商业银行所有权改革对贷款定价决策的影响研究

The Impacts of Commercial Bank Ownership Reforms on Bank Loan Pricing

本文通过检验国内商业银行2000年至2010年发生的6906笔贷款的定价决策科学性,首次实证分析了所有权改革对贷款定价决策的影响。本文发现,总体上国内商业银行在确定贷款利率时没有充分考虑借款企业的风险,仅对不良贷款相关的银行成本敏感,对其他银行成本不敏感。本文还发现,尽管股权的分散化并没有对政府控股的商业银行产生积极影响,但境外战略投资者的引入却能够明显改善其贷款利率对银行成本的敏感性。在进一步的分析中,本文发现导致经验结果与理论预期存在显著差距的原因在于银行内部所有权改革的不彻底以及外部对存贷款利率的管制。

This paper constructs a new measure on rationality of bank loan pricing, and empirically analyzes the impacts of commercial bank ownership reforms on the bank loan pricing decision. We find that when setting a loan rate, stated - owned commercial banks do not take borrowing firms＇ risk factors into account, and are only insensitive to bank＇s cost constraint associated with non - performing loans. We also find that the significantly positive effects of the reform of ownership are found only for the improvement of sensitiveness to banks＇ cost con- straints by introducing a foreign strategic investor but not by decentralizing the shareholder structure. We inter- pret the formalistic reform and regulation on deposit and loan rate outside as two explanations of the big gap compared to the optimal state of theories expect. Our findings not only contribute direct evidences to the dispute on bank loan pricing rationality and the effects of commercial bank ownership reform, but also have rich policy implications.