利率市场化改革对农村正规金融机构“利率限制铁律”行为影响研究

发布时间：2018-01-21 09:46

本文关键词： 利率限制铁律信贷配给利率市场化改革　出处：《浙江理工大学》2017年硕士论文　论文类型：学位论文

【摘要】：以信息不对称条件下的信贷配给模型为基础,本文首先创新性地拓展了不对称信息条件下金融机构信贷决策的理论分析框架,提出了随着利率市场化的推进,农村金融机构边际信贷供给决策,是在利率提高所带来的风险补偿效应、借款人类型结构效应和信息不对称内生技术处理能力效应三者之间的权衡,在此基础上考察利率市场化改革是否打破农村正规金融机构在利率限制条件下偏爱富裕农户的“利率限制铁律”行为。据此,本文提出了风险补偿与内生技术能力效应在利率市场化改革前期占优而借款人类型结构效应在后期占优、利率市场化改革前期小农户获益更多而后期则大农户获益更多,以及正规金融机构内生信息处理能力会延迟小农户受益相对受损时间的假说。在此基础之上,本文的实证部分利用田野调查的样本数据,从机制与结论两个方面对假说进行了经验验证。实证结果发现:第一,利率市场化改革对大农户信贷获取容易程度的影响呈“U”形变化趋势,正规金融机构对农户类型识别的敏感度降低,以及小农户从金融机构内生信息不对称技术处理能力提高中获益更多;第二,利率市场化改革显著提高了农村正规金融机构的内生不对称信息技术处理能力,而且这一效应的存在,比较明显的延迟了正规金融机构对大农户风险偏好的时间;第三,随着利率市场化的推进,风险补偿效应和内生技术能力效应对农村正规借贷供给的正向影响边际减弱,而借款人类型结构对正规借贷供给的负向效应则持续增强。研究从经验上证明了农村利率市场化改革确实对改善农村正规金融机构“利率限制铁律”行为具有显著的作用,但是由于三种不同效应在利率市场化阶段的此消彼长,因此这一作用是动态和阶段性的。最后,本文提出了应当阶段性地看待利率市场化改革的作用,以及强化农村金融市场的竞争是非常重要的等政策含义。
[Abstract]:Based on the credit rationing model under asymmetric information, this paper first innovatively extends the theoretical analysis framework of credit decision-making of financial institutions under asymmetric information, and puts forward that with the promotion of interest rate marketization. The marginal credit supply decision of rural financial institutions is a trade-off between the risk compensation effect brought by the increase of interest rate, the type of borrower structure effect and the information asymmetry endogenous technology processing ability effect. On this basis, this paper investigates whether the reform of interest rate marketization breaks the "iron law of interest rate restriction" of rural formal financial institutions in favour of rich farmers under the condition of interest rate restriction. This paper puts forward that risk compensation and endogenous technical ability effect predominate in the early stage of interest rate marketization reform, while the borrower type structure effect dominates in the latter stage. On the basis of the hypothesis that the small farmers benefit more in the early stage and the large farmers in the later stage, and the endogenous information processing ability of the formal financial institutions will delay the relative damage time of the benefit of the small farmers. The empirical part of this paper uses the sample data of field survey to verify the hypothesis from two aspects of mechanism and conclusion. The empirical results are as follows: first. The influence of interest rate market-oriented reform on the easy access to credit of large farmers shows a "U" trend, and the sensitivity of formal financial institutions to the identification of farmers' types is reduced. And small farmers benefit more from the improvement of the technological processing ability of endogenous information asymmetry in financial institutions; Second, the market-oriented interest rate reform has significantly improved the endogenous asymmetric information technology processing capacity of rural formal financial institutions, and the existence of this effect. It obviously delayed the time of risk preference of formal financial institutions to large farmers; Third, with the promotion of interest rate marketization, risk compensation effect and endogenous technical ability effect on the rural formal lending supply of the marginal impact of the positive marginal weakening. However, the negative effect of borrower type structure on the supply of formal loans is continuously strengthened. The empirical study proves that the reform of marketization of rural interest rates does improve the "iron law of interest rate restriction" in rural formal financial institutions. Behavior has a significant effect. However, because of the three different effects in the interest rate marketization stage, so this role is dynamic and phased. Finally, this paper puts forward that we should treat the interest rate marketization reform in stages. And strengthen the competition of rural financial market is very important policy implication.
【学位授予单位】：浙江理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.35;F832.5

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