证分析银行贷款对社会福利的影响。实证结果说明中国银行业的贷款对社会的福利具有明显的正向影响,对政府产生了明显的间接福利。然后,通过建立回归分析得出银行贷款利率、固定资产投资与国内生产总值之间的关系,得出银行合理的贷款利率有利于银行放贷的积极性,有利于资金的使用效率,有利于经济的发展。
[Abstract]:This paper mainly studies the welfare of Chinese banking industry to the individual, enterprise and government. In the analysis of individual welfare in China's banking industry, we first explain the theory of intertemporal consumption theoretically, and conclude that the maximization of consumer effect is a kind of intertemporal consumption behavior. At this time, the consumer will save income into the next period of consumption or loan ahead of the consumption to achieve intertemporal consumption. Compared with consumers only consuming current income, the utility of cross-term consumption is better. That is to say, consumers gain extra utility and welfare compared with only current consumption through intertemporal consumption. This kind of extra benefit is realized by consumers saving and lending in bank, so it can also be considered that the bank's business of absorbing deposits and loans has brought this extra benefit to consumers. Then, through the data of more than 30 years in China, the empirical analysis shows that the behavior of Chinese consumers does exist intertemporal consumption behavior. That is, from the perspective of empirical qualitative analysis of the welfare effects of Chinese banking on individuals. Finally, consider that the relationship between individuals and banks is mainly deposits and loans, both of which are closely related to interest rates. Reference to Zou (1991 / 1994 / 1998) G. corneo and0.) The individual effect function of Jeanne (2001) adopts the form of utility separability. The utility function includes consumption and assets. Through empirical analysis of the impact of gross domestic product (GDP), consumption index, deposit interest rate on individual utility, Jeanne (2001), The empirical results show that the overall trend of bank deposit interest rate is smaller and the impact on individual utility is negative. The welfare analysis of Chinese banks is mainly from two angles of financial leverage and tax shield effect. This paper empirically analyzes the balance sheet of enterprises from the perspective of tax shield effect, and finds that the tax shield effect of tax-exempt interest from bank loans is used to avoid tax reasonably, and that the more enterprises develop and utilize tax shield effect, the more obvious the trend is. The reasonable tax avoidance brought about by the tax shield effect can be said to be a kind of extra benefit to the enterprise by the bank. From the perspective of financial leverage, 123 listed real estate companies with large capital demand are analyzed. It is found that in the range of reasonable debt ratio, the enterprise value is proportional to the financial leverage ratio, and the higher the enterprise value is, the higher the financial leverage ratio is. Positive financial leverage can be seen as a welfare to an enterprise. The welfare effect of Chinese banking on government is mainly analyzed from two angles: bank loan, the relationship between bank loan interest rate and economic development. The economic development is good and fast, it can be said to be a kind of welfare to the government, the economic development is good, the unemployment rate is lower, the society is stable, is advantageous to the government ruling position. Firstly, the influence of bank loan on social welfare is analyzed empirically by constructing social welfare function. The empirical results show that the loan of China's banking industry has a significant positive impact on social welfare and a significant indirect welfare to the government. Then, by establishing regression analysis, the relationship between bank loan interest rate, fixed asset investment and GDP is obtained, and the reasonable loan interest rate is beneficial to the enthusiasm of bank lending and the efficiency of the use of funds. It is good for the development of economy.
【学位授予单位】：南京财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.3
本文编号：2373771
[Abstract]:This paper mainly studies the welfare of Chinese banking industry to the individual, enterprise and government. In the analysis of individual welfare in China's banking industry, we first explain the theory of intertemporal consumption theoretically, and conclude that the maximization of consumer effect is a kind of intertemporal consumption behavior. At this time, the consumer will save income into the next period of consumption or loan ahead of the consumption to achieve intertemporal consumption. Compared with consumers only consuming current income, the utility of cross-term consumption is better. That is to say, consumers gain extra utility and welfare compared with only current consumption through intertemporal consumption. This kind of extra benefit is realized by consumers saving and lending in bank, so it can also be considered that the bank's business of absorbing deposits and loans has brought this extra benefit to consumers. Then, through the data of more than 30 years in China, the empirical analysis shows that the behavior of Chinese consumers does exist intertemporal consumption behavior. That is, from the perspective of empirical qualitative analysis of the welfare effects of Chinese banking on individuals. Finally, consider that the relationship between individuals and banks is mainly deposits and loans, both of which are closely related to interest rates. Reference to Zou (1991 / 1994 / 1998) G. corneo and0.) The individual effect function of Jeanne (2001) adopts the form of utility separability. The utility function includes consumption and assets. Through empirical analysis of the impact of gross domestic product (GDP), consumption index, deposit interest rate on individual utility, Jeanne (2001), The empirical results show that the overall trend of bank deposit interest rate is smaller and the impact on individual utility is negative. The welfare analysis of Chinese banks is mainly from two angles of financial leverage and tax shield effect. This paper empirically analyzes the balance sheet of enterprises from the perspective of tax shield effect, and finds that the tax shield effect of tax-exempt interest from bank loans is used to avoid tax reasonably, and that the more enterprises develop and utilize tax shield effect, the more obvious the trend is. The reasonable tax avoidance brought about by the tax shield effect can be said to be a kind of extra benefit to the enterprise by the bank. From the perspective of financial leverage, 123 listed real estate companies with large capital demand are analyzed. It is found that in the range of reasonable debt ratio, the enterprise value is proportional to the financial leverage ratio, and the higher the enterprise value is, the higher the financial leverage ratio is. Positive financial leverage can be seen as a welfare to an enterprise. The welfare effect of Chinese banking on government is mainly analyzed from two angles: bank loan, the relationship between bank loan interest rate and economic development. The economic development is good and fast, it can be said to be a kind of welfare to the government, the economic development is good, the unemployment rate is lower, the society is stable, is advantageous to the government ruling position. Firstly, the influence of bank loan on social welfare is analyzed empirically by constructing social welfare function. The empirical results show that the loan of China's banking industry has a significant positive impact on social welfare and a significant indirect welfare to the government. Then, by establishing regression analysis, the relationship between bank loan interest rate, fixed asset investment and GDP is obtained, and the reasonable loan interest rate is beneficial to the enthusiasm of bank lending and the efficiency of the use of funds. It is good for the development of economy.
【学位授予单位】：南京财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.3
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