利率市场化下“三方机制”探析——基于商业银行、农信社、民间金融三元结构

On the Tripartite Mechanism Under Interest Rate Liberalization——Based on the Ternary Structure of Commercial Banks,Rural Credit Cooperatives and Non-Governmental Finance

我国的金融抑制决定了利率市场化的制度变迁路径,正规金融制度的信用渗透力不足,无法满足中小企业的融资需求"诱导"了民间金融的兴起。本文从我国金融市场的诱导性制度变迁角度,分析了我国的商业银行、农信社、民间金融三元并立的结构,并提出只有商业银行、农信社、民间金融之间的"三方机制"协调发展,才能使我国利率市场化改革顺利进行。

China＇s financial repression determines the path of institutional transition of interest rate liberalization, formal financial system can＇t meet the financial needs of the SMEs adequately, but it induce the rise of Non-governmental Finance. From the point of view of the institutional transition in China＇s financial market, the paper analyzes the ternary structure of Commercial Banks, Rural Credit Cooperatives and Non-governmental Finance, then puts forward that the reform of interest rate liberalization can＇t proceed smoothly unless the tripartite mechanism of Commercial Banks, Rural Credit Cooperatives and Non-Governmental Finance develops harmoniously.