信息生产能力与信贷利率——基于信贷配给模型的分析

Information Productivity and Interest Rate of Credit——an analysis based on credit rationing model

以S-W模型为代表的传统信贷配给模型以单个贷款项目为对象来研究贷款人(银行)的行为选择,而且传统信贷配给理论没有指出贷款人的信息生产能力如何影响其信贷利率的决定。论文提出了一个新的信贷配给模型,以银行的整个贷款组合为对象来研究贷款人的行为选择。该模型不仅能够解释信贷配给,也可以解释贷款人的信息生产能力如何决定其信贷利率。

The theories of credit rationing including the S-W model can＇t indicate how the lenders＇ information productivity affects the interest rate of its loans;furthermore,all these credit rationing models study the choice of lenders（the banks） based on single loan project.This article develops a new model in which the bank takes choice basing on the whole portfolio of their loans.This model is capable of interpreting not only credit rationing but also how information productivity determines the interest rate of credit.