银行业竞争、市场化利率定价与利率传导效率

Banking Competition,Pricing Strategies Based on Marketized Interest Rate and Transmission Efficiency of Interest Rate

利率传导有效性是货币政策由数量型为主向价格型为主转变面临的重要议题。在利率传导中,作为中介的银行机构是关键一环。本文首先以商业银行的利率定价活动为切入点,在理论层面上探讨了利率传导有效性与银行业竞争和市场化利率定价之间的关系;而后利用2011年1月至2016年12月中国30个省区市的面板数据,通过构建贷款利率指数,并进行全面FGLS估计,对相关结论进行了实证检验。研究结果显示,银行间市场利率向银行贷款利率的传导效率会受银行业竞争程度和商业银行利率定价机制市场化程度的影响。银行业竞争越激烈、商业银行利率定价机制的市场化程度越高,利率传导效率也越高,当银行间市场利率变化时,银行贷款利率的变化会更充分。据此,可以考虑从适度增加银行业竞争、继续深化利率市场化改革入手,提高利率传导效率。

The transmission efficiency of interest rate is important in promoting the monetary policy to transform from a quantity-based policy to a price-based one.In the transmission process,the bank institutions,acting as an intermediary,is a significant part.This paper takes the pricing activities of commercial banks as a starting point and investigates the relationships between the transmission effectiveness of interest rate,banking competition and pricing mechanism based on marketized interest rate.Besides,based on a panel data of 30 provinces in China from January2011 to December 2016,this paper constructs a loan interest rates index and uses full FGLS estimation to examine the relationships above.The results show that the intenser the competition in the banking industry and the higher the degree of marketization of pricing strategies of commercial banks,the more effective the transmission efficiency of interest rate will be.That is,when the market rate changes,the bank lending rate will change completely.Accordingly,in order to improve the transmission efficiency of interest rate,we can promote the competition of banking industry and continue pushing forward the reform of the marketization of interest rate.