贷款利率市场化与个体私营企业贷款供给约束

The Liberalization of Loan Interest Rate and the Constraints on Loan Supply to Self-Employed & Private-Owned Enterprises

本文利用中国贷款利率浮动上限放开后的省区动态面板数据,对贷款利率上浮的个体私营企业贷款效应进行检验。贷款利率上浮将显著缓解个体私营企业贷款供给约束,贷款利率上浮幅度对个体私企贷款占总贷款的比重均具有显著的正向影响。实证结果并没有表明银根紧缩使个体私营企业取得贷款会比其他借款人更难。在影响银行对个体私营企业贷款投放的因素中,银行贷款供给能力的变化可能并不重要,更为重要的也许是银行对这一群体的贷款投放意愿。因此,为了缓解个体私营企业贷款供给约束,必须加快推进中国利率市场化的改革进程。

Based on the provincial dynamic panel data after the abolition of the cap for loan interest rate in China, this paper tests the effects of increase in loan interest rate on the loans of self-employed ＆ private-owned enterprises. The increase in loan interest rate has significantly reduced the constraints on loan supply for the enterprises. The extent of the increase has a significant and positive influence on the ratio of the loans of the enterprises to total loans. The empirical results do not show that monetary tightening makes it more difficult that the enterprises obtain loans than other borrowers. Among the factors to impact banks issuing loans to the enterprises, the changes in the loan supply capacity of banks may not be important, what is more important is whether the banks are willing to issue loans to the enterprises. Therefore, in order to reduce the constraints on loan supply for the enterprises, it＇s necessary to accelerate China＇s liberalization reform of interest rate.