我国信贷传导机制有效性研究

The Research of the Credit Conduct Mechanism Validity

本文首先对西方信贷传导机制作了简要描述,后对我国的信贷传导机制进行分析,得出:①金融机构对外贷款量以及各类经济主体的固定资产投资额,全社会零售总额基本上不受利率的影响;金融机构对外贷款量受货币供应量的影响较大;②固定资产投资额,全社会零售总额,国内生产总值受金融机构对外贷款量的影响很大,表明了信贷传导机制是我国目前主要传导渠道。为提高信贷传导的效力,需要:①推进金融机构改革;②发展消费信贷;③建立健全中小企业信用担保体系;④加强社会信用体系建设;⑤解决国有企业资金来源单一的局面;⑥促进利率市场化。

The paper describes the western credit conduct mechanism firstly.It analyz es our country credit conduct mecha-nism,drawing the following conclusion:Firs tly,the change of the interest rate can' t influence the loan of the finance ins titution,the fixed capital investment quantity and the total volume of retail sa les of the whole society.The quantity of the currency supplement can influence t he loan easily.Secondly,the quantity of the currency supplement can influence th e fixed capital investment quantity,the total volume of retail sales of the whol e society and the GDP.It certifies that the credit conduct mechanism is the main channel.In or-der to promote the effect of the credit conduct mechanism,firstl y,we must advance the reform of finance institution and develop con-sumptive cr edit.Secondly,we can set up and amplify the credit assure system of small and me dium-sized enterprise.Thirdly,we can strengthen the social credit system constru ction.Fourthly,we must solve the situation of the state-owned enterprises' singl e capital source and in debt.Fifthly,we must promote marketization of interest r ate.